Empowering Women Network, Inc. - Professional Women's Organization

• Last Minute Year-end Tax Tips
  

  Has anyone else found themselves amidst the annual disbelief that Christmas – and hence the end of 2007 – is already right around the corner? While our thoughts go foremost to shopping and party-planning, it may be in everyone’s best interest to take time out of our hectic holiday schedules to focus on year-end finances. The following are a few easy ways to potentially lower your tax bill if you take action before January 1st.
   
  Look for losses
  Take a hard look at your investments and if you have significant capital gains this year, then it may be smart to sell select securities for a loss. Capital losses effectively negate capital gains and are deductible up to $3,000 per year to the extent that losses exceed gains. With all of the recent volatility in the markets, now is a great time to look for these opportunities to take some strategic losses.
   
  Avoid Capital Gain Distributions
  Actively-managed funds often have significant capital gain distributions in the month of December. Whether or not you’ve owned the fund all year, you will still be liable for taxes on the distribution. Be sure to avoid buying into these funds prior to the distribution. It may even be beneficial to sell out of an existing fund holding to avoid the distribution.
   
  Maximize your retirement savings
  While you have until the April 15th deadline to make your 2007 contribution to an IRA or Roth IRA, the opportunity to contribute to your employer-sponsored plan ends December 31st. It’s important to make sure that you’re taking full advantage of your employer match (free money!) and that you are making efforts to max out your 401(k) savings. The 2007 contribution limit is $15,500 with $5,000 additional catch-up contributions allowed for those over the age of 50.
   
  Pay off deductible expenses
  Take some time to brainstorm ways that you can increase your itemized deductions. You might want to pay off your state and property taxes early to accelerate your federal deductions. It might be a good idea to make an extra mortgage payment in order to deduct the interest.
   
  ‘Tis the season to give a little - or a lot!
  There’s no better way to simultaneously support the important people and organizations in your life while significantly improving your tax situation!  In 2007, you can gift up to $12,000 per donee with no tax consequences or reporting necessary.  In general, all gifts made to charities by December 31st are deductible for 2007.
   
  The New Year will be here before we know it, with tax season soon to follow! Taking some time out in the next two weeks to consider year-end tax issues now could pay off handsomely in April. I hope that you all have a wonderful holiday season – looking forward to seeing you in 2008!  read more »

• Taking Time This Holiday Season
  

  At this time of year most of us are thinking about the upcoming Holidays, all the things we have to do and whether it will get done.  Well, I would like to share the importance of balancing your professional and work life with your precious personal life during this amazing time of year. Specifically, setting boundaries and knowing when it’s time to stop working and GO HOME!  Whether you are traveling to see relatives this Holiday Season or simply spending your Holiday at home going home is the answer!

  I have found one of the 
  keys to success is knowing your limit and setting boundaries for yourself. Be aware of what you can and cannot do! If you never stop working and continue to take on more and more, you will start spinning because there will not be enough time to do it all.  When you start spinning, time becomes a warped image and there’s never enough of it and you will start "chasing butterflies". You will feel like you are working harder yet you will see that you are accomplishing less.
   

  Our mind, body and soul need rest this holiday season.  Most of my best ideas have come while walking my dog Daisy. This season I hope each of you take time to GET UP and GET OUT.  Reward yourself for all the hard work you've done in 2007 with a long walk, spa day or a movie with family and friends!

  See you in 2008 – I have to go now, Daisy is calling! 
  Happy Holidays!  -Georgia Dudley, Founder and President, EWN  read more »

• How important do you think "Self Promotion" has been in advancing your career?
  * It has gotten me where I am today.\n* It has helped but hard work and building strong relationships has been more effective.\n* Not sure how self promotion has impacted my career.\n* It has not been important in advancing my career.\n
• Prevent Identity Theft This Holiday Season
  

  With the official beginning of the Christmas Holiday Season underway, it is a good time to remember the importance of keeping your credit card information secure.  With just a few basic pieces of information such as your social security number, driver's license number, address and one credit-card number; a thief can create an entirely new persona.  The initial theft is often done the old fashioned way - a thief steals a wallet or goes through mailboxes or dumpsters.  Once he/she has these above key data, new loans, insurance and/or credit cards can be taken out very easily.
   
  The main prevention is to reduce access to your personal information.  Remove your name form marketing lists of the three major credit reporting bureaurs to limit the number of credit offers coming to you.  The opt-out number is 888-567-8688.  Do not have your social security number on your checks or as your drivers license number.  Do not leave bills with checks as payment in your home mailbox.  Shield your hand when entering PIN numbers at ATM machines to avoid spying by video cameras or binoculars.  Review your monthly bank and credit card statements for unauthorized use and then shred them.
   
  Check your credit through each of the three credit bureaus once a year:
   
  Equifax Information services 800-685-1111
  Experian (TRW) 888-397-3742
  Trans Union 800-888-4213
   
  If you so suspect someone may be using your identity, contact your state's Attorney General's office to start the process of cleaning up the mess.
   
  I have known a few people that have credit cards opened in their name.  Luckily, they were able to quickly identify the issue and completely resolve it after a fair amount of effort. Does anyone have an identity theft story to share?
   
     read more »

• Road Warrior P.S.
  

  One last post-script (P.S.) for all you fellow road-warriors out there: the recommendation about getting to the airport two hours earlier than your flight seems extreme, but I found out it's a pretty good idea.  I was moseying along last week, thinking I had plenty of time to drive to O'Hare, park in the main parking lot and zip over into the terminal, with adequate time for getting through security in order to catch my flight to Detroit.  I usually take a car service, but this trip was only an overnight, so the daily parking fee seemed like a better alternative.  Alas, the parking lot next to the terminal was full!
   
  Not only was that one full, but the valet parking was closed as were all the long-term parking lots except Parking Lot F.  "F" stands for.... far, far away.  I was pretty sure I could see the Wisconsin border from where I parked.  After getting onto the bus which took me to the tram which took me to the airport, I did indeed miss my flight.  Thankfully, I had plenty of work to do while waiting to get onto the next flight on stand-by (hallelujah! I made it).  I was told by my fellow road-warriors that Wednesdays and Thursdays are the busiest at O'Hare and it isn't uncommon for the main parking lot to be full.  So my last tip about business travel?  Either arrive at the airport very, very early so you can park in the hinterlands, or call me and I'll give you the name and phone number of Bob, my limo driver.         read more »

• Can you stomach this rollercoaster?
  

  It was a rough week on Wall Street!  The markets have been more volatile than usual for the past 4 months.  Is your portfolio properly positioned for your personal goals and comfort zone?
   
  Investing always entails some risks, but you may be taking on too much or too little risk without even realiz