After taking a beating in the labor market during the financial crisis  — 5.2 million men saw their jobs evaporate between November 2007 and December 2009, compared to only 1.9 million for women — the tide is finally turning.

A new report by Challenger, Gray & Christmas shows that 1.7 million men have returned to the ranks of the employed since  the beginning of last year, with 686,000 men finding work in the last 12 months alone.

“Men were hit disproportionately during the recession,” says John Challenger, chief executive officer.  Indeed, some of the most gripping photos of the financial crisis showed hordes of men (and a handful of women) vacating their Manhattan offices following the collapse of Lehman Brothers in 2008 (see photo, left). “Now more of them are heading back to work, and I think in the next year we’ll see that continue.”

Mike Werch, marketing associate for job search site Indeed.com, crunched the numbers and found that male-dominated industries have seen the biggest jump in job postings in recent years.

Take transportation, for instance, which  saw a 147 percent surge in job postings from December 2009 to December 2010, closely followed by manufacturing, which jumped by 90 percent in the same time period.

But the so-called “Man-covery“, as clever news outlets like to dub it, hasn’t been so kind to women. Employment among women has only grown by 365,000 since January 2010, with the number of employed women actually dropping by 85,000 in the last 12 months.

The reason? Cost cutting  in the government sector, of which women account for nearly 60 percent of the 22 million people employed. And with mounting pressure to tackle soaring deficits, Challenger thinks it’s unlikely that the government will go on a hiring spree anytime soon.

“I think deficits are so large and there’s so much energy around cutting government that those jobs are unlikely to return in the near future,” he says. Instead, he says, both men and women will probably return in positions that are complementary to their former careers; teachers, for instance, may come back as trainers or learning directors in the corporate sector.

In the meantime, we’ll be seeing a lot less of the  Sandwich Board guy.

The downside? Nearly 60 percent of the employers polled say most of their employees fail to take advantage of the resources available to them.

“The disconnect we’re seeing today… is that despite the fact that employers are making financial education and advice programs available to employees, many employees do not engage in these programs because they do not find the information relevant enough to them personally,” says Andy Sieg, head of retirement services for Bank of America Merrill Lynch, which commissioned the survey.

Despite the fragile economic recovery and high jobless rate, the labor market is in a so-called “war for talent,” Sieg says. In fact, a recent report from the American Society for Training and Development found that by 2015, 60 percent of all new jobs will require skills held by only 20 percent of the population. Add in the fact that two out of three employees at big companies are looking for the exit sign, Deloitte reports, and there’s legitimate reason for employers to be jittery about losing top talent. As a result, workplaces are ramping up efforts to not only attract younger employees, but to retain older employees for a longer period of time.

Among the efforts underway:

• 50 percent of employers surveyed offer flexible or customized work schedules
• 33 percent are implementing retirement and healthcare education
• 22 percent are giving employees the chance to work remotely
• 21 percent are offering extended benefits to older workers

With Social Security worries plaguing Americans, employers are beginning to recognize the need for a workplace benefits program that goes beyond the standard auto-enrollment plan.

“Employers are supplementing this with advice and services that help their employees do a number of things: plan for retirement, pay for and understand healthcare, and understand their investments, stock options or equities plan,” says David Tyrie, managing director, head of personal retirement services at Bank of America.

Seventy-eight percent of employers say they will likely enhance their defined contribution plan, 74 percent say they will focus on their flexible savings accounts (FSA), and 58 percent say they will improve their non-qualified deferred compensation plans, among other measures.

The book, by freelance journalist Amy Cortese, evolved out of a story she wrote on local stock exchanges in the wake of the financial meltdown.

“People were coming up with new ways to funnel more investment capital to the locally owned companies that create jobs and healthy communities and are too often ignored by the financial establishment,” she says. Locavesting is about restoring the bonds between investors and companies. “It’s capitalism for Main Street.”

Cortese gives Reuters an inside look at the world of locavesting and how you can get started.

The book really exposes the cracks in today’s financial system — how does it highlight the need for “locavesting”?

I think what the financial crisis did was strip bare the inner workings of Wall Street and expose just how greedy and self-interested it had become. And there was a stark contrast between what was happening on Main Street — where people were out of jobs, homes were being foreclosed, small businesses couldn’t get funding — and here you had the big bailout, and shortly afterwards, Wall Street came roaring back. It really exposed, for a lot of people, the dichotomy of Main Street versus Wall Street. And a lot of people, myself included, were looking for alternatives. The fact was, Wall Street was not taking care of Main Street — and neither was government, really. So if something was going to happen, people had to take it upon themselves.

Early in the book you pose the question, “What would the world look like if we invested 50 percent of our assets within 50 miles of where we live?”  Any ideas?

I don’t think we’re ever going to get anywhere near 50 percent … but five percent, 10 percent, even one percent would make an enormous difference. Right now there’s an estimated $26 trillion that Americans have invested in the stock market. You could argue that very little of that goes to locally-owned companies, because mainly they’re small and private. And we’re just not set up to invest that way. So just imagine if only one percent of that $26 trillion was diverted to locally-owned companies, I think that would have a huge impact.

Socially responsible investing often gets a bad rap for high fees, low returns. Is locavesting up against that same pre-conception?

It may be too early to answer that. SRI is very different. One of the raps against it is it’s not very proactive  — you’re screening out undesirable companies but you’re not proactively seeking out the ones that you want to support and invest in. And that’s what local investing does. However, that said, there is an economic cost to investing in small companies. You have to vet them, you have to do all the legwork that you would do for a larger investment. So there is that cost built in, and that’s the challenge: coming up with models that make it economical and efficient to invest in small companies without spending so much to research them.

Is there money to be made in investing in local business — besides the contribution you’re making to the local economy? Is it actually lucrative?

There’s not going to be a one-size-fits-all kind of answer to that. I think it’s going to vary. But I would say yes, of course — small businesses can be very profitable. They can have very good revenue models and they don’t even have to be high growth to be a good investment. Every big company has started as a small company. That said, it will really vary. Some of the locavesting models and companies are, by design, providing a fairly modest return — maybe four to six percent. But that’s not so bad these days. And I would argue that local businesses can be much less risky. You know them, there’s a level of familiarity and there’s accountability that comes with a locally-based company that you don’t get with a big complex corporation.  Yes, small businesses can be risky — but no more risky than a giant corporation halfway around the world that you can never truly fathom.

What advice can you offer someone who wants to start investing locally?

The first thing I would recommend is to do your banking with a community banker or credit union.

Secondly, there are things called community loan funds. Most communities have something like this — they’re regional funds, kind of like a certificate of deposit, where you put your money in and usually the rates range from two to four percent. It’s a place to park your money, and the money goes to work in your region.

I would also suggest food co-ops, energy co-ops. They’re a good thing to join in general. You can claim a patronage rebate at the end of each year usually based on what you’ve spent. Often, these co-operatives, which are democratically run and very community-based, they look to their member owners to raise money. And here again is a way to lock-in rates as high as six percent on your money for a three- or four- or five-year loan.

There’s also something called direct public offerings, which are like an IPO except there’s no Wall Street middleman getting his seven percent cut.  What the wall street underwriter has traditionally done in the past is pre-sell the shares to their institutional clients. If you’re a company and have a loyal customer base, you can market those shares directly. And that’s a better deal for everyone — it’s taking a layer of cost out and a lot of companies that couldn’t afford to go public suddenly have access to public funds. And for the investors it’s getting in on the ground floor.

This interview has been edited and condensed.

As more banks and brokerages shift to e-statements instead of traditional paper copies, keeping tabs on financial records falls into the hands of you, the customer. The good news: A lot less paperwork to file away. The bad news: Someone has to chase down account balances, transaction receipts and monthly statements on various websites and then decide how to store them. And that someone is you.

And you better get used to it because the move to e-banking shows no sign of letting up. In fact, a new survey from Charles Schwab shows that 70 percent of Americans would be interested in using a mobile phone for banking and investing. Some 69 percent of those between ages 18 and 44 said they would be interested in mobile deposits, a feature Schwab is rolling out this week.

So what’s the best way to handle your records now that everything’s gone virtual? For some lucky consumers, the work is already done for them.

Gary Schatsky, president of ObjectiveAdvice.com, provides his clients with quarterly reports in PDF format. Most clients prefer it to a snail-mailed version, he says. The reports compile information on everything from their 401(k) plans to their savings accounts, which helps to “pull it all together” for clients. (Schatsky doesn’t charge clients who prefer to get their statements via regular mail, but some firms do: Vanguard, for instance, charges an annual fee per fund for those who don’t sign up for the e-service package.)

Of course, those without the benefit of a monthly overview are left to their own devices –  but it needn’t be onerous.

“Electronic organization, if done right, is ideal,” says Patrick Bonnaure, founder and CEO of bookkeeping services firm ProLedge.

Here are some tips for managing your e-records safely and securely.

Check your e-statements once a month
Many financial institutions will alert you via email when an e-statement or receipt is available for download. “For an individual, checking statements once a month is plenty,” says Bonnaure. Set aside some time each month to tackle all of them at once.

Don’t bother with the “print” button
Now’s your chance to go green. “Having your info stored on your financial institution’s servers is equally if not more secure than having your statements printed in hard copy where they can sit around the house and exchange hands,” says Diane Russell, senior vice president of platform services at Charles Schwab.

Bonnaure suggests downloading the statements to a secure computer to ensure you still have access to your records. That gives you the information you need if you want to switch financial institutions, dispute something in your statement, or find yourself  audited by the Internal Revenue Service.

File the  the statements on your computer according to financial institution and consider buying encryption software, which protects the files from being viewed by anyone else should your computer be stolen.

Get backup
Back up your files on a thumb drive or external hard drive to protect against computer malfunctions and meltdowns. Online services such as Mozy automatically back up and encrypt your data off-site.

Think security
Protect your online accounts with passwords including both upper and lower case letters, numbers and special characters ($,%, !) — and keep it to yourself, says Paul Stephens, director of policy and advocacy at the Privacy Rights Clearinghouse.

Steer clear of logging on to your online accounts at a free Wi-Fi hotspot or on a public computer, which may be vulnerable to “sniffer software” and other hacking attempts that could steal any data transmitted. At home, ensure your computer is protected with anti-virus software and your Wi-Fi connection is secured with WPA2 technology, which offers the highest level of protection, Stephens says.

And look on the bright side: e-statements have the added security of password protection, whereas traditional paper copies can easily get lost, stolen or fall into the wrong hands accidentally. “People have to remember that before computers, they’ve been putting secure information in envelopes,” says Bonnaure.  “The risks [of electronic statements] are reasonable as long as people know how to manage them.”

Beware the fine print
Most financial institutions include terms and conditions when they offer their services online, including recommending the most up-to-date browser, anti-virus software and instructions not to share your password. Be sure to comply, Stephens says. “If you don’t, in theory, the bank could hold you responsible for any problems that arise.” Keep in mind that using personal finance sites that require you to share your banking password could be in violation with the terms agreed upon with your bank. 

And when it comes to tax avoidance — the legal means of minimizing one’s tax burden, not to be confused with its illegal cousin, tax evasion — a growing chorus of critics say high tax rates are to blame, and an overly complex tax code isn’t helping. The emerging point of view: The higher tax rates get, the more people will try to figure out ways to stop paying them.

As evidence of that, analysts point to the relatively steady chunk of gross domestic product that can be attributed to tax revenues, even as nominal rates rise and fall. From 1950 until 2010, all federal taxes hovered between 15 percent and 20 percent of GDP, though top income tax rates varied wildly (from 28 percent to 91 percent) during that period. And that suggests a greater reliance on loopholes when rates are higher, experts say.

“When tax rates are that high, nobody is going to pay,” says Alan Dlugash, an accountant at Marks Paneth & Shron LLP in New York. “You’re going to find a way to get out of it,” he says. In fact, he says his high-end clients in New York are holding onto stocks and avoiding selling their business for fear of being bulldozed by a giant capital gains tax bill.

Big business appears to be following suit. The New York Times reported in May that loopholes in the tax code have meant U.S. multinationals are paying far less than the corporate tax rate (one of the highest in the world), leading one expert to conclude that U.S. businesses were “world leaders in tax avoidance.”

The Internal Revenue Service doesn’t have specific figures on the revenue lost each year to tax avoidance, but nearly a decade ago it reported a tax-gap of $345 billion, the vast majority of which was lost to under-reporting. That figure hasn’t been updated since 2001, though the IRS says plans are underway to release more current stats.

Tax critics, meanwhile, are busily trying to prove the harmful effects of high tax rates. For example, raising $1 trillion in tax revenue costs the economy and taxpayers an additional $110 to $150 billion, according to a 2009 report by Robert Carroll, a fellow at the conservative-leaning Tax Foundation. And a 2008 IMF paper argues that lowering the tax rate would effectively increase tax compliance and raise revenues.

Nina Olson, national taxpayer advocate at the IRS, says she hasn’t seen any definitive evidence that high rates contribute to tax avoidance; the problem, she says, is ambiguity: the tax code has undergone a staggering 4,428 revisions in the last decade. The code itself is some 3.8 million words, creating endless opportunities to exploit the system and confusing even those who want to comply into unintentional non-compliance.

“People find it confusing. And if you don’t understand it, then you’re going to feel ripped off,” Olson says, adding that a person whose marginal tax rate is 28 percent could actually pay only five percent once all the various tax benefits are factored into the equation.

Olson’s office is examining the root causes for non-compliance, looking specifically at attitudes towards tax, education, the influence of tax professionals, enforcement and even civic duty.

Not everyone is convinced that lowering tax rates would stem the wave of tax avoidance. Ted Gayer, a senior fellow at the Brookings Institute, acknowledges that high taxes impact the economy through consequences such as lower labor supply and disincentive to invest. But slashing taxes won’t bring a tide of new revenue, he says.

“When you change taxes, you’re going to get a behavioral response,” Gayer says. “But we shouldn’t fool ourselves into thinking we can get a free lunch by lowering tax rates and collecting more revenue. I don’t buy it.”

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Silver and oil prices have already begun to recover from last week’s startling rout that shaved 30 percent off of silver prices in one week. Oil, meanwhile, dipped more than 10 percent in a single day.

Before the selloff, silver was the best-performing commodity, nearing all-time highs of $50-per ounce and rising more than 28 percent for the year ending in April 2011. Oil prices, which can make or break global economic growth, were also on an upswing.

What’s the outlook for silver, oil and other commodities — and what does the volatility mean for your portfolio? Here are answers to some common questions.

What caused silver and oil prices to tank?

It depends on whom you ask. Virtually no one can point to a single cause for the dramatic oil correction; instead, it was likely a combination of factors that culminated in one big market panic.

“We had some soft economic data that had been accumulating over the past couple days, which kind of spooked the market,” says Mark Luschini, chief investment strategist at Janney Montgomery Scott. As fears snowballed, investors fled. “Once that elephant gets out of the room, it takes everything else out with it.”

On Monday, a Reuters special report cited a flurry of factors for the plunge in oil prices, pointing to everything from a bearish warning from Goldman Sachs to disappointing employment data.

Jim Rogers, author and financial commentator, points to a series of technical events that led to the collapse in silver prices; essentially, higher trading costs prompted investors to flee the market. Rogers says this is simply how the market works:  “Whenever you see a big run-up in prices, you’re going to have a sharp cut-back. It’s nothing more significant than that.”

What do lower silver prices mean for me?

Not much, unless you’re in the market for cutlery. “If you buy silver flatware, then yes, the price of your knife and fork is going to go down,” says Rogers. Otherwise, consumers shouldn’t expect to see much impact on the prices of everyday household goods.

Will oil prices stay low for long?

Probably not. While you may see some temporary relief at the gas pump, oil prices won’t see a sustained drop, Luschini says.

“At the end of the day, the driver for oil prices is demand, ” he says. “As long as we see global growth and China continues to expand, that combination is going to pull on demand for oil.”

What about food prices? Will they remain high?

Yes and no. “The fact that oil is down certainly makes it cheaper to produce food and get food to the market,” Rogers says. But the impact will be limited. Both Luschini and Rogers say the long-term outlook is higher food prices as worldwide demand grows.

I have investments in oil and silver. Should I sell?

Nope. “I happen to think the commodity super-cycle that started back in 1999-2000 is likely to continue to advance as long as we see global activity continue to increase,” says Luschini. “Frankly, I would use the opportunity of a sizeable correction to phase into commodities.”

Commodities can be so volatile. Why bother investing in them?

For one thing, commodities provide portfolio diversification. Commodities have shown a low correlation to equities in past 10 years, which means they don’t usually move in lock-step with the broader stock market. But that’s not always the case: “When you get dramatic contagion, you see the correlation of commodities spike through the roof,” explains John Cadigan, a strategist on the $400 million Rydex Long/Short Commodities Strategy Fund.

Commodities certainly failed to insulate investors during the financial crisis. The stock market fell 48 percent from July 2008 to February 2009, while the Goldman Sachs Commodity Index, a dominant commodities benchmark, dropped 71 percent, Cadigan says.

Even so, Cadigan says there is huge global demand for commodities, especially from the emerging markets with a burgeoning middle class. They are popular, too, with investors keeping an eye on inflation.  ”Regardless of how you are consuming commodities, they are going up,” Cadigan says. “The only way to hedge against higher prices is to own them.”

With additional reporting by Lauren Young.

The findings, by online marketplace Ebates.com, suggest Americans are finally shaking off the effects of the recession and gearing up to treat mom well this year.

“We saw a big jump in spending as people really felt the impact of recovery,” says Kevin Johnson, CEO of Ebates.com.

And what’s a hundred bucks when you consider the value of mommy dearest? Consider it an investment: mom is probably your financial role model, Citibank reported. All of the unpaid work that mothers do adds up to $61,436, according to a new survey by Insure.com.

Whatever the reason, Americans are paying up: The average spending per person last year was $127, up from $99 in 2009. Those living in high-cost states like New York and California spent the most ($90-$140), while those in lower cost states spent between $60 to $75. Interestingly, those living in North Dakota spent the second most, possibly owing to the high life expectancy rate. “If you’ve got more grandmothers around, then add that to the purchase amount,” says Johnson.

But that doesn’t mean everyone’s dropping cash on expensive gifts this year. Johnson suspects consumers are getting more and more deal-savvy, and that’s enabling them to get more for less.  Amanda Tripp, a mother of three who lives outside Portland, Oregon, says she spent only $10 to make her mother a homemade photo album on shutterfly.com and another $15 for flowers for her mother-in-law from Ebates.com.

“I’ve always been a big online shopper — you can’t go wrong,” Tripp says, adding that she’s getting a $40 bouquet for that $15.  “People are really trying to get more value these days, and coupons are getting popular too.” Other online discount hotspots include RetailMeNot, Groupon, Dealcatcher, and LivingSocial, to name a few.

And even as shoppers boost their spending, the gifts are still largely the same: clothing and accessories are the number one gift idea, followed by perennial favorite, flowers.  But less traditional gifts are gaining steam this year, too, Johnson says.  Consumer electronics — once considered a gift for Dad, not Mom — are becoming more popular, so e-readers and iPhones could be a popular choice this year.

Whatever you do, don’t wait until the last minute and remember to think outside the box, Johnson suggests.

And one last thing: “Avoid the household chore gifts,” Johnson laughs.  “You’d be better off giving nothing than the vacuum cleaner or a tool set.”

As the title suggests, Zombie Economics takes a “survival-at-all-costs” mantra to fresh heights, introducing each chapter with a breathless scene straight out of a horror flick,  except the bad guy isn’t going to eat your brains — the real enemy is bankruptcy, financial predators and debt.

To put it plainly, the zombie economy is any situation that’s “attacking you,” explains 39-year-old Lisa Desjardins, who co-authored the book  with Rick Emerson. “It could be everything from the global economic meltdown to a personal crisis, and it makes you vulnerable, it makes you feel defenseless and you don’t know how to combat it.”

Desjardins, a correspondent for CNN, talked to Reuters about her own brush with the zombie economy, and how to avoid your own personal financial apocalypse.

You warn right up front that this books isn’t your typical personal finance guide — it’s not about getting rich or winning in the stock market. Tell me what you were aiming for.

This is a book for people who would never buy a Barron’s guide — a dusty, intimidating personal finance book. Those are great, but we wanted a book for people who like cable television: they aren’t going to be putting together an Excel spreadsheet to figure things out, but they have serious financial problems that they don’t know how to deal with.

Why the zombie theme?

Rick and I really enjoy the zombie genre, and they were the perfect metaphor. Rick honed in on this idea of a brainless thing that keeps attacking you — and it almost describes the way macroeconomics apply to an individual person. They don’t feel like there’s a lot they can do to protect themselves against this huge thing, and we’re telling them how they can fight it.

What are the biggest mistakes people make in a financial crisis?

One of the biggest mistakes is not taking action quickly enough. People really need to evaluate the situation and then move on it. Sitting back and feeling stressed won’t do anything. All-out panic is another mistake. And what we’re trying to say in this book is, “Take a breath, you can figure it out. Crying isn’t going to help.”

This is the first personal finance book I’ve seen that has health and fitness advice in it. Why did you include it?

We felt really strongly about that, and it was something that some publishers were surprised about. We felt that healthcare could be a double-hit if you don’t take care of it or a double-bonus if you do. If you’re unwell, you’re going to be losing a lot of money, not only for nominal bills but for lack of productivity at work. And with that comes a second hit, which is how it affects your mindset, how you operate in the world, how you take control in your life. When you don’t take care of your health, you’re opening the door to making yourself vulnerable. And to deal with your finances, you have to have your head in the game.

What’s your personal experience with a zombie economy?

I was fired from my very first reporting job at a local TV station in Myrtle Beach, South Carolina [in the late-90s].  I had to drive a TV truck and I was fired for too many speeding tickets. I was in the worst shape … I just thought my life was over.

What are some tips for someone who finds himself in a zombie economy?

Number one is sit down and make an action plan. The whole point of this book is to go step by step. One of the first things we have people do is look, in a very sober way, at exactly how much money they have coming in  — write it down, we have the worksheets in the book. And then look at the bills you expect to have. Write down what your financial situation is right now.

Then we have people look at what is essential in their lives — what they absolutely must pay for. And then everything else you have to put on the table for either cutting out or cutting back on, at least during this crisis.

You really have to have the discipline. In the book, we use the drill sergeant voice that says “Get it together!” but we also try to give people incentive. We don’t want people eating beans every day to save money. The point of the book is to enjoy your life. We want to put people into a position where they’re not scared.

This book is written for everyone from the 50-year-old man who loved the original zombie movies to the 20-year-old who likes to daydream he’s a superhero — or for anyone who likes a good plotline. We really tried to think of everyone.

(This interview has been edited and condensed.)

“There’s lots of positive news out there, and we’re finally seeing some significant job creation,” says John Challenger, chief executive officer. But before you start daydreaming about the corner office, he adds one caveat: The job market isn’t what it used to be, and it may not provide the “ideal job situation” for everyone.

The Challenger report highlights a trifecta of good news: Twenty- to 24-year-olds saw a 2.4 percent jump in employment during the first three months of 2011, more than any other age group, according to the Bureau of Labor Statistics. A survey of 170 employers by the National Association of Colleges and Employers found that they plan to increase hiring of new grads by 21 percent, and a survey of employers found that hiring graduates with bachelor’s degrees will increase about 10 percent, according to the Collegiate Employment Research Institute at Michigan State University.

“There’s still a long way to go, but I think it’s going to be a much better year for graduates than it was two years ago,” says Challenger.

The plight of the college grad isn’t anything new. Recent surveys show that soaring student loan debt and one of the worst job markets in decades have served a double-whammy for struggling young adults: nearly 40 percent of 18- to 29-year-olds are jobless or out of the workforce, according to Pew Research Center, forcing thousands of them back to their parents’ home.

But new grads have two advantages that their older peers don’t, Challenger says: For starters, the next generation of workers are a “blank slate,” allowing potential employers to influence their skills and work habits. Secondly, they’re flexible.

“I think a lot of companies are looking for people who can go where the work is and give up some of their work-life balance to find a role they want,” says Challenger. “Companies need flexibility in their workplace.”

On the flipside, new grads aren’t just competing with their classmates — they’re also going toe-to-toe with those who graduated three or four years ago and still haven’t landed their ideal job. “These are people who have experience to add to their job candidacy — they’re out there fighting to land the job they didn’t get when they left school,” Challenger says.

So where are the jobs? Research from job search website Indeed.com shows the outlook is particularly good for recent grads looking for careers in healthcare (physical therapists, registered nurses and physician assistants) and information technology (software engineers, network administrators). In fact, job postings have climbed 53 percent overall from March 2010 to March 2011, Indeed finds.

Even more encouraging, competition for jobs in the 50 largest metro areas has improved significantly, with nine cities now having one online job posting per unemployed person. Miami remains the most competitive job market, with one job posting for every five unemployed people, Indeed finds.

So you think you want to be a landlord, do you? Your second home is in the perfect vacation spot and the extra income will add a nice boost to your bottom line.

But before you skip off to place a classified ad, be warned:  Renting out your property can become complicated, particularly for those in the wrong mindset, experts warn.

“So many people fail to truly treat it like a business, and that makes a big difference between a successful experience and one that isn’t,” says Tom Bissmeyer, founder of iTrip.net.

Still interested? Here are some tips for renting out property like a pro:

Know the law: One of the first things to address is whether you’re permitted to rent out your property in the first place — no easy feat, says Christine Karpinski, author and rental property expert. “It all depends on your home, your area and your local government. You might have to do some digging,” she says.

A good place to start is look at your homeowners’ association’s CC&Rs (covenants, conditions and restrictions), documents that dictate how the homeowners’ association operates and what rules the owners must obey. Your local sales tax office may be able to provide some direction, too.

Get insured: Owners should notify their insurance provider that the property is being used as a rental and buy a rental rider that will pay for lost rent in the event of a loss that makes the house inhabitable, such a fire or flood, says Tony Drost, 2011 president of the National Association of Residential Property Management. Check if your hazard insurance pays for damage to tenants’ personal possessions; it most likely doesn’t, in which case you may want to require that tenants get renter’s insurance as well.

Pay attention to the tax rules: Owning an investment property for the purpose of making an income opens to the door to a host of juicy tax write-offs, including mortgage interest, property taxes, insurance and virtually any expense you pay for upkeep, says Cindy Hockenberry, tax knowledge center supervisor, NATP.

But keep in mind that there’s a difference between claiming a repair and claiming an improvement: A straightforward repair, such as fixing a broken window or changing a lock, are written off as an expense in the year the cost was incurred. Anything that would prolong the property’s useful life — ie: installing a new roof, putting on a new roof — must be claimed as a depreciable asset over its “class life” — a period determined by the IRS. (Typical rental properties are depreciated over 27.5 years; new carpets or new appliances are seven years.)

But the tax rules can get even trickier: The IRS distinguishes between “active” and “passive” participation in the rental activity when it comes to declaring losses. Those who materially participate in the property — this includes collecting rent, finding tenants, ensuring repairs are completed — are allowed to deduct up to $25,000 against other income. However, those who hire a manager to do their bidding can only deduct a loss if they have other passive income.

Yet another layer of rules apply to those who own a property that they use both personally and to generate income. The IRS says those who use the property personally for more than 14 days or more than 10 percent of its rental availability can only deduct expenses for the number of days it’s actually held out for rent. (If you use it for less than that, there’s no need to keep track.)

Finally, there’s no need to claim a security deposit as income if the intention is to return it at the end of the lease or agreement.

Don’t forget sales tax: Most states require you to collect and remit sales taxes, which often requires a business license. Contact your state’s Department of Revenue to find out the rules in your area. In Wisconsin, for example, there is no sales tax on rental income, nor do tenants have to pay sales tax on rent, Hockenberry says.

Be professional: There are two simple things you can do to make your transaction with potential customers seamless: Respond quickly to rental inquiries — (“We live in an internet world and people expect a response instantaneously,” Bissmeyer says) — and accept credit cards.

“The whole world takes a credit card,” he says. “Not taking one is a mistake.”