• Home
  • Welcome!
  • Mission Statement
  • The Compass Girls
  • Privacy Policy
  • Contact

Champagne Living

Live the Good Life!

  • The Buzz
    • Men’s Corner
  • Fashion & Beauty
  • Home
    • Snowbirds
  • Travel
    • Cruise
    • USA
      • Florida
      • Las Vegas
      • New York
    • Mexico
    • Europe
    • LGBTQ Travel
  • Food & Drink
    • Drink
    • Dine In
    • Dine Out
    • South Florida
  • Weddings
  • Cars & RVs
  • Gift Guides
You are here: Home / Buzz / Tips if you’re unemployed – filing taxes

Buzz Mogul

Tips if you’re unemployed – filing taxes

I feel so lucky that I’m retired in this economy. I can’t imagine having to deal with the loss of a job, trying to find something NEW and having to manage supporting a family. I am involved in quite a few forums, and it’s heartbreaking to read the updates of people trying to cope with having no job or trying to make ends meet when they aren’t earning what they used to.

To top it off, tax time is right around the corner.

Here are a few tips from the California Society of CPAs as to how to deal with tax time when you’re unemployed

CPA Strategy 1:
You can exclude up to $2,400 of unemployment compensation from your 2009 gross income. This break has expired for 2010.

CPA Strategy 2: You can avoid a “penalty tax” on IRA and 401(k) withdrawals if the withdrawal covers (but doesn’t exceed) deductible medical expenses whether or not you actually take an itemized deduction for the expenses. (If you’re receiving Trade Readjustment Allowances under the Trade Adjustment Assistance program and similar programs, you may be eligible for an even better deal, the Health Care Tax Credit, which can pay up to 80 percent of your premiums.)

CPA Strategy 3: You can avoid the penalty tax on 401(k) and IRA withdrawals by establishing a payment schedule of regular equal withdrawals over your lifetime or the joint lives of you and your beneficiary. There’s also no penalty if you take a distribution from your 401(k) when you separate from service at age 55 or older.

CPA Strategy 4: If you itemize, you can deduct job-hunting expenses as a “miscellaneous itemized deduction,” to the extent that all your miscellaneous itemized deductions exceed 2 percent of your adjusted gross income. Job-hunting expenses can include: resume printing costs; postage; long-distance calls and faxes; travel expenses, including air, taxi and rail as well as mileage and tolls; and lodging expenses for out-of-town interviews.

CPA Strategy 5: If you find a new job and move, you may be able to deduct moving expenses. To qualify, the new job must be at least 50 miles further from your old home than your old job was from your old home. This is an “above the line” deduction, available whether you itemize or not.

For more information, check out IRS Publication 4128, Tax Impact of Job Loss, Publication 521, Moving Expenses and Publication 575, Pension and Annuity Income.

Check out the California Society of CPAs’ free Web site
on this and other personal finance topics to better survive the recession and provide a sense of comfort and support. This Web site can be accessed at: www.calcpa.org Don’t forget to check out the Dollars & Sense program.

Please follow and like us:
error
fb-share-icon
Tweet
fb-share-icon


Leave a Comment

About Zipporah Sandler

Zipporah Sandler AKA Zippy is a lifestyle and travel specialist who after living everywhere from Providence to Paris found herself suddenly residing in South Florida (something she swore she’d never do).

Whether it be San Pellegrino water or Louis Roderer Cristal, Zippy suggests that you keep your life sparkling and your glass full.

« My Healthy Choice
Help raise money for Haiti with CasaBlast »

Leave a Reply Cancel reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Eat what I eat!

Black Friday 2020 Deal

Guide to a great New Year’s brunch

Click the center of the guide for a fullscreen view to shop from.

Giveaways

  • Retro 6 can mini fridge
Shopbop.com

Fast Free Shipping Worldwide

  • JUST ARRIVED
  • SHOP PANTY
  • SHOP DUFFLE

Fast Free Shipping Worldwide

JUST ARRIVED

  • Philosophy di Lorenzo Serafini

    Buy Ruffle Cardigan from Philosophy di Lorenz...

  • XIRENA

    heart XIRENA Gisele Bra

  • Ray-Ban

    Get the Look

< >

SHOP PANTY

  • Yummie

    Ultralight Seamless Brief with Lace Insert by...

  • Calvin Klein Underwear

    The Pride Edit Bikini Briefs fashion

  • Les Girls, Les Boys

    Shop Les Girls, Les Boys 3 Pack Mini Briefs

< >

SHOP DUFFLE

  • ANDI

    See More ANDI

  • Furla

    Furla Alba Small Satchel by Furla

  • Frances Valentine

    Finley Nylon Bag by Frances Valentine

< >

Shop Blue Blouses, Boxes, Pumps Heels Shoes, Embroidered and more. Get this widget.

Follow for MORE Champagne Living

Facebook
Twitter
Pinterest
Instagram

Cars Bars & Pars – a men’s lifestyle blog

Dealspotr.com

Copyright © 2021 · Champagne Living Media LLC (2007)

Copyright © 2021 · Divine Theme on Genesis Framework · WordPress · Log in