Budget Talk: 5 Ways to Reach Your Summer …
With the release of the latest zombie apocalypse movie this weekend, it is clear that we have the undead on the brain. So we started thinking: what would your zombie survival kit look like if you were on a budget? How about if you could spend like there was no tomorrow? Fear not – we have the answers for you.
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Ed note: Getting promoted and mastering our jobs are results of consistent hard work and great relationships. But sometimes we need a little help to reach our career goals, whether it’s attending a conference, joining a job-specific association or going back to school. To help make going that extra mile a little bit less expensive, Careerealism.com’s J.T. O’Donnell provides four career advancement activities that could come with tax benefits.
Many people don’t realize there are expenses you can write off on your taxes that can serve to further your career. I don’t know about you, but I’m always incentivized when I know I can do something deductible while improving my professional worth and positioning myself to be more valuable.
Here are four things you can do to advance your career, the associated cost of which you can write off come April:
Networking is the number one way people get ahead today. Our network is an asset – the bigger and stronger we make it, the more we can leverage it to advance our careers. As an added bonus, if you join certain organizations that help you carry out the duties of your job, you may be able to deduct your membership dues if you itemize, to the extent it exceeds 2% of your adjusted gross income for the year. For instance, membership dues paid to business leagues, trade associations, chambers of commerce, boards of trade, real estate boards, professional organizations and civic or public service organizations are deductible. These include bar associations, medical associations or the Kiwanis, Rotary and Lions clubs. However, membership dues paid to country clubs, athletic clubs, etc. are never deductible. Remember, if your employer reimburses you for your professional dues, you may not deduct the expense on your return.
If you attend a professional conference that is required by your employer (but unreimbursed) or that is otherwise an ordinary and necessary business expense, you may be able deduct the cost of attendance, travel, lodging and even meals if the conference is outside of the city where you normally work. Generally, attendance at a conference is considered ordinary or necessary if expected or considered common practice in your profession.
As they say, “knowledge is power.” Staying informed on industry news and trends is vital to staying current in our professions. If you subscribe to a professional journal or trade magazine and are unreimbursed by your employer, you can generally deduct the cost to the extent it exceeds 2% of your adjusted gross income for the year, if you itemize your deductions. With today’s rate of change in all industries, we can’t afford to appear out of the loop.
Learning new methods, technologies and programs is the best way to stay fresh and relevant in your chosen profession. Investing in education that will keep us up-to-date on the latest techniques ensures we don’t become stale to employers. Depending on the nature of the education, you may be able to claim a deduction or claim a credit for certain education related expenses.
For more information on tax-deductible career expenses, visit this IRS page: Publication 529.
There are a lot of viable tax write-offs you can take advantage of to up skill and move forward professionally. All you need to do is make the choice to invest the time and energy into an activity that will give you the greatest return on that investment.
Ed note: Ever get back from the supermarket to realize you just spent a fortune buying the bare necessities for your family? We know how that feels. So we asked Christina Brown, frugal blogger and Supermom over at Northern Cheapskate to give us a few tips on home-growing food to save money (and starting a fun new hobby in the process!).
With food prices continually on the rise, more people are turning to gardening as a way to save money. If this is something you’ve been thinking about, you have a couple of options to consider.
You could invest in a Community Supported Agricultural (CSA) program, where you buy a share of produce from a local farm. It’s much less work than planting your own garden, but it also offers less flexibility. You’ll spend a minimum of $400 for the season and you may end up with produce you don’t know what to do with (rutabega, anyone?)
If you’re willing to invest some time, growing fruits and vegetables in your own back yard can be very economical. A $1 packet of carrot seeds will give you dozens of fresh carrots to eat. Just a few tomato plants will bear enough fruit for salads, salsas, sauces and more for a few months for a family of five.
Either way, gardening on your own has a lot of perks, besides the obvious cost savings. One of the perks is that you control the conditions. You can choose to raise your food organically, which provides a significant cost savings over buying organic produce at the store. You could pay as much as $3 a pound for organic carrots, or you could grow 25 pounds of carrots for the cost of a $1 packet of seeds.
The other perk: food you’ve grown yourself tastes amazing! Your food is picked fresh from your garden when it’s ready and doesn’t have to be transported on a truck or sit around on store shelves. When food tastes better, you’re less likely to let it go to waste.
I first started gardening three years ago. I’ve never had much of a green thumb, and I’ve made plenty of mistakes (and I’ll make more), but I can honestly say that growing your own food isn’t that hard. I’ve grown tomatoes, broccoli, green beans, carrots, peppers, zucchini, and basil in just two 4’x4’ raised bed garden plots and saved more than $125 on my food bill.
The first year is the most expensive as you get set up. My initial investment consisted of less than $70 for one 4‘x4’ raised-bed kit, dirt and plants. I added a second plot in year two. This year, my only investment has been plants and seeds. The amount of produce I’ve grown more than makes up for the money I’ve spent on my garden.
Of course, if you’re not careful, gardening can be expensive. If your motivation is to save money, it’s important to keep your costs low. Here are a few ways you can save money on planting a garden:
Gardening is a fun, family activity that doesn’t have to cost a lot. And if I can do it with my two brown thumbs, I know you can, too!
‘Tis the season for garage sales and yard sales! Even though Craigslist and eBay seem to be the go-to way to sell off your old stuff, garage sales are still thriving.Yes, people still cruise up to their neighbors’ driveways to score some old CDs and questionable bedroom décor. Averaging $4.2 million in weekly revenue, garage [...]
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Ed Note: If you work in the service industry, there are few things better than walking out of the bar or restaurant after a great tip night. But how does that cash factor in when tax time rolls around? The Undercover Waitress, Beth Taylor, has you covered with these tax tips for tips (Say that [...]
Ed note: Summer is here, which means it’s time to roll the windows down, turn the music up and hit the road with your friends and family. Don’t want to do it in that old clunker you’ve been meaning to upgrade? No worries. MoneyNing’s David Ning is here to tell you how you can get [...]
Freelancing? Self-employed? You don’t want to be stuck with a huge tax bill in April again this year. You should be making quarterly estimated payments – and another deadline is coming up soon. As you know, you’re required to pay taxes as you earn income. Self-employed taxpayers are usually required to pay estimated tax quarterly. [...]
Ed. Note: As we wrap up spring and slide right on into summer you might be looking at that old AC unit and seeing all of your summer plans going up in smoke. Replacing the air conditioner isn’t cheap but it doesn’t have to break the summer bank. Erin Huffstetler from MyFrugalHome.com is here to [...]
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