Increase Your Income with Making Money Ideas

Tax Act

A weak economy affects everyone.  As the economy continues to weaken, more people are going to need making money ideas that actually work.  Many of the money making ideas that work in the developing world, street vendors, buying something at the store and reselling it, begging from tourists, are not suited to developed countries.  Technology is also changing business practices and the job skills required for almost any job.  The following ideas can hopefully help you develop your own strategy for making money and getting through the tough times.

Go Back to School

When jobs are scarce, school enrollments increase.  This is a good strategy for short term economic troubles because earning a higher degree not only improves a person’s chances for getting a job, but that person is also eligible for loans, grants, and other financial assistance to cover both the cost of attending school and associated living expenses (housing, food, etc.).  Unlike 20 or 30 years ago, there are now many schools that cater to the schedules of working adults and it is possible to take all of your courses at night or online.  GED classes are offered for those who were not able to finish high school and community and online colleges offer many options when it comes to getting a 2 or 4 year degree.  In short, returning to school is one of a few making money ideas that can both help you earn more over the long term and help you get access to some extra money quickly.

Working at Home

Another big industry that seems to be flourishing is that of working at home.  Many people dream of working at home, having their own business, and being their own boss, but finding legitimate work from home jobs can be quite difficult.  Many people have tried working for direct selling companies, but they usually find that the compensations plans leave them without enough money to live on.  Others try online freelancing, but are often bidding against people from other parts of the world who are willing to work more cheaply.  Some people have used selling old collections and other family stuff online as a way to temporarily make more money.  Some of these jobs are better than others as making money ideas.  Ultimately, the best way to make any of these work at home ideas succeed is to develop a relationship with someone who can supply with a constant stream of work.  Continuing work can often be more valuable than getting a higher rate of pay for an isolated job.

Affected by the housing crisis?

Tax Act

If you are one of the millions affected by the housing crisis, and last year managed to get your home sold to another buyer in a pre-foreclosure or short sale, then I have some good news and some bad news. If the amount that the sale was short of the mortgage debt was forgiven by your lender, as commonly happens, and you walked away from the house owing nothing, then the bad news is that the canceled debt which was forgiven is viewed as ordinary income by the IRS. It does not matter that you never saw any money, … Read more at 2009 Taxes

Tax Act

If you are one of the millions affected by the housing crisis, and last year managed to get your home sold to another buyer in a pre-foreclosure or short sale, then I have some good news and some bad news. If the amount that the sale was short of the mortgage debt was forgiven by your lender, as commonly happens, and you walked away from the house owing nothing, then the bad news is that the canceled debt which was forgiven is viewed as ordinary income by the IRS. It does not matter that you never saw any money, the IRS still view it as a cash benefit, or income, to your finances.

Now the good news. Because this has happened to so many people, and the IRS feels your pain, they have changed the rules. The income is not taxed if house was your principal residence, and not just an investment property. This exclusion applies to property sold from 2006 up to 2013, and is subject to a maximum of $2 million for a couple or $1 million if you file separately. You can read all about the details of this in IRS Publication 523, which you can find at http://www.irs.gov/pub/irs-pdf/p523.pdf.