It’s Your Time

by // // 2 Comments

Just over a year ago, my friend, Jean, was faced with making a major decision: should she retire? She had put in a grueling, stressful, 35+ years and drove over an hour (when conditions were perfect) just to get to work. Another hour or more to get home. The company she worked for had made an offer to encourage retiring. If she declined, it would be the equivalent of working for free for the next two years. I wouldn’t have hesitated! I didn’t 6 years ago, and there was no company offer for me.

I was perplexed by her hesitation, so I asked. Her reply was to the point: she feared becoming a couch-potato.

potato

I was astonished. I couldn’t remember a time when I was ‘bored’. At least, not since I was 4 years old. My dilemma is quite the opposite: I don’t have enough time.

Too many things were put on the back burner for too long. We put some of our dreams on hold. We went to college, got married, had children, got jobs. We did what we were supposed to do.

I’m not complaining. I love my family and my life. What I’m saying is, now it’s my time. It’s our time. It’s your time.

free

It never occurred to me that someone didn’t have a want-to-do list as long as their arm. I was wrong. I have encountered many people that aren’t quite sure what they should do with the extra time. If you struggle with ways to fill yours, consider these:

DOCUMENT YOUR LIFE

Capture your heritage, recipes, or life story. Start a journal, make a scrapbook, or write a blog. Put the family photos in order or create a family tree. Write a book. It doesn’t matter if it gets published. (But, you never know! Look at J. K. Rowling and the Harry Potter series.)

journal

JOIN A GROUP

There are so many activities that you could join. Start bowling, wine tasting, poker night or a quilting bee. Not only do you get to do something that you’re interested in, you get to socialize regularly, too. Can’t find the right group to join? Be the one to start it!

TAKE A CLASS

Learn something you’ve always wanted to do or just recently became interested in or curious about. Many communities offer Adult Learning classes at night at the high schools. The Art Institute offers culinary classes. Become an actor, costume designer or set decorator at a local theatre. Look through your local newspaper or church paper. Have you always wanted to dance, learn a language, pilot a plane, learn to knit, make stained glass or start wood carving? This is a great time to finally do it.

chalkboard

SPEND TIME WITH OTHERS

There’s the obvious choice: volunteer. So many wonderful organizations need help. Middle-aged men and women are generally more reliable and experienced. An organization would be silly to turn down your time.  Besides charitable organizations, there are church functions, political parties, senior centers, schools and hospitals near you that would welcome your time. Friends Of Libraries (FOL) are always looking for support.

There’s also less obvious choices. A younger friend or relative may need help with picking up or dropping off their children. Someone may need a regular ride to doctor appointments and treatments. If you have a talent, you could teach (sewing, piano, reading, baking) and make a little extra money while you’re at it. You could plan and throw regular dinner parties for friends, neighbors, and relatives you just don’t get to spend enough time with.

START A BUSINESS

Put all of that experience to work for yourself. Start a small business (or a large one if you’re adventurous). The list of ideas is endless.

smbusiness

WORK PART TIME

No one said you couldn’t work after retiring. Of course you can! It doesn’t have to be 40 hours a week and you should be able to worry less about pay scale. You probably have the flexibility to get a job close to home (walking to work is wonderful!), doing something you enjoy, for a few days a week. Work at the local florist, bookstore or thrift shop.

EXPLORE

The world is waiting for you! Now is the time to explore. Take day trips, or long adventures. This may be your only opportunity, so don’t wait.

explore

Jean has been retired over a year now. She can’t figure out how she used to get things done while working full-time. Her days are full. Now, we’re working on the nights!

How do you spend your time? We’d like to know. Please leave comments on ideas and activities that you finally have the time to pursue.

Related Article: Be sure to also read Finding Your Passion (Getting motivated).

Please subscribe at sistersfolly.net and confirm your email so you don’t miss any future posts. We appreciate the support.

 

Many Happy (Tax) Returns (Common Mistakes)

by // // No Comments

I’ve been a tax professional since the 1998 tax season. I have prepared hundreds of tax returns for a variety of clients including strippers, hookers, funeral directors, sperm and egg donors and even ghost busters! Many of the clients I’ve seen over the years have had mistaken ideas about taxes. It’s no wonder. The complexity of the tax code is written on approximately 75,000 pages.

02_ghostbusters

Don’t make the most common mistakes I’ve witnessed over the years:

1) Missed deductions

Charitable contributions

  • Don’t forget to claim charitable gifts made through payroll deductions. They sometimes don’t show up on your W-2.
  • You can’t deduct the value of your time spent volunteering, but if you buy supplies for a cause, the cost of those materials are deductible as an itemized charitable donation. Also, mileage to the charity event is deductible.
  • All types of non-cash donations, from jeans to cars, could be valuable tax deductions, so make sure you count them all when you file. They must be in “good” or better condition and they must be given to qualified organizations (your neighbor who lost everything in a fire doesn’t count). Remember that the amount you can claim for donated goods is what a willing buyer would pay for it in its current condition, not what you paid for it. Generally, I find that taxpayers undervalue non-cash contributions. Use this Goodwill Industries Valuation Sheet.  Or, you can use the ItsDeductible Donation Tracker app with built-in valuations. It also provides the convenience of tracking charitable donations throughout the year, (as opposed to finding all of your receipts at tax time).

So clean out your bulging closets and drop off clothing or household goods to your favorite charity!

01_its_deductibleUntitled

Medical deductions
Many taxpayers are unable to deduct medical expenses because of the high hurdles: either 7.5% if you or your spouse is over 65 years of age or 10% of adjusted gross income for all of the rest of us. Some who qualify for a deduction—many of them elderly—don’t take full advantage of medical deductions. If you pay for health insurance for yourself, your spouse or a dependent, (including a parent or grandparent), this in itself is usually enough to claim the deduction.

Did you know you can include mileage for trips to doctor’s offices, hospitals, therapists and pharmacies for yourself, your spouse or your dependents? You can and should.

My answer to this common question I’ve been asked is, “No, your fake boobs are not deductible (unless you’re a stripper)”. But a sex-change operation, quitting smoking and losing weight may be. Look it up at the IRS website. You’ll be surprised what is considered a medical deduction.

mortar_pestle

State Sales Tax
Congress offers itemizers the choice between deducting the state income taxes or state sales taxes they paid. You choose whichever gives you the largest deduction. So if your state doesn’t have an income tax, the sales tax write-off is clearly the way to go. People who live in states that pay state income tax can benefit if they paid more sales tax due to large purchases. My husband and I chose state sales tax the year we bought our travel trailer, for example.

2) Missing the April 15th deadline
If you owe taxes and can’t get your forms finished by April 15th, file for an extension with Form 4868 by the due date. This will give you until October 15th to submit your tax forms. This extension does not extend the date for which you must pay any due taxes, however. Make sure to send any tax you owe with your extension request. If you don’t, you could face late-filing or non-filing penalties. So don’t make the mistake of missing the filing deadline!

clock

3) Dependents
No, your pet and dead-beat son are not dependents, but don’t make the mistake of omitting an eligible dependent exemption.

Many taxpayers stop claiming their child as a dependent once they turn 18 years of age. If that child is a full-time student, under the age of 25, and you provide more than 50% of their support, you can and should claim that child as a dependent and take any education credits that are due, as well.

In general, someone is a dependent if you provide more than half of his or her support—even if that person doesn’t live with you, such as a parent living on his/her own or in a nursing home, or a student who lives away from home.

4) Failing to itemize deductions
This is specifically geared to Kentucky residents. The Kentucky standard deduction is only $2,400, so itemizing is a good idea for lowering your Kentucky State Tax, even if you’re not qualified to itemize on your Federal Tax Return.

01_Kentucky

5) Withdrawing from a 401K or IRA before the age of 59 ½
Not only is the withdrawn amount subject to income tax, but a 10% penalty will be imposed as well. I understand that desperation sometimes requires withdrawing from a 401K or IRA, but avoid it any way you can.

6) Using an incorrect filing status
Many times divorce decrees determine which parent is allowed to take the dependent exemption for one or more children. If the child(ren) lived with you for more than 6 months you can still file as Head of Household and claim your child(ren) as non-dependents for the purpose of Earned Income Credit.

Another filing status that usually doesn’t help your bottom line refund is “Married Filing Separate”. This filing status generally pays the most tax of all the filing statuses because many deductions and credits are disallowed.

7) The Earned Income Tax Credit (EITC)
The Earned Income Tax Credit is a refundable tax credit given to filers who earn low to moderate income from their jobs. The credit can be worth up to $6,143, depending on your income and how many dependents you have, but many overlook this credit. You must file your taxes to get it, so even if you make less than $10,150 (the minimum income filing requirement for filing status “single”), you should still file your taxes.

8) Not filing
I have seen so many taxpayers choose to not file for many years and lose refunds due them. If you have received refunds in years past, don’t be afraid to file late. You can claim a refund by filing for the past three tax years.

forgot

9) Not withholding enough
If you don’t withhold enough, and owe more than $1,000 when you file your return, you will be penalized for underpayment of taxes. Many don’t realize that you can request a waiver of the penalty by using Form 2210.

10) You can amend your tax return
If you forgot something that may give you a bigger refund, you can file a 1040X
and amend your return for up to the past three tax years.

Uncle_Sam

There are 150 million opportunities for us taxpayers to shortchange ourselves.  Don’t pay Uncle Sam a penny more than you are required!

Re-Entering the Work Force: Writing a Resume

by // // 1 Comment

You need extra money. Maybe you’ve recently been widowed, divorced, or had investments that didn’t pay as well as expected. You may be restless and want something to do, or want to socialize more. Maybe you just want to make a little extra for travel. Whatever the reason to re-enter the workforce, you need a resume. You need a good one. You need one that will get you the job.

011

I’ve always recommended having a resume professionally done. It’s a great investment. The cost, however, can range from $200-$800 so you need to determine if it would benefit you for the jobs you’ll be applying for.

If you decide to create your own, these guidelines will help make your resume better. Although I’m not a professional resume writer, I have reviewed hundreds over the years, so I can give you some basic pointers.

Whenever we had a position open, we received 150-250 resumes. Over half went in the trash after a 3 second glance. Why? Because guidelines were not followed for at least one of the following:

  • FORMATTING
  • LANGUAGE
  • GRAMMAR AND SPELLING
  • REFERENCES
FORMATTING

Formatting is extremely important. If it’s easy to read, it stands a better chance of actually being looked at.

hurt eyes

Look at this example. The font is difficult to read, far too small, there’s no white space and if, by some slight chance, Mary did get the job, there’s no information for contacting her. It hurts my eyes! It would immediately go in the trash!

007

Changing the format (font style, size and leaving white space) at least makes it easier on the eyes. I may read it.

008

These are basic formatting guidelines you should follow:

  • Type your resume using WORD (Software made by MicroSoft, that is available for PCs and MACs and totally worth the investment of $110). The majority of applications are submitted online nowadays, and WORD is widely used.
  • Limit the resume to 2 typed pages.
  • Use a font that is easily read. I recommend Arial and font size 12 or 11. (No one wants to use a magnifying glass to be able to read your resume.)
  • Keep white space. (Don’t use narrow margins or eliminate spacing. The white space makes it easier to read.)
  • Identify yourself immediately and provide good contact information. (Include your full name, address, contact phone number and email address.)

Need help with formatting in WORD? Get started with Updating WORD Basics.

LANGUAGE 

The language you use can be a deal breaker.

  • BE PROFESSIONAL
  • IDENTIFY YOUR SKILLS
  • BE CONCISE
  • USE ACTION VERBS

 

BE PROFESSIONAL

Start with your email address. Would you hire someone with an email address of [email protected]? Or how about [email protected]? If necessary, create a new email account and make sure it reflects someone that will be welcome at the workplace.

On a side note, let’s talk briefly about Facebook, blogs and other websites. Believe it or not, hiring managers will google prospective employees. If you’re one of those people that get on the internet to express your “total freaking dissatisfaction with all the crap that’s going on” and love to be vocal about it, or love to post pictures of yourself drunk at parties, you want to stop now and remove everything that is currently out there.

drunk2

IDENTIFY YOUR SKILLS

Blow your own horn but only list skills that apply to the job you’re applying for. If you were hiring a house painter, would you care that they were awesome bowlers?

Keep a master resume that lists all of your skills (which can be as many pages as you need), then create condensed resumes for specific jobs. Select only the skills that are required for the position you are applying for.

lie

Never exaggerate or lie about your skills, but identify all of them. Did you throw a huge, successful fundraiser at church? Those are organizational and project management skills. Do you volunteer at the community center to coordinate activities? You have leadership skills. Do you write a blog or have an online shop (Ebay, Etsy, etc.)? Then you’re self-motivated and have examples of writing, computer and communication skills. Think about your experience in time management, teamwork, problem solving and interpersonal skills. Don’t neglect skills you have just because you didn’t hone them at school or on the job.

 

BE CONCISE

Don’t ramble and don’t write paragraphs. Sum it up! The hiring manager needs to be able to SCAN the resume and determine if it’s worth looking at deeper.

seconds

Scan this resume and see how quickly you can pick out the skills.

009

Separate the dates and the company/organization from the skills. Using bullet lists draws the eye to the skill, so use them. See if you can pick out the skills a little quicker when information is presented differently.

010

 

USE ACTION VERBS

Hiring managers don’t want to know what your duties or responsibilities were. They want to know what you accomplished and how well you accomplished it. A good rule of thumb is to always start your skill with an ‘action verb’ and whenever possible, include a result.

actions

Look at these examples. If you were hiring someone to ship for you, which would you be more comfortable hiring?

012

 

GRAMMAR AND SPELLING

It should go without saying that resumes should be error free. There should be no spelling or grammar errors. If you’re not confident in your abilities, have a friend review it. Have 9 friends review it!

eraser

If you took my advice and used WORD, make certain you run the Spelling and Grammar tools on your resume.

 

REFERENCES

It’s more important then ever to actually include references on a resume. No matter how tempting, do not put “References available upon request”. Do not put your sister, best friend, or someone that was willing to say “I’d hire them in a second!”.

references

Find references that can validate your skills. If you organized that fundraiser for the church, ask the pastor; if you volunteer at the community center, ask the administrator. You want to list people that can say they have personal knowledge of skills you possess.

Did this article change the way you create resumes? We’d like to know! We love hearing from you so please share your comments.

For a limited time, we’ll provide help with creating outstanding resumes for our subscribers at very reasonable rates. Go to our Contact Us page and let us know that you’d like assistance with you resume. (Offer is limited to confirmed subscribers at sistersfolly.net)

Watts Up with the New Light Bulbs?

by // // 2 Comments

Because of the Energy Independence and Security Act (EISA) of 2007, we must say goodbye to incandescent light bulbs. It’s been hard to fathom and I’ve been fuming ever since.

I realize these new bulbs are cost-effective in that they use less energy and last tens of thousands of hours, (so they’ll probably outlive me), but past experience made me hate them. The blue tint in the lamp above our table turned my meals an unappetizing, green-ish hue.

Green Eggs

There was a delay between the on/off switch and the bulb fully lighting (causing frequent tripping and falling down stairs); they had an odd shape; they flickered; you couldn’t use them outside and applying makeup was a nightmare.

bad_makeup

Another drawback was that they contained mercury. If you happen to break one, follow this 3-page, EPA document to clean it up safely. (You don’t want to grow additional thumbs, do you?)

The other day, my friend, Shelley, mentioned something that I hadn’t thought of.   Her granddaughter’s Easy Bake Oven is now useless. It uses a 100W incandescent light bulb, which is harder to find than Kanye West at a Taylor Swift concert. The EASI of 2007 murdered the Easy Bake Oven! All of those carcasses will end up in landfills. How green is that?

EZ_bake

And what about the “how many does it take to change a light bulb” jokes? They’re not going to be as funny.

Q: How many Psychiatrists does it take to change a light bulb?

A: Only one, but the bulb must really WANT to change.

Compared to:

Q: How many Zen masters does it take to change a CFL light bulb?

A: None – the universe spins the light bulb and the Zen master steps out of the way

You can still find the old-style bulbs, but inventory is dwindling. Bulb makers and retailers have largely moved on. So have most consumers.  Much has improved over the original answer to energy saving lighting. These new light sources come in all shapes and sizes. They are now available in 3-Ways, decorative flames, track lighting and recessed lighting and significant amounts of electricity has been saved.

In an attempt to rid angst out of my life, I’ve decided to put my big-girl pants on and concede to these energy conserving light bulbs. Now that incandescent bulbs are no longer a viable option, we’re left with only three options, but the light-bulb aisle has never been more confusing. Here’s a little help.

  • Halogens are similar to traditional incandescent bulbs. They instantly produce light, accurately show the colors of objects, don’t contain mercury and are fully dimmable. They use about 25% less energy than the old incandescents, so they just meet the newly enacted energy-efficiency standards. A 43-Watt bulb is the equivalent of an old 60-Watt filament bulb.
  • CFL bulbs or Compact Fluorescent Light bulbs (no, not Curly Freakin’ Lights).
    These were the first energy efficient lights to which we were introduced. There have been many improvements as you’ll find a variety of color options that are warmer and “Instant On” CFL’s are now available. Plus, the cost has gone way down to around $2 for the non-fancy CFL.
  • LEDs are, I think, the rock stars of new lights. They last far longer than even CFLs. Some manufacturers claim that they can last up to 46 years when used three hours a day! They are pricier though, (about 5 times the cost of incandescent bulbs) but it is said they will eventually pay for themselves with the energy saved and the cost of replacement.

What’s a lumen?
The science behind these new light sources is more complex than opening a childproof medicine bottle. All we really have to know is brightness is measured in lumens, not watts—the higher the number, the brighter the bulb. When shopping, use this chart as a guideline to achieve similar brightness produced by the old incandescent bulbs:
Get at least: To achieve incandescent light of a:
450 lumens 40W bulb
800 lumens 60W bulb
1,100 lumens 75W bulb
1,600 lumens 100W bulb

Next, for the same “warmth” of an incandescent bulb, we must consider the Kelvin. Kelvin is a unit of measurement used to describe the hue of a specific light source. Look for 2700K through 3500K LED light bulb or the terms “warm white” and “soft white” and you won’t be disappointed.

Finally, LED bulbs also provide good color rendering, which is the ability of a bulb to show the true color of objects. This is measured on a scale of zero to 100, with 100 being the best. LEDs offer as much as 85 on this scale.

« Older posts
Newer posts »