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December is not only the time for year-end tax planning, it is a perfect time to consider necessary career planning. In this article, we’ll focus on a few tax considerations and ways to improve your career outlook for 2009.
Tax Considerations
1. Vacation/Personal Leave Time – Confirm the amount of remaining vacation/personal leave time and whether it will carry forward to next year. If not, will your employer consider paying the accrued amount as compensation in this year or will you simply lose it.
2. Reimbursed Expenses – Many companies require that all business-related expenses be submitted by December 31st. If your company is one of them, be sure that you submit all expenses and documentation by year-end.
3. Flex Spending Accounts – If your company provides flex spending, be sure that you know the balance in your account and the deadline for submitting 2008 expenses.
4. Retirement Accounts – Consider whether you should maximize the contributions to your 401(k) plan or IRA.
Career Considerations
1. Career Goal Setting – Even if you don’t set New Year’s resolutions, year-end is a good time to look at your career goals for 2009. What have you achieved this year and where would you like to be this time next year? What do you need to do to achieve those goals?
2. Job Review Opportunity – If you have a year-end review taking place, use it as a chance to identify with your manager some specific and measurable ways to achieve growth or promotion in your current role.
3. Employment Options – Even if you are currently employed, it’s good to consider a plan of action should your current employment situation change as a result of the economy. It’s easier to do a rational plan while employed that you can implement at a moment’s notice than to have to prepare a career search plan in times of stress and immediacy.
While December can be one of the busiest times of the year, you'll find that taking a few minutes to do some strategic thinking and planning implementation will pay off for 2009.
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