College is one of the most important phases of everyone’s life as it provides experiences that are most valuable at a later stage. It is important to start being careful about money at this stage as there are greater chances to yield to temptation when you are a freshmen. Having finished four years of Engineering, i am reflecting upon the mistakes i had done and wonder how not making them could have enriched my life. But no regrets!!! Sometimes people have to make mistakes to learn the most important lessons in life.

As i was recounting my experiences in college, i thought why not make a post for freshmen on how to save money while on campus. This especially would be useful for students who stay away from home.

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Most of the taxpayers spend their summer months in attending various career fairs. You can actually deduct some of your expenses which incurred while searching a job on the tax return. The IRS requires you to know some things on deducting your costs which are related to the job search.
So as to deduct the costs on job search, the expenses should be spent on a job search which is related to your current occupation. You will not be able to deduct the expenses incurred in your tax returns if you are searching for a job related to a new occupation. If you are getting paid by your employer for the employment agency charges incurred by you in a later year, you are required to include the amount which you received in the gross income up to the tax benefit amount which you received in the earlier year.
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If you think all the sectors in America are hit by recession then think again, besides installing solar energy panels, the IRS, a vanguard organization for public services has plenty of job opportunities available with it.

President Obama believes that an 8% hike would aid IRS in collecting an additional $17 Bn taxes via rampant tax enforcements. Obama has thereby increased the funding for IRS by $400 million for the 2010 fiscal year.

I see the noose tightening around corporate giants as the IRS Commissioner, Doug Shulman remarked that most of the funding would be used to monitor and enforce taxes on the international operations of such companies. The Obama administration intends to keep a tab on businesses that push filing for taxes by blaming the delay or lack of payment of taxes on the complexness of the capital markets overseas.

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In reaction to President Obama’s proposed plan on changing the income tax deferment rules for corporates, Steve Ballmer the Microsoft CEO warned that Microsoft would move a chunk of it’s operations overseas.

Bloomberg News reported that Ballmer remarked that he would move the jobs overseas if the purported international tax reforms are passed stressing on the fact that the current US taxes make hiring workforce in U.S. expensive.

President Obama believes that under the existing tax law, MNC’s “ship jobs overseas” as companies can instantly deduct costs on foreign investment from their taxes in the U.S. and putt off paying their taxes on profits earned overseas until it gets repatriated back to the country.

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Pledging action to retard the rate of unemployment which has hit a 25 year high, President Obama said that speeding up spending of the stimulus package has to potency to save and create 600,000 jobs in the coming 100 days.

In a meeting that was held at White House to review the path to recovery after the congress passed the extensive stimulus package early this year along with Vice President Joe Biden and other cabinet officials, president Obama said that although there is progress, there is still a lot that needs to be done in order to aid recovery.

President Obama feels concerned about the toll that lay offs have on family units and communities at large could be fortifying. He further added that spending has decreased due to lay offs which in turn affects sales for some businesses leading to further more layoffs.

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Pink slips in U.S. declined sharply, signaling recovery, though unemployment rate is highest since the past two decades.

The Labor Department reports that companies cut jobs by 345,000 in May as compared to 504,000 in April, which is a steady decline since Q4 last year putting to rest the predicted 520,000 by the market.

Nigel Gault, chief U.S. economist (IHS Global Insight- Lexington, Massachusetts) said that the decline in job cuts indicates that the market is recovering. Unemployment rates recorded beat the1983 benchmark, a shocking 9.4% in May vs. 8.9% in April attributed to job seekers who were not active but are approaching employers now.

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Vice President Joe Biden, one of Amtrak’s most prominent customers, said Amtrak will make overdue upgrades to infrastructure and expand passenger rail capacity with the $1.3 billion it is receiving through the economic-stimulus package.

Biden, formerly a regular rail commuter, said more than $100 million will be spent on replacing a bridge on the railway’s Northeast Corridor, while $82 million will go towards repairing rail cars. In addition to the Amtrak funds, the stimulus package also includes $8 billion to fund a high-speed rail network.

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The much awaited New Economic Stimulus Package (Second) has been passed by the Obama administration to battle the current economic downfall. With unemployment at its highest level in a quarter of a century, the banking industry is in crisis despite the bailout money given to the sector and the whole economy facing its worst crisis since the great depression 1929, this $ 819 billion stimulus package  will give respite to the Americans who are finding it very hard to cope up with  the ongoing economic crisis.

The Federal Stimulus Bill mostly emphasizes on spending increases and tax cuts to revive a badly ailing economy. The package includes aid to states and local governments to help them avoid cuts in medical coverage and school funding. The bill also would extend unemployment benefits and give unemployed workers subsidies for health care coverage.

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