About 81% of black students borrow money to pay for college, compared to 65% of their white peers. http://t.co/24oc9jSVzt- so what!
1. Know your priorities. Mackey-Ross asks candidates to make a three-column list: What they feel they must have in order to take the offer; what is optional; and what they care least about and would be willing to give up in order to get something else. “The items on this list, and which category they fall into, can vary quite a lot from one person to another,” she notes. “But you need to go into the negotiation knowing exactly what you really want, or need, and at what point you’re willing to walk away.”
2. Consider requesting a later increase. If the salary figure the company has in mind is set in stone, ask whether they’d be willing to commit to a raise or a performance bonus in six months or a year, when you’ve had a chance to prove yourself in the new job. This is most likely to work if you also stress how much you want the job. “Saying how excited you are about this opportunity might seem to give you less leverage, not more,” Mackey-Ross notes. “But it doesn’t, because employers really want motivated employees.”
3. Rehearse beforehand. “Lots of people have little or no negotiating experience, so the whole idea makes them nervous,” Mackey-Ross says. If that applies to you (and the way you signed your question suggests it does), get all your facts and priorities together and find a friend to practice with: “Have them shoot responses at you, like, ‘Sorry, this is what we pay people at your level, take it or leave it,’ and practice what you would say in the real discussion. The more you prepare ahead of time, the calmer you’ll be when you get there.”
4. Take the long view. “Think about how this job will affect your whole career,” Mackey-Ross advises. “There are often intangibles — like how great this company and this position will look on your resume, and how it could qualify you for a bigger job later — that might be worth an ‘opportunity cost’ of a lower salary than you’d like in the short term.”
Starting pay is just that, she adds: “Once you’ve proven what you can do for the company, your salary will almost certainly go up. You’ll get other opportunities to negotiate for more money as time goes on. This isn’t your last chance.”
Weekly Address: Growing the Housing Market and Supporting our Homeowners: President Obama discusses the housing market, and urges Congress to confirm Mel Watt to lead the Federal Housing Finance Agency and take action to give every responsible homeowner the chance to refinance and save money on their mortgage.
Congress recently sprang into action to save air travelers from flight delays brought on by sequestration. But for the millions of Americans who can’t afford to get on a plane, they have yet to repeal devastating cuts to important programs for struggling families, seniors, and children—leaving us all to wonder where our nation’s most vulnerable fit into Congress’s priorities. Here are three programs where sequestration is already taking a toll on struggling Americans.
Our society allows for one person to amass a fortune while doing nothing that adds value to society while millions of others, who contribute to society, are barely able to eke out a living. http://bit.ly/18pzeW6
Malcolm Young, CEO and Norman Morris, Senior Vice President of Governmental Affairs, recorded a video to update members about the upcoming legislative session, the Governor’s tax proposal and its impact, flood insurance, and activities taking place with the Louisiana Real Estate Commission (LREC)
Most of the nation’s 100 million or so individual filers of federal tax returns will get a refund this year—an estimated 75%, in fact—and for those lucky souls we have a message: Be careful; windfall monetary gifts can be dangerous to your financial health.The culprit is one of the most common decision making biases identified in the past four decades of research in the field of behavioral economics. It’s called “mental accounting,” and it’s a subject visited frequently in this blog. Mental accounting is the process by which the human brain, consciously or otherwise, labels and prioritizes money differently depending on where it comes from (paycheck vs. gift from grandma), where it’s kept (savings account vs. stock market), how it’s spent (home repairs vs. vacation cruise), or size of transaction (we value a $5 discount on a $20 item more than same discount on a $100 purchase).
This is often a very useful bias, in that people who otherwise have a difficult time saying no to a new pair of shoes, pricey dinner, or digital camera can nonetheless refrain from tapping into their kids’ college fund because they have mentally accounted for those dollars as sacred.
1. File a tax return
Whatever you do, don’t ignore Uncle Sam. You must file a tax return. The penalty for not filing is 10 times more than the penalty for not paying.
If you fail to file by the April 15th deadline, you could face a penalty of 5 percent of your unpaid tax bill, plus interest, for each month the return is late – until the penalty hits 25 percent of what you owe.
If you file, but fail to pay your taxes, the penalty is only half a percent of your unpaid tax bill, plus interest, each month.
2. File for an extension
If you need more time to gather paperwork, file for an extension. Last year, more than 11 million taxpayers requested an extension. File for an extension by April 15th and you’ll have until Oct. 15 to submit your tax return. By filing an extension, you’ve cut down on the penalties you’d pay by not filing at all, plus you’ll get an automatic extension for six months to get your tax return in. Just remember, it’s an extension to file — not an extension to pay. Starting April 16, if you have a tax liability and owe money to the IRS, interest and penalty begin to accrue on your tax bill.
3. Contact IRS to find out about payment options
To minimize the effects of interest and penalties on unpaid balances on your taxes, begin by exploring your options with the IRS.
About one in six taxpayers who file their returns has a balance due on their return, according to the IRS. For many people, their tax bill is a big burden. But if you can’t pay what you owe, or you can’t pay all of what they owe, the IRS will work with you to get the money. Taxpayers can call the IRS at 1800 829 1040 — or go to the IRS website at http://www.IRS.gov.
4. Set up payment agreement online
Setting up a payment agreement with the IRS is often the answer. As long as you owe $50,000 or less and have already filed your return, the easiest and fastest way to apply for an installment plan is to do so directly on the IRS website at http://www.irs.gov. You can also use Form 9465 to request an installment plan. In the payment agreement, you set the terms and figure out the largest monthly payment you can make. Once approved, you’ll be charged a $105 fee — or $52 if you make direct debit payments from your bank account.
5. Be careful paying tax bill with credit card
You may find it easiest to just pay your taxes with plastic. But it’ll cost you in other ways. The IRS will let you pay by debit or credit card through one of five online payment processors — OfficialPayments.com, ChoicePay.com, Pay1040.com, Businesstaxpayment.com, and PayUSAtax.com. There’s usually a flat fee for using a debit card, ranging from $2.99 to $3.49 per transaction. But online payment processers charge a fee of 1.88 percent to 2.35 percent of your tax bill for using a credit card — and some tack that fee on to debit card transactions as well. If you don’t pay your credit card balance in full in the next billing cycle, you’ll pay interest each month until you do. That’s another 15 percent interest on the average variable rate, according to Bankrate.com.
If you don’t like paying fees, there are free e-pay options available, such as electronic funds withdrawal and the Electronic Federal Tax Payment System, which allows you to pay via the Internet or by phone.
In the end, if you can’t pay your full tax bill, setting up a payment plan with the IRS is probably the best way to go. Just remember, don’t take too long to pay. Penalties and interest will continue to accrue until the full tax bill is paid. However, the late-payment penalty is cut in half for any month an installment agreement is in effect.
Did you miss this tax deduction: You can deduct your time donated to a nonprofit:
The IRS does not allow for a deduction for services provided to a nonprofit. For instance, if you are a chef and decide to donate your time to cook for homeless individuals at a local shelter, your time donated is not deductible. However, you may be able to deduct your mileage traveled to and from the nonprofit, payments made for food and supplies, or even amounts given to the organization.