Have We Become the Slash Generation to Compensate for an Economy that’s Failing Us?

Jane wrote an article about the Slash Generation over a year ago- Are We the Slash Generation?– and it’s one of our most read articles. Why? Well, beside’s Jane’s captivating writing skills, I’m convinced this interest in the slash generation prevails because the slash generation is ubiquitous and is already bleeding into future generations.

What is the slash generation? It’s a generation of 20 and 30 somethings that have multiple jobs and even multiple full time careers. For example: Actor/Yoga Teacher/Nutritionist/Graphic Designer, or DJ/Cafe Owner/Artist/programmer. We all have hobbies, such as occasional running or painting, but the slash generation has multiple JOBS. I’m a prime example of slash generation- my job title is presenter/product specialist/ demonstrator/ marketer/ writer/ actor/ director/ producer. I’m probably forgetting something.

Why is the slash generation on the rise? Well, the economic landscape is changing for millennials in their twenties and thirties- and the changes are affecting younger and older generations as well. Jobs that include pensions are now few and far between and companies don’t necessarily encourage employees to stick around. Changing jobs has become as frequent as changing your socks.

And there are good reasons to change jobs: minimum wage salaries don’t nearly keep up with inflation, most employers don’t reward you for sticking around, benefits are few and far between. So instead of sticking with one company, millennials are going wide and both starting their own companies and working with multiple employers on both a freelance and employee basis. Honestly, we sometimes need to do all these things to pay our bills.

The slash generation is a double edged sword: it can be very helpful to have multiple jobs and skills and to ‘go wide’ so that you have security if certain jobs don’t work out. But the slash generation is also sign of unfair economic times in America- where you can work very hard within companies and still not see anywhere near the kind of money you deserve. This is an era where companies can have spectacular financial success with their employees barely seeing a dime of that growth.

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In America, there has been a 72.2% rise in productivity since 1973 and only an 8.7% rise in pay rate

 

 

What Can I Deduct On My Taxes?

Ah, it’s tax season again! One of my favorite times of the year! Just kidding- I hate tax season. But it definitely helps to know what I’m doing before I file- and I have an accountant. But accountants can only do so much if I’m completely disorganized. So hopefully you have all your w2s/1099s in order and are ready to go. But are you taking the tax deductions you deserve?

Deductions are basically items you’ve paid for that somehow relate to the job you do. So if you’re self-employed and have a modeling business and you’ve bought a bunch of make up and hair products for shoots, those are deductions. But there are countless other deductions for every profession- and you don’t have to be self-employed to take them. Before I list them all,just a quick reminder about the standard deduction- that’s the amount you’ll get to deduct from your income if you don’t itemize deductions separately. So you’ll always get to deduct something.

For example, if you made $40,000 this year and are filing as a single person or are married filing separately, the standard deduction for 2016 is $6,300. So it’s as if you only made $33,700 this year- and will only be taxed on that $33,700. So if you don’t have itemized deductions totaling more than $6,300, then you should take the standard deduction and that’s that. The standard deduction if you’re married and filing jointly is $12,600, and if you’re filing as head of household (meaning you have a dependent), your deduction is $9,300 this year. 

So if you think you can possibly itemize deductions adding up to more than that, here are a few deductions you can try:

-Do you own a home? There are deductions you can take that relate to your home including what you’ve paid in property taxes, interest on a home equity loan, and possibly any home improvements made for medical care.

Were you in school or paying off a student loan in 2016? You can deduct some of your tuition and loan interest!

-Did you have a child in 2016? You’re eligible for tax deductions!

Are you self-employed and have a home office? You can deduct a portion of your rent and utilities! If you’re self-employed you can deduct a lot more though. See Mashable’s article on deductions for the self-employed. I’m too tired to write a whole new article on this, even though I’m self-employed- theirs is quite good.

Did you move for a job? You can potentially write off your moving expenses EVEN IF YOU DON’T ITEMIZE DEDUCTIONS!

Also, if you had large healthcare bills (even dental bills) in 2016, or donated to charity, you can potentially write off a portion of these expenses as well!

So don’t leave money on the table this tax season- no matter how nice you aren’t you don’t need to pay Uncle Sam extra money you don’t actually owe!

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