12 of the 20 fastest growing careers are in the healthcare industry. Other in demand careers include financial examiners, athletic trainers and dental hygienists. Unfortunately, there are also industries with decreasing employment; these include textiles and Postal Service. Take a look at this infographic brought to us by Zaarly which showcases some of the fastest growing jobs of the next decade. Read the rest of this entry »
We came across this infographic created by MBAProgramInfo.com which highlights the issue of jobs and unemployment very well. The infographic is laid out well and has enough information to give us an idea as to why we are losing jobs to other countries. For example, hiring a software engineer in India is relatively cheaper as compared to one in US. They speak english and they are relatively skilled. India currently stands at the very top in terms of US jobs being outsourced.
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This infographic highlights some of the highest paying jobs plus other factors which shows how you can get the most out of the job market.
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When it comes to career, it seems like everyone wants to be a lawyer. Of course, there is a lot of money to be made in this field, but one needs to be careful before choosing this career path. Take a look at the infographic below which shows that law students debt is at all time high!
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This infographic takes a look at the two most influential companies – Facebook and Google.
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We recently came across this infographic which shows some of the effects of drinking and driving. For example: Did you know there is one death every 48 minutes that is due to drunk driving? For more shocking facts and information related to drunk driving please take a look at the infographic below.
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The following graphic breaks down the most expensive medical procedures by cost and takes a closer look into the rising cost of healthcare in our country. Take a look to learn more.
(Click to enlarge) [Via: Carrington College's Health Information Technology Program]
Do you think that living overseas makes you exempt from US taxes? Or do you have unpaid back taxes that you think will disappear when you skip across the ocean? If so, there’s bad news.
There are two countries on earth that require their overseas citizens to file taxes – the United States and Libya. This means that expats are still required to file and, that’s right, pay. Even if you’re paid in a foreign currency, you must pay. Even if you pay taxes in the foreign country, you must pay.
Remember that thing they say about the only two certainties in life – death and taxes? Well, you can’t escape death by expatriating and unfortunately the same goes for your taxes.
However, there is good news. Most US expats aren’t required to actually pay anything. For the year 2010, you must have made over $91,500 before it becomes taxable. That means that most of us living and working overseas are exempt. The IRS also has a system of tax credits for those who are taxed by both the US and the country in which they live, as well as credits for things like living expenses. But you’re still required to file, even if you make well under this amount.
When you live overseas, it’s easy to forget about the mad rush and mass confusion of “tax season.” Forgetting to file will rack up late penalties and you should expect to have an audit waiting for you when you return home. If you’re living overseas to avoid paying taxes, you might be facing much bigger problems.
The Qualified Intermediary Program – They’re Watching Your Bank Account
It used to be easy enough to open a foreign bank account and forget about it. But in 2001, all of this changed with the Qualified Intermediary Program. The QI allows foreign banks to share your financial information with the IRS. If an American citizen opens an account overseas, this is immediately suspect to the IRS, which views all offshore accounts or assets as potential tax traps. They have an agreement with thousands of foreign banks to share this information.
As any Paypal user knows, in 2010 the online banking service began sharing information with the IRS as part of the agency’s push to catch offshore tax cheats. With both Paypal and the QI, the IRS can find out what you make overseas, but it can’t take the money… right?
Unpaid Taxes And Passport Renewal
Of course, everybody wants to be a good citizen and comply with tax law. It’s doubtful that there are actually people out there who would move to a foreign country to escape back taxes! Right?
But just in case there’s a little income tax skeleton in your closet, you might be in for an ugly surprise the next time you renew your passport. There’s a plan on the table to allow the Embassy to refuse to renew your passport if you have unpaid taxes. A 2011 report by the Government Accountability Office suggests that the IRS would reap billions if it were to do this.
Right now, there is a small list of individuals whose passport renewal can be refused. This includes those who have warrants for their arrest, extradition requests or missed child support payments in excess of $2,500. The GAO report itself suggests that “tax delinquencies” could be easily added to the list.
Other Alternatives For Expats
Simply leaving the country doesn’t exempt you from filing or paying US taxes. There are some ways around paying US taxes but they’re pretty drastic. One is to renounce your American citizenship and become a citizen of somewhere else. But since it’s illegal to give up citizenship for unpaid taxes, and all of those who renounce US citizenship are viewed as potential tax cheats, it may be tough to come home for a visit. Without US citizenship, Uncle Sam can easily refuse your visa request.
There are also countries that offer passports to anyone, and some legal professionals online claiming that this is a valid option. But we’re getting into pretty shady territory here. Want to become a citizen of the Republic of Dominica? If you invest enough money there and take a trip to meet the president, you can become one! It’s the cheapest country to invest in and there’s no residence requirement. So the question becomes, “How badly do you want to avoid paying the IRS?”
What is GAP Insurance?
If your vehicle is ever totaled in an accident, did you know your auto insurance may not give you enough to pay off your loan balance? The minute you drive off the dealer’s lot, the value of your new vehicle starts to depreciate. In some cases it can take years before the value catches up with your loan balance. If your vehicle is totaled in an accident your insurance company may not value your car high enough to pay off the loan and you could end up making payments on a vehicle that’s sitting in a junk yard.
You can prevent this from happening by purchasing GAP insurance. GAP stands for Guaranteed Auto Protection and it can be vital for anyone borrowing money for a brand new vehicle. With GAP insurance, you don’t have to worry about whether your car’s value matches the loan balance. If your vehicle is totaled in an accident, this coverage will bridge the gap between what the insurance company says your car is worth and the actual amount you still owe on it.
Avoid this Common Mistake
When you buy your new vehicle from a dealership, the salesperson and the loan officer are probably going to try to sell you GAP insurance. They make it easy by adding the cost of the insurance to your loan so you don’t have to pay any money out of pocket. This small convenience could mean you end up paying a lot more than necessary. Not only is the GAP insurance through a dealership overpriced, but you’ll also pay interest on it until the loan is paid off.
So let’s take a look at what this can mean for you. The coverage from the dealer can cost $500 or more. Let’s say you finance your vehicle for five years at 10% interest. That’s an extra $50 dollars per year in interest just for the gap coverage. Add that amount to the initial cost of $500 and you’re spending $750 or more for coverage you may be able to purchase for a fraction of that cost.
Talk to Your Auto Insurance Agent First
Before you decide to add GAP coverage to your auto loan, be sure to check with your auto insurance agent first. Although it’s not advertised, many insurance companies offer GAP coverage for brand new, previously untitled vehicles. This is a special endorsement you must request at the same time you add your new vehicle to the policy. Surprisingly, you can often purchase this valuable coverage for less than fifty dollars a year. Compared to the price you’ll pay through the dealership, that’s a savings of $500 or more for the same coverage.
Another advantage to adding the coverage to your insurance policy is that you can remove it at any time. Once you’re confident the value of the car is higher than the loan payoff amount, you simply ask your insurance agent to delete the coverage from your policy. When you add the coverage to your auto loan, you’re stuck paying for it until the loan is paid off completely.