The 405 Club

Let me tell you
How it will be.
There’s one for you,
Nineteen for me,
‘Cause I’m the taxman.
Yeah, I’m the taxman.*

*Beatles’ Taxman lyrics from their song of the same title.

Just because you lost your job, doesn’t mean you don’t have to pay taxes.

But there’s good news: You can deduct your job search expenses. In fact, you’d be surprised to know that most costs incurred in finding a job, including going on interviews and network meetings, are deductible. Clothing and lunches are just about the only two things you cannot claim to ease your burden.

The idea is to make it easy on yourself and know before you go, like traveling with weather conditions. Your bottom line is to claim as many expenses directly related to your job search, deducting as many legitimate costs as possible. And given the long periods of time it takes to become reemployed or if you are still searching, it is reasonable that you’ve amassed a huge quantity of deductions. If your only incoming cash is from unemployment insurance benefits, and are actively seeking employment and can prove it, that stockpile should bode you well. Even if you’ve since found a job, deduct all your expenses that led to the prized moment, as long as they occurred in the last tax year for which you are now filing.

The New York State Department of Labor asks that you keep a record of where you applied and whom you saw. You would most likely have done this anyway, for your own edification and to see how far you’ve come in your job search odyssey. Most people keep records of where they applied and where they’ve gone in person.

Be honest and cautious. Itemize and deduct your costs with care. If the company has given you severance specifically to take courses, you cannot claim that tuition. However, this is not the case for most people…

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Some people told me that interviewing for jobs is like going on a string of dates. Considering I went to a college that Rolling Stone magazine publicly panned for having an abysmal dating culture, I was uncomfortable making such a comparison.

After sending a few emails that I deemed as life critically urgent and not hearing a response right away, it clicked. Job searching IS like 2009 dating… or something like that. (PS - those “life critically urgent” emails contained a resume and a question as to hiring timetables). My generation went to college with the text message — a simple device that has revolutionized dating, but has also made us the generation most obsessed with instant gratification. You send a text to a friend to grab lunch in the student center, chances are they’ll respond even if they’re in class. You send that Thursday night 1:30am “What are you up to? Want to watch a movie?” text to your gentleman companion (I know you all know the text in question), and the response, or non response, declared the status of your relationship.

We also were the first generation to graduate smart phones in hand. I watched as members of the Duke Class of 2009 live tweeted their graduation ceremony, where Oprah spoke. Really? Live tweeting graduation? We were a generation to tote lightweight laptops to class, and we checked our email about once every five minutes. And we’re a generation who just can’t fathom job searching without the Internet.

In the world where the 13 year old ahead of me at Jamba Juice has a more impressive smartphone than I, I know everyone receiving my resume is getting it on their Blackberry, their desktop mail, their assistant’s desktop mail. Not getting a quick response honestly gives me agita…

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If you were downsized and don’t know the first thing about 401(k) rollovers, never fear.

Figuring out COBRA and pension plans may have been enough of a headache so this may have slid into last place on your to-do list. Quite honestly, based on my research it sounds like it should be the first. For the inside scoop I checked in with Jeffrey R. Wylde, a New York City-based financial advisor/guided portfolio manager at MorganStanleySmithBarney LLC http://fa.smithbarney.com//jeffreywylde.

*First things first: upon your termination liberation (let’s face it, not every downsizing is a bad thing, ‘k? Time to dance to the beat of a new drum!), your 401(k) can be rolled out of your former employer’s jurisdiction and moved into the custody of a different firm. He explains, “I would recommend moving one’s 401k investments to cash in the week after termination so the account will not be subject to market fluctuations while one is tying up loose ends and dealing with being out of work, etc…people often tend to forget about their 401k’s because contributions are automatic and the accounts are so long-term.  So, having it sitting in cash should help act as a catalyst for getting people to follow through with rolling over their plan.” Plus, he notes, “In a tax deferred account with a long lifespan, cash is most definitely not king.”

*As for the advantages to rolling it out instead of having it sit idle? Jeffrey adds there’s more control of the investment process and access to numerous investment products. Most of all, “getting out from the spyglass of one’s former employer.”

*So, how do you start the process and better yet, when should you do it? The former employee (ahem, you!) will need to initiate it but just like moving out of an apartment, you’ll need to find new digs before you go ahead and uproot yourself.  “Since they will need a place to move it to, they’ll need to open an account some place else first.  I am happy to help people do this.”

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You don’t talk about unemployment.

Pursue the things that make you happy with childish enthusiasm.

Surround yourself with supporters and those who offer constructive criticism and points of view that you respect.

Shmexercise.

Forget about the coffee. (good riddance!)

Ask the people whose job you want questions. Lots of questions.

Write. Explore. Write some more. Explore more.

Tackle house projects.

Enjoy the holidays.

Honesty is the best policy with why you’re being so cheap and stingy lately.

Claim that the sudden increase of internet activity is unexplainable.

Control your sudden increase of internet activity.

Realize that corporate America harbors environmental and psychological conditions that does make you fat. (put down that second bagel and 3rd cup of coffee. You are so busted!)

Lose that first desk job 15. Which seems more like 20..

Smile.

-Reblogged via fellow tumblrer jonaha.

Ed. note: Laurie Dillon-Schalk teaches the downsized how to use social media to get a job and is the author of Social Wisdom. You can reach Laurie Dillon-Schalk by leaving a comment here, on twitter @ldillonschalk or emailing 405club@gmail.com.

Writer’s Preface: I am often asked how to set up linkedin’s privacy settings in order to maximize profiles for being job found and candidate considered.   To make this easier for the individuals who attend my ‘Using Social Media for Job Search” presentations, I have made a handout of my personal settings as a reference guide for job searchers.  Simply follow my settings to set up your account in Linkedin.   [note: this is available in slideshare under my linkedin profile]

1.  In Profile Settings:  Make your profile public

For job searching – you will need to open up your public profile so that prospective employers and recruiters can find you.

Make your profile photo visible and display the full profile information.  On the next page, you will see which items you can check off for public publishing.  I recommend checking off EVERYTHING while you are job searching.  Once you have a job – you can scale it back.

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