One of the many ways in which our personal lives and financial actions intermingle is in fulfilling our tax responsibilities. In this scenario it becomes necessary to keep abreast of the new tax laws so that one does not miss out on certain useful deductions.

Many events in our personal lives have an impact on the taxes we pay and marriage is one of them. A married couple can file their taxes jointly but it may not make good financial sense in all cases. For instance if one of the partners has bigger business expenses and lower income than the other, then filing separate returns will reduce total lax liability. It is essential to calculate numbers for different scenarios before taking one particular course,

An addition to the family too may have implications in filing tax returns. If one has a qualified dependant, who may be a child or relative meeting certain requirements, then one can claim tax deductions. In 2007 this was $3400 in the US. However the amount might vary for families with higher incomes. Then there are other breaks like medical expenses as well as college expenses for qualified dependants that one can look into,

In fact, if one has moved residence and meets certain requirements, then the packing and transport costs may also be deducted from the person’s overall tax liabilities.

-Kalyani Mookherji

The next president of the United States will have to deal with a record deficit in the federal budget. The White House has warned that the federal budget deficit for 2009 may run up to almost half a trillion US dollars.

The budget deficit measures the gap between the government’s income through taxes and its expenditure under various heads. Earlier the White House had predicted that the federal budget deficit for 2009 would stand at $407 billion but now it expects the deficit to rise to $482 billion. This forecast does not take into account nearly $80 billion of war costs.

The economic slow down in the US has been one of the reasons for the yawning deficit since lower intake of taxes has reduced the government’s income. It has now launched a stimulus plan under which payments would be made to around 130 million households in the hope that it would lead to greater spending by consumers and thus lift the sagging economic conditions.

If the federal budget deficit is measured in percentage, it does not seem pose so great a threat. a $482 billion deficit stands at three percent of the overall output of the US economy which is well below some of the percentage deficits experienced by the country in 1980s and 1990s. however the next White House occupant will still be cautious about imposing any further tax cuts or increasing expenditure which might create more pressure on the federal budget.

-Kalyani Mookherji

Convincing a bank to approve a loan is not a cakewalk in the best of times. It becomes even tougher in situations like these when the economy is going through a slow down. However there are some ways which may help you to get through stricter lending polices and get that loan.

The first important step is to raise your credibility in the eyes of the lender. This not only includes showing your high credit scores and immaculate tax returns but also going to the bank well prepared with current and organized information on your financial affairs.

Banks and other lenders are more likely to approve the loan if your request is backed by some hard assets. Collateral may include a whole range of assets from land and equipments to bonds, stocks and on occasion even the cash value of a life insurance policy.

Sometimes, a borrower’s collateral may not be enough to convince the lenders. In such situations, the bank would like to consider the borrower’s capital which stands for the difference of his total liabilities from his total assets. In other words, banks would approve a loan faster if they are backed by adequate capital like the borrower’s personal property or his personal income.

Finally in tight lending conditions, banks will want to know every detail of your financial status so that they are convinced of your ability to pay back the loan. If there are any lows in your credit report or other legal concerns it is best to discuss them with the lenders. Genuine transparency will go a long way in making your loan request credible.

-Kalyani Mookherji

While the XXIX Olympic Games showcase the best of sporting feats from all around the world, it has also provided a great business opportunity to many multinational companies. Like many Western countries, Australian to has taken advantage of this unique platform to gain as many as forty contracts for Olympic-related projects.

Experts from different sectors of Australian industry have been responsible for designing, constructing and managing several sports facilities as well as events in the Beijing Olympics. The most high profile among these projects is perhaps the National Aquatic Center which is popularly known as the Water Cube. In as many as twelve other venues, Australian companies have offered the services of their designers and architects.

Other than sports venues Australian expertise has also gone into the propping up of telecommunications, transport, security and training facilities, which are required to manage the estimated two million visitors streaming into Beijing for the period of the Olympic Games.

Australian industry is also seeking to use this opportunity to gain a foothold in the world’s largest growing consumer market. The Australian Government’s official international business program for the Beijing Olympics has been titled Business Club Australia. Throughout the period of Olympics, Business Club Australia is expected to hold a series networking events which will promote Australian expertise in the sports industry and enable Australian companies to reach out to the highest levels of Chinese government.

-Kalyani Mookherji

The economic downturn in the US has had an adverse effect on the job market. Almost every day there are reports of lay offs and rising unemployment rate. However despite these dismal conditions, the National Association of Colleges and Employers asserts that new college graduates should continue to look for jobs, armed with their degrees and a healthy dose of confidence.

This year the National Association of Colleges and Employers assured recent college graduates that if they had the skill, chances of their landing a job were strong. This is because companies all around seem to be facing a talent shortage and are keen to build an adequate supply of talent pool. Even though the graduates may not clinch senior executive positions, those with potential could hope to be absorbed at entry levels.

Another way to stand apart from the average crowd of graduates is to gain experience in a different but significant area of work. Kathy Sims, director of UCLA’s career center says that many of her students take up programs like Peace Corps, Teach for American or the Japanese Exchange and Teaching program. Such programs pay for the student’s fight and other living expenses while they teach English in many Asian countries.

Finally, it always pays to network with prospective employers and members of the business community. One never knows where and how an opening might come up for that first significant step on a successful career ladder.

-Kalyani Mookherji

Induction programs for new recruits are increasingly becoming a common practice in most companies. Earlier a new employee would be assigned a mentor who would familiarize the entrant with the ins and outs of the company. However now HR bosses have realized that proper induction training can better develop the connection between an employee and organization which in turns fosters loyalty and long term association.

The length and nature of induction program varies according to the organizational policy. It might encompass a formal training period which takes the entrant over the company’s vision, past growth, business verticals, products and services as well as systems and processes. On the other hand it may be a more casual, interactive session among the new employees, senior management and old timers of the company.

A Food and Beverage business for instance may assess the recruits for team work capabilities by engaging them in a fun session where the teams are asked to make a salad or bake a cake. Again a hospitality business may ask it teams to prepare plans for theme based hotels.

Whatever the modalities, induction programs essentially make use of interesting ways to provide certain basic information about the organization which a new hire needs to know on his or her first day at work.

-Kalyani Mookherji

According to a report in the US business magazine Forbes, Diaz made around $50 million in the last year, beating such powerful box office magnets as Julia Roberts and Angelina Jolie.

The Forbes recently came up with their list of Hollywood’s Ten Top Earning Actresses which took into account the period from June 1, 2007 to June 1, 2008. while the ten highest-earning actresses of Hollywood collectively made $244.5 million in this period, Cameron Diaz came right at the top with earnings of $450 million within the space of a year.

In the past Cameron Diaz has been extremely popular for her cute girl-next-door image in romantic comedies like There’s Something About Mary and My Best Friend’s Wedding. In recent times, she has experimented with action-oriented roles like the riotous Charlie’s Angels. However, the major share of her earnings has continued to come from her lucrative princess-meets-ogre role in DreamWorks Shrek franchise.

Diaz was followed in the Forbes list of highest earning Hollywood actresses by the British sensation Keira Knightley who came second with earnings of $32 million. Knightley stormed Hollywood with her starring roles in films like Pirates of the Caribbean: At World’s End and Atonement. Former Friends star Jennifer Aniston was listed in the third place with earnings of $27 million from her roles in romantic comedies like Marley and Me and He’s Not Just That Into You.

-Kalyani Mookherji

A study conducted by two US economists has concluded that popular talk show hostess Oprah Winfrey was instrumental in bringing around 1 million votes for Democrat Presidential nominee, Barak Obama, in the primaries and caucasus. While celebrity endorsements of politicians in American are not new, very few political analysts believe that they guarantee a transformation of wide media coverage into actual votes.

Two economists from University of Maryland, College Park decided to conduct a study on the influence of celebrity endorsement of politicians on real voters. At the end of their survey, Timothy Moore and Craig Garthwaite found out that at least one celebrity, talk show Queen Oprah Winfrey, held definite sway on the political leanings of her fans.

Moore and Garthwaite undertook a county by county analysis of subscriptions to O: The Oprah Magazine. They also studied the sales figures of those books which were included in Oprah’s book club. The economists found a definite correlation between Obama’s vote share as well as the figures of Oprah’s magazine and recommended book sales.

Moore and Garthwaite estimate that as many as 1015559 votes may have been swayed in favor of Obama on the strength of Oprah’s support. According to the economists, people absorb political information from a variety of sources in their daily lives which in turn play a crucial role in their political choices.

-Kalyani Mookherji