Death and Taxes

PROMISE OF IGHT OFLIFE SEVERIASINGD DEATH& TA%ES Tax Withholding and Estimated Тах WHY TAX PREPARATION HAS GREAT JOB SECURITY Me THE U.S. MIGHT FACE ANOTHER RECESSION AS EARLY AS NEXT YEAR By 2021, experts predict a 24-83% chance of recession IS ANOTHER RECESSION COMING? In May 2019, the U.S. saw just 27,000 jobs created Yet, some industries saw job growth -52,000 -43,000 +33,000 +13,000 Small businesses Healthcare and education Financial activities Manufacturing Over the next 3 years, At the same time UNEMPLOYMENT RATES PERSONAL INCOME GROWTH are expected to rise is falling 3.7% 3.8% 3.9% 2.9% 1.9% 2.1% 2019 2020 2021 2019 2020 2021 Nearly half (46%) of American workers want more job security But a down economy brings layoffs, unemployment, and fewer opportunities IS YOUR CAREER RECESSION-PROOF? During a recession, NEW GRADUATES HAVE FEWER OPPORTUNITIES Recession, HURTS ALL WORKERS After 4 years, MANY WORKERS STILL FEEL THE EFFECTS OF A RECESSION LESS LIKELY TO INCREASES LAYOFFS Highly skilled workers: BE PROMOTED AND DECREASES HIRING FULLY RECOVERED FEWER OPPORTUNITIES FORCES MANY WORKERS INTO Moderately skilled workers: FOR TRAINING LOW-QUALITY EMPLOYMENT IMPROVED Recent graduates may never fully recover from the effects of a recession MORE LIKELY TO RECEIVE LOWER WAGES INCREASED MORTALITY RECEIVE WELFARE AND FEWER RAISES AFTER 20 YEARS WORKING Decrease in SELF-REPORTED HEALTH AND WELLNESS Lose your job in a down economy? 12% 4% 11% 60% lower lower On average, LIFE EXPECTANCY IS REDUCED BY 3 MONTHS MEDICAID SNAP YOU'LL LIKELY EXPERIENCE SIMILAR but less severe SIDE EFFECTS DON'T LET THE ECONOMY DETERMINE YOUR CAREER SUCCESS RECESSION-PROOF your career For nearly a century, CHOOSE THE RIGHT CAREER FINANCIAL, MEDICAL, AND FEDERAL GOVERNMENT WORKERS have seen better wages and lower unemployment than the national average Job Security IN ANY ECONOMY When The When The ECONOMY IS DOWN ECONOMY IS UP During the Great Depression, wages for finance and medical workers fell at ½ the rate of the wider job market After the Great Recession, wages for finance and medical workers grew nearly 2x as fast as wages overall Whether the economy is up or down, financial services workers earn more than the national average "ADJUSTED FOR INFLATION AVERAGE ANNUAL INCOME 1928-1933 2008-2018 WAGES WAGES All full time Finance Medical Government All full time Finance Medical -48% -25% -13% +17% -48% -25% -13% 1928 ROARING 20S 1933 GREAT DEPRESSION 2008 GREAT RECESSION 2018 TODAY $6,788 $10,021 $5,125 $7,627 $38,200 $45,777 $48,601 $64,466 All full time Finance services All full time Finance services All full time Finance services All full time Finance services RECESSION-PROOF yourself DON'T HAVE A JOB IN FINANCE? Try these tips to make yourself indispensable at work SHARE YOUR STRENGTHS DEMONSTRATE LEADERSHIP SAVE YOUR CAREER WITH TAX TRAINING Make sure your manager knows you're doing a great job Help problem solve, take initiative and stay positive NETWORK WITH OTHER PROFESSIONALS LEARN NEW SKILLS Be prepared, just in case you're laid off Increase your value to the team by expanding your skill set Whether it's a nerw career, or just a side hustle, becoming a tax preparer could help you succeed – in any economy HIGH DEMAND, SELF-PACED, ONLINE CERTIFICATION PROCESS NO PRIOR TRAINING RECESSION-PROOF OR EXPERIENCE INDUSTRY NEEDED "II]n this world, nothing is certain except death and taxes" - Benjamin Franklin Sources: bls.gov/cew/cewbultn09.htm bis.gov/web/empsit/ceseeb8b.htm bls.gov/news.release/union2.t04.htm bis.gov/opub/ee/empearn200812.pdf ARE YOU PREPARED IF THERE'S ANOTHER RECESSION? pubs.aeaweb.org/doi/pdfplus/10.1257/app.4.1.1 federalreserve.gov/monetarypolicy/files/fomcprojtabl20190320.pdf nattax.com/tax-courses-federal-tax-course/frequently-asked-questions amanet.org/articles/six-strategies-to-recession-proof-your-job-and-career babel.hathitrust.org/cgi/pt?id=uiug.30112104053548;view=2up;seq=200 newsroom.ucla.edu/releases/ucla-anderson-forecast-june-2019-us-califomia Presented by: National Tax econ.ucla.edu/tvwachter/papers/Schwandt_vonWachter_Cohorts_final.pdf DEVELOPED BY NTTS PI TRAINING SCHOOL N NOWSOURCING constitutioncenter.org/blog/benjamin-franklins-last-great-quote-and-the-constitution prnewswire.com/news-releases/labor-day-survey-51-of-us-employees-overall-satisfied-with-their-job-300704255.html