Transitioning Your Farm to the Next Generation is Easy

Transitioning Your Farm to the Next Generation is Easy

After owning and operating your farm for years, the thought of handing it down to someone else can be scary — even if they’re family. Farm succession from one generation to the next is a big deal.

To make sure you’re doing everything right, you need a plan in place.

If you’re ready to start planning how you’ll manage your legacy, check out these industry tips to make sure your transition goes smoothly.

Educate yourself

The average city slicker might view farming life to be low-key compared to the rat race, but that’s just because they don’t know how much paperwork goes into running an agri-business.

Between daily accounting, filing for taxes, and planning for the future, there’s a lot to do. Planning for a farm succession only adds work to your plate.

Transitioning a farm is a massive undertaking. To make sure you approach it with your best foot forward, you should take some time getting to know what it entails.

There’s no harm in knowing too much, so make sure you:

  • Read up on the subject online and in farm publications
  • Talk to other farmers you know who have done it
  • Get familiar with your finances— your unique capital assets have an effect on the transition

These three steps will help you approach your transition with greater confidence.

Make sure you announce your plans early

You know as well as anyone that working on a farm without knowing what the future holds can be stressful. But levels of high anxiety aren’t reserved for the owner. Even young farmers can feel worried if they aren’t sure about where they fit into your plans.

It doesn’t matter if they’re family members or hired workers. If they’ve been working with you for five years or 15 years. They might leave if they don’t see a future with you.

Be open with your plans, explaining your expectations for the transition — including things like who will take over and when. Words count, but a written agreement means even more.

Don’t go it alone

Once you start getting things in writing, you’re entering what may be unfamiliar territory. It can be intimidating to wade through the legalities and financial realities of transitioning your farm.

If you’re feeling overwhelmed, get in contact with an expert who specializes in agri-businesses. This is a big decision. You need to find someone you trust to have your interest at heart.

To make sure you find someone who puts your needs first, research what rural credit unions can do. Rural credit unions focus on farm owners. They cater to your unique needs, no matter how big or small your farm may be.

Some credit unions offer the typical agricultural banking services you need, plus all the usual daily banking products you expect from the biggest commercial banks. To get a feel for what that looks like, stop by Chinookfinancial.com and see how a credit union can balance both priorities.

When you find a credit union that takes a small-town approach to modern-day baking, you’ll be in good hands. This special touch can help you develop a legacy plan that fits your needs.

Transitioning your farm will take a lot of work — there’s no doubt. But you can make your job easier when you plan accordingly. A well-developed farm succession plan can make sure you pass on your legacy from one generation to the next.

Making the Most out of Your Unpaid Summer Internship

Making the Most out of Your Unpaid Summer Internship

The unpaid internship is the biggest conundrum of your college career. On the one hand, it offers invaluable experience that could help you find a job once you graduate. But on the other, you don’t get paid!

A whole summer without earning cash is hard when you’re already shouldering some of the biggest student debts on record. But it’s possible.

To help you survive with your finances intact, check out this list before your first day. These money-saving tips can help you make it to the fall semester with some money left over.

Search out cheap digs

In the ideal world, your internship is somewhere close to your parents’ house, where you can live for free. But in the event the commute is too far, you need to find somewhere affordable to live.

It’s hard to find a sublet on a broke student’s budget. If you’re struggling to find something, check in with these alternatives:

  • People you know.Check to see if you have family, friends, or friends of friends willing to put you up.
  • Although designed for short-term stays, this site might connect you with a host willing to open their home to you for a month or two.
  • As long as you’re willing to sleep in the same room as 10 other people and share a bathroom, you can save a lot of money by staying at a hostel long-term.
  • Local universities: Plenty of colleges open up their dormitories during the summer at lower prices for visiting faculty, students, and people like you.

Meal plan like a professional

While you can cut out most other “frivolous” spending during the summer, food is one of those staples you can’t live without.

Plenty of students survive off ramen and the occasional slice of pizza, but you can do better than this without spending a fortune. The answer is in meal planning.

Check out Leanne Brown’s Good and Cheap. Brown created this free cookbook to help people living on food stamps — which gives you just $4 to spend on food each day. Besides a ton of recipes, she shares special tips on how to shop on a tight budget.

Find free money

There’s no such thing as free money, or so they say. But this general rule may not apply to students. Every year, millions of dollars in scholarships, bursaries, and other awards go unclaimed.

Best of all? You won’t have to pay anything back if you win something. The only “price” to pay is the time it takes to search and apply for these scholarships. For that, we think it’s worth it.

Use a budget

A good rule of thumb when making a budget is to be as accurate as possible, so don’t fudge any numbers. Be as precise as you can be, using official invoices, transcripts, and contracts to fill out the basics.

Once you have a good idea of how much your internship will cost, compare it to what you have in terms of savings, bursaries, and leftover student loans.

If you don’t have enough to cover the bare bones of your budget, review your budget to see if you can change anything. For example, if you live relatively close to your internship, you can walk or bike to work instead of paying for transit or gas.

Try tweaking your expenses before you search out a personal loan. There are lots of reasons to get a personal loan when you’re on a tight budget, but paying for an anticipated expense isn’t one of them.

Online short term loans like lines of credit and installment loans are ideal for unexpected emergencies — like if the bike you use to get to work gets stolen, not if you can’t pay your rent every month.

Proactive thinking like this can help you get through your internship with some money left over. But hopefully, it doesn’t come to this.

Your internship is a fantastic opportunity to gain as much experience as possible. So make sure your finances are ready for the ordeal. Once you have your cash in order, you’ll be able to put 110 percent into your internship and maybe even get a job offer by the end of the summer.

All You Need To Know About The Eames Walnut Stool

All You Need To Know About The Eames Walnut Stool

When someone looks at an Eames Stool for the first time, it gets difficult to describe the piece of furniture in a precise manner: Are they used to sit? Are they decorative pieces of furniture or artwork? What are they? Designed and built with solid walnut, the Eames stool is a diverse home decor item that can be used for a variety of purposes.

Whether you admire the boho home decor or wish to decorate your house with mid-century home designs, it’s not wise to deny the charm of Eames furniture, especially the Eames stools which are getting increasingly popular all around the world for its exquisiteness and novelty.

Where to place the Eames stool

Eames stool is an artistic combination of classic appearance and distinctively shaped modern patterns that allow you to place the Eames stools in various places in your house from living rooms to your home library. It is made of solid turned walnut that gives the stool a firm existence. The Eames stool usually moves around the room depending on the role it has to play. For example, it can be placed next to your daybed as a temporary nightstand.

What is the function of an Eames stool? The stool was designed by Ray Eames for the lobby of the Time & Life Building in New York City. You can use these home decor items as side tables and stools or something totally different like an object of art liberally scattered across your house. With concave top and bottom coupled with decorative center sections, Eames stools provide any space with an accommodating selection of surfaces and seats. Besides being a place to sit, the stool can serve as a low table.

Composition and design

The contemporary Eames stools are the finest form Charles and Ray’s experimental designs that used metal and bent wood. It doesn’t require highly sophisticated machines to cut and design walnut wood and turn it into stools; the process of making the stool is primitive. Typically used as functional sculpture, Eames stool design is of traditional nature resembling chess pieces.

Made of firm walnut, stand 15” high, you can flip the Eames stool as the bottom and top have a concave surface. If you’re looking to have a small home decor object where you can put small objects like a bowl of snacks or a book, Eames stool will serve the purpose. However, don’t forget to place something flat on top of the stool before putting your drink on it.

You don’t need any additional home decor item to justify the presence of Eames stools. For instance, you can place a line of stools in your gallery to give it a museum-like look. The color of your walls and the way these stools draw attention to the floor creates a beautiful home decor chemistry inspiring visitors.

The shape of walnut stool creates a visually appealing contrast to your home or office decor elements and helps you keep things from being too square. If you need some smaller accents to add personality, style and fun shape to your space, go for the Eames stool.

Make Sure Your Name Labels Have The Right Qualities

Make Sure Your Name Labels Have The Right Qualities

The problem of misplaced objects is increasingly becoming a national epidemic. According to research, $2.7 billion is spent in America each year replacing lost items. What’s more, Americans spend about 2.5 days a year trying to find these misplaced objects. More than half of the population reports to school or work late due to frustrating searches.

Let’s face it, most of us can tell a story of how we lost a valuable item—jewelry, car keys, house keys, wallets, backpack, handbag, iPad or smartphone. If you have little kids, then the headache is worse since you have to deal with lost books, sporting equipment, school gear, or electronics, every school term if not every month. The process of trying to find the lost item is a job on its own, and unfortunately, it is a futile effort majority of the time.

One of the practical solutions to this problem is tagging personal items with your name, and better yet, your phone number. Labeling a belonging makes it possible for you to be contacted by the person who finds it when it gets lost. In school, the teacher can quickly identify and assign a lost object to the rightful student if at all it has a label. Like other home DIY tasks, you may consider doing the labeling yourself.

If you are looking to have labels done by someone else, you might want to seek the professional services of a reputable and competent labeling company such as www.leeleelabels.com. Here you can see a myriad of labels that you can customize with names, addresses and phone numbers, whatever you want. Whichever option you choose, you need to get the label done right for it to serve the intended purpose. Let’s take a look at the qualities of a good label.

Types of labels

There is no single best way of labeling items since different types of things that are made of different materials. Here is a guide to help you to choose the kind of labeling that works best for your items:

  • Permanent ink laundry marker – This label utilizes indelible ink that survives washing detergents and is quick to use. However, it is not the best methods for labeling clothes since ink can easily bleed to the outside of the garment.
  • Stamps – Like the markers, stamps are indelible. They also have the same limitations as the permanent markers when it comes to labelling of fabrics.
  • Stick-on labels – These are peel and stick labels that may be used on fabric and other items. They are often not durable and come off after several washings.
  • Sew-in labels – They are woven labels that are relatively expensive and time-consuming as compared to other methods.
  • Plastic tags – They are attached on an item the same way as a price tag. They are easy to remove and resistant to high temperatures.

Consider the position of the label

Essentially, the name should be on the area that cannot be easily removed. Avoid putting it on a place that comes into much contact with your hands as this hastens the wearing out of the label. You should also avoid labeling inside brand labels of your kid’s school gear since they can be easily cut out. Inside of a collar is a perfect place to label clothes, especially with permanent ink.

Be creative when labeling

There are other creative ways of marking your belongings instead of using names. Names should be avoided where possible due to security issues. You can utilise other options such as initials, symbols, numbers or colour-coded labels. Whenever you use something different from a name, inform the caregiver or teacher about the unique identification label.

Be discreet when labeling

While labeling is an excellent way to protect your items from getting lost, it could be a means of feeding information to predators. Keep the labels in a discreet area on the garment or item. To ensure the safety of your child, label items on the inside. However, make sure the label is in a position where anyone can quickly look and see information just in case the item gets lost.

5 Extraordinary Medical Breakthroughs That Are Making A Huge Difference In The World

5 Extraordinary Medical Breakthroughs That Are Making A Huge Difference In The World

How much has changed since just a couple of years ago? From cell phones that became smartphones, from shopping in store to shopping online, and even getting it delivered to your home, a lot has changed and these changes have made life easier.

Technology has also assisted healthcare dramatically by advancements in medicine and in medical machines such as the EKG machine. Clinics, hospitals, and healthcare professionals now completely rely on these advancements. In turn, this causes medical businesses, such as medical and surgical supply stores to become extremely vital. One of these useful surgical supply stores is www.usamedicalsurgical.com. Having these machines and devices are significant medical breakthroughs. This article will introduce to you 5 extraordinary medical breakthroughs that are making a huge difference in the world.

3D-Printers And Body Parts

Now you may be thinking, what does a 3D printer have to do with body parts? 3D printers are an exciting new innovation for the medical field. They are now used to replicate body parts in order for patients to use them as if they had a real hand or leg in place of their missing limb. The 3D printer creates the item desired with layers of materials such as clay, concrete, metal, or even plastic. When the object is interpreted and created by the 3D printer, it can be positioned through an iPad app. A computer chip syncs the joints while a Bluetooth device coordinates the movement making it feel as real as possible for them. This is a very notable and significant medical breakthrough. Interestingly enough, this is not the only thing it can create or do. More uses are shown below:

-Automotive advances and innovations

-Aids in creating jewelry for fashion

-Educational use for printing models and globes

-Aids aerospace manufacturers in printing parts

Genome Project

The Genome Project is a project that was completed on April 14, 2003, where scientists claimed to have come up with a draft of all the genes that make up our DNA. Why is this so important and how is this a medical breakthrough? This is a medical breakthrough because gene sequencing has helped medical professionals, researchers, and examiners identify one gene that can be a cause of diseases. It also helps medical professionals, scientists, and researchers understand the human body much better as well as support them in creating better treatments.

Medical Lasers

Medical lasers were invented in the 1900s and were created to do different things. Some of which are, hair removal, getting rid of cancerous tissue, breaking stones in the body like kidney stones, and more. Medical lasers are also a significant medical breakthrough. They can perform surgeries with minimal discomfort to the patient. Lasers also cause minimal bleeding. This is one of the modern innovations, similar to the 3D printers, that is widely utilized.

Cancer Therapies

Unfortunately, the illness of cancer has been on the rise and is affecting many, from young to old. Luckily, there are scientists and researchers working day and night to find treatments and solutions for this horrible illness. With hard work, scientists and researchers have now created something called cancer therapies. Cancer therapies involve a medication that works on a cancer patient in one of two ways: they intervene with the cancer cells to stop them from spreading, or they eliminate and slowly kill the cancer cells after they identify them. This is an amazing medical breakthrough that we need at this time with the continued rise of cancer patients.

Artificial Heart Transplant

The first artificial heart was placed in a patient in the 1980s and he lived for 112 days. This was seen as a success and surgeons used 236 artificial hearts in patients who needed them after that. Since it is artificial, and that means it does not and will not last long, doctors now implant artificial hearts for patients who need them for a waiting period until the real hearts are donated to the patients with artificial hearts. The future of healthcare is now in the hands of modern technology, innovations, and creations.

Why Now Is the Time to Think About Gold as an Investment

The odds of a recession in 2019 or 2020 are on the rise. Economists predict that there is now a 25% chance of a recession in the next year, up 5% from January. The likelihood of a recession in the next two years is 40%, and economic policies such as trade war with China are not helping the odds.

With a recession on the way, it may be time to start thinking beyond stocks when it comes to your portfolio. A recession can do a number on your portfolio, but there may be some surprising solutions. Gold could be your lifeboat in the coming storm. Few investments are better at weathering bad news in the economy than gold.

You need to think about gold as an investment, not just expensive jewelry. Consider some of the ways in which gold acts as an investment.

#1 Tangible Assets

Gold is unique in that it is an asset you can hold in your hand. Gold comes in the form of coins and bars and it must be physically stored. Unlike stocks and bonds which are paper (or digital) representations of your capital investments, gold is literally solid.

#2 Liquidity

Gold can be turned into cash wherever you are in the world. It’s the original international exchange of value and, until the 1970s, it was gold-backing that lent the U.S. dollar its international dominance. The most readily accepted form of gold is the bullion-grade 1 oz. gold coin. Bullion-grade refers to purity: .99 purity (24 karat and higher than most jewelry) is the easiest gold to exchange.

#3 Low Third Party Risk

You can further reduce the risks of owning gold by going with non-bank, fully-insured storage. The issue with bank storage is that your gold then becomes a deposit and you a depositor. In the event of another financial crisis on the scale of what the world saw on 2008, governments could introduce bank bail-in legislation (where they haven’t already), a regime in which banks that need a cash infusion take it from the investors and depositors rather than from taxpayers. Depending on how bail-ins are implemented, even small savers could be affected.

#4 Other Gold Risks

Every investment comes with risks, and gold is no exception. It pays to pay attention to gold prices before you buy. Have they been climbing rapidly in recent days, weeks, or years? That could be a sign of overbuying and an imminent price plummet.

It’s ultimately impossible to predict exactly which way gold prices are going to go depending on market factors, but use some common sense before you invest. Gold is riskier if a bull market has been raging for years already. Gold prices tend to fall due to speculation overvaluing it, and growing opportunities on the stock market.

#5 Why Gold Is Good

Gold is a good asset for investors who need to reduce their risks. Gold is a way of protecting your wealth from stock market jitters, global uncertainty, and inflation. In countries in crisis, gold can be a lifeline for families when inflation renders currencies worthless. For U.S. investors, gold provides some portfolio balance. Diversification leads to a stronger portfolio.

Gold can play an important role in your portfolio. If you’ve always treated gold as jewelry, it’s time to start thinking about how you can use it as an investment vehicle.

Living in Luxury; It’s All A Brain Trick

Living in Luxury; It’s All A Brain Trick

Source: Unsplash

Living in luxury is something that many people aspire to do. There are those who easily find themselves surrounded by luxurious items and there are some that have to do a lot of work to get the luxuries that they have. There are those that can do a little searching online with sites like Modvisor.com and find thrifty ways to obtain a little luxury here and there in their life. No matter the method on how we obtain our luxuries, there is some science behind why everyone in some way craves a little luxury in their life. That’s right, even our wants for the finer things in life start in our head by our brains sending signals based on many different things we have experienced.

One of the things that our heads naturally do is assume that because something has a higher price tag, it is better than those similar things that cost less. I know it sounds a little absurd that our brains act like that, but it is very true. There have been many studies done on this very subject. For example, a large group of people were rating the flavor of wines they were tasting based only on the price tag on the bottle of wine. The bottles that had higher price tags were rated as having a better taste. The study has also been done where high price tags were put on cheaper bottles of wine and the bottles priced higher and were rated as better than those with lower prices, when in reality the wines with the lower prices were actually the more expensive wines.

The same theory is true for high fashion clothing. Our brains naturally associate better quality with higher prices and name brands. We not only associate quality with these things, but high price tags and popular brands also make us feel more luxurious. There is an extra bounce in a woman’s step when she puts on a pair of shoes made by an exclusive designer. This bounce comes from us hearing through so many types of advertising that these things are what the stars are wearing. It tricks our brain into feeling like we are richer than we actually are. Men and women alike are affected by little tricks like this. You can put two men in an identical suit, but if one carried the Armani label and the other had no label at all, the man in the labeled suit would feel more important, even if the only difference in the other suit was that the labels had been removed.

This doesn’t only extend to things such as wine and clothes. There are things around us every day that can affect how luxurious we feel. There is nothing out there like the feel of driving a brand new car. However, we feel completely different behind the wheel of a Lexus than we do driving a brand new Chevrolet. What is even more interesting is that we can be driving a used Lexus and still feel more luxurious than we would driving a new Chevrolet. It all comes with how our brain reacts to hearing the word “Lexus.” It is automatically associated with money and luxury; whereas, most people associate “Chevrolet” with a simple car or truck.

This need for luxury spreads everywhere in our life. All over our homes, we have electronics and many of us are very brand specific in the things that we purchase. This is because we have heard those brands are better and are of higher quality than the brands that cost less. From things like the cell phones in our pockets to the computers we use in our homes, and the appliances we use in our kitchen; we choose these items many times based on the brand name and price alone without doing much comparison for lower priced items. Our brains naturally think that because they cost more, they must be better.

There really is nothing sacred when it comes to how our minds react to luxury. However, it even works on the smallest things in life. Name brand products at the grocery store just make us feel better than if we buy off-brand products, even though many times the items are made by the very same manufacturer. The only difference is the label that is slapped on the side of the packaging. This isn’t only groceries though, we feel the same about cleaning products, office merchandise, or even the plates and glasses we eat off of.

7 Kinds of Protective Gear Used in Different Industrial Settings

7 Kinds of Protective Gear Used in Different Industrial Settings

Whether you’re an electrician working with high-voltage equipment, a laboratory technician handling infectious specimens, a fireman who’s routinely called to extinguish conflagrations, or some other professional consistently exposed to similar risks of injury or infection, you would know how important it is to safeguard your wellbeing with the right personal protective equipment or PPE.

PPEs protect from many different hazards, including physical trauma, electric shocks, extreme temperatures, harmful biological agents, and dangerous airborne substances. Since so much is at stake when it comes to workplace safety, it is important to source your personal protective equipment from a reliable supplier of safety workwear clothing and other protective accessories.

In this article, we’ll fill you in on some of the main classifications of PPEs and why they are vital to creating healthy and productive workplace environments.

Body Protective Clothing

The skin is the largest organ of the body, one that naturally possesses a defensive barrier against pathogens and harmful substances. However, the protection provided by the skin can only do so much against hazardous elements from the outside world. Without proper body protection, a person working under unsafe conditions is at risk of acquiring injuries or contracting infections.

Thankfully, there are many PPEs developed specifically to protect the body, coming in different forms depending on the application. For example, splash-resistant gowns or coats can be used in laboratory settings where exposure to infectious agents or dangerous chemicals are very real risks. Fire-retardant and flame-resistant suits, on the other hand, can be used in industrial settings like fire smelting factories and steel mills, as well as for firefighting and rescue scenarios under extreme heat situations. On the other hand, general-use overalls can be employed in many other scenarios, such as in automotive repair work, house painting, gardening, glazier work, and many others.

Protective Gloves for the Hands

Used by people to handle and tinker objects with, the hands are understandably among the most often injured parts of the body. Make sure to protect yours with the right gloves. Some of the substances and conditions that gloves protect from include pathogenic agents, mechanical hazards, heat and cold, corrosive liquids, organic solvents, reactive chemicals, toxic compounds, and many others.

Hard Hats for the Head

Hard hats, otherwise known as safety helmets, provide protection against head injuries that can be caused by falling objects, falling building debris, and even electric shocks.

The secret to the safety helmet’s effectiveness can be traced to its suspended design, which means that the shell of the hat sits about an inch on top of the head. When an object falls on the head, the thermoplastic shell dissipates the energy, while the foam linings absorb some of the rest, keeping the head safe as a result.

Protective Eyewear for the Eyes

Protecting one’s eyes is an absolute must, considering how sensitive and vulnerable they are against the many hazards that a worker can encounter on a daily basis. Everything including small airborne particles, laser radiation, chemical substances, flying pieces of metal and concrete, and even the very tools and equipment used in the workplace can all damage the eyes.

It’s a good thing that there are eye protective equipment that can be used for just about all of these scenarios. These include general safety glasses, splash goggles, impact goggles, laser goggles, and full face shields.

Respiratory Protection

It’s become common in many Asian cities for people to wear pollution masks when going out on the streets or in other public areas. After all, one can’t be too careful when it comes to protecting one’s own lungs. And if people are protecting themselves out on the streets, the more they should in workplace settings that present a hazard to the respiratory system.

NIOSH-rated respirators, depending on the type, can protect the wearer from a variety of hazards, including airborne pathogens, particulate matter, fumes, vapours, and gases.

Hearing Protective Devices

Dangerous tangible objects and physical substances are not the only hazards to the human body. High levels of sound, for example, present a risk of injury to the auditory system—something that is of particular concern if you work in an environment that is consistently noisy.

In order to protect you hearing from long-tern damage, you need to make sure that you wear protective accessories like earplugs, earmuffs, canal caps, and electronic noise reduction devices, especially if the noise levels in your workplace exceeds 85 decibels.

Protective Shoes for the Feet

Feet and toe injury can have debilitating consequences to an affected individual. After all, a person needs their feet to be able to get from one place to another. Long-term or permanent injury to the foot can have a devastating effect on an individual’s productivity and mobility. As such, never neglect your feet when working in potentially dangerous environments.

Safety shoes and boots with steel toe reinforcements can prevent your feet from getting crushed in the event of a compression or falling debris accident. There are many other types of safety shoes, including, puncture resistant shoes, electricity-resistant shoes, chainsaw resistant shoes, heat- and cold-insulated shoes, shoes with antiskid soles, shoes with ice claws, and others

No matter the industry, if you’re working in an environment that presents a hazard to your health and wellbeing, you need to protect yourself with the right personal protective equipment. Make sure to check with your safety workwear supplier if they have the items you need. If they don’t, procure the necessary materials from other suppliers at the soonest possible time.

The Importance Of Paying Your Back Taxes On Time

The Importance Of Paying Your Back Taxes On Time

Despite being a vital part of the economy, not many of us like paying taxes. While we may not disagree with what the revenue is eventually spent on, the process of paying the IRS can cause quite a headache. This is made even worse when you consider that not paying on time, or not paying exactly what we owe, can result in a few different consequences that can be quite significant. Because of that, sometimes the process can be enough for us thinking about leaving society so that we don’t have to go through it.

However, this sadly isn’t a reality for the vast majority of us, so we’ll have to ensure that we pay the IRS on time. This may not always happen, though, and some people might find that they’re either paying their taxes late or even filing them late. These penalties can be caused by a variety of different things, such as failure to deposit estimated tax payments, insufficient check funds and much more. When this happens, it can cause quite a considerable amount of stress, especially when we consider how much we might have to pay in penalties and more. That doesn’t have to be the case, however, as the IRS Penalty Forgiveness program might be able to help you.

There can be a significant number of people who may not know what this is; as a result, a considerable amount of people who are eligible for the assistance might go without it. Because of that, they might go through a significant amount of financial burden as a result of the penalties associated with not paying your taxes on time. Then there’s the stress that may also come with figuring out how to pay these back taxes. With that in mind, it’s worth looking at what the IRS Penalty Forgiveness program is and how it might help you going forward.

What Is IRS Penalty Forgiveness?

While there is a certain amount of people who choose not to pay their taxes either on time or at all, this isn’t the case for everyone. Instead, the majority of people who pay or file their taxes late may do so because they weren’t financially able to pay on time. This is something that many people feel they shouldn’t be punished for, and the IRS agrees. This is what the focus of the penalty forgiveness program is. In essence, it’s when the IRS agrees to forgo any penalties or fees for failing to pay your taxes as a result of matters beyond your control.

Types Of Penalty Forgiveness

While many people may assume that there’s one type of penalty forgiveness, they’d be mistaken. Instead, the IRS has noted that there are a few different types. The first of these is a First Time Penalty Abatement, which is what the name suggests. As such, it’s something that can only be gotten if it’s the first time you’ve paid your taxes late. It should be noted that you can only apply for this abatement once you’ve paid your back taxes in full, as the fees and penalties grow for as long as you have an outstanding balance.

Perhaps the most common reason that the IRS has forgiven tax penalties is for reasonable cause. This is when someone is unable to pay their taxes because of unforeseen events that may be outside of their control. However, it should be noted that financial troubles may not be considered here, although the cause of this hardship may be considered. For example, paying off debt may not be considered reasonable cause. Some of the most notable reasons that the IRS has forgiven these penalties are a natural disaster, serious illness or loss of access to documents.

When you’re applying for the Reasonable Cause program, you’ll also need to provide proof of reasonable cause. This will include the likes of factual accounts and documentation of events, as well as how they caused you to miss your tax payments. This shouldn’t be too difficult, though, and the IRS will work with you to inform you as to what kind of documentation you’ll need to provide.

The IRS may also issue a Statutory Exception for your penalties, although this is relatively uncommon. This typically occurs when the IRS provides you with inaccurate information for filing your taxes which results in you underpaying or missing a payment.

From Mortgages to Home Inspection Costs: Getting your First Home

From Mortgages to Home Inspection Costs: Getting your First Home

Souce: Flickr

The dream of owning a home is something that still motivates many Americans. Owning your own home isn’t simply about having somewhere to live for as long as you want, it is also about making what could be a profitable investment in your family’s future.

And even though younger generations of Americans have seemed more reluctant than their parents or grandparents to join the ranks of homeowners, studies have shown that the vast majority of millennials still expect to own their own home at some point in their life.

But for those who are embarking on home ownership for the first time, the process of finding and buying a first home can be intimidating. Here are some key things to remember if you are thinking of taking the plunge and becoming a homeowner.

Financial Self-Assessment

The starting point to the home-buying process is to make sure that your finances are as strong as they can be. To start with, take the time to run a credit report on yourself, and analyze the results. Doing what you can to improve your credit rating, such as paying off credit card balances, can help when it comes to taking out a mortgage, and if your credit rating is likely to take a few months to improve, then it is worth taking this time out before beginning the house buying process.

Prepare Financially

Once you’ve done a little financial housekeeping, the next step is to assess how much money you can afford to spend on a house. This includes the level of deposit you will be able to afford, and the approximate amount you will be able to pay in mortgage payments, taxes, interest and insurance, along with an allowance for future maintenance costs.

Home Inspection Costs

Another expense that you should prepare for is the cost of the home inspection. There are plenty of resources online to help you find out more about home inspections, but essentially this is a report that you have to carry out later on in the process, after you have found a home and made an offer. Some home buyers make the mistake of overlooking this home inspection cost early on and may not have funds available to compete the inspection report, so make sure you put money aside at the start.

Realtors and Mortgages

The next stage is to find a real estate agent that you feel you can work with as you start your home search. A good agent will not only work with you throughout the process, they will also help you to get in touch with the different specialists, including financial advisors and home inspectors, whose help you will need to buy your property. And it is a good idea to go through your mortgage options with a financial advisor at an early stage. A key aspect of choosing the right mortgage is to work out how much money you have to put down as a deposit, but beyond this factor, there are many types of mortgages from conventional loans to FHA loans and VA loans, and a good financial adviser will take into account your circumstances and financial history to help you find the right one.

Starting Your Search

Whether your agent is sending you potential properties, or you are doing the searching yourself, start by narrowing down the areas in which you would like to live. If you are unable to find anything suitable within that area, be prepared to expand it. Then it is simply a matter of taking the time to visit the homes you are interested in, asking as many questions as you can think of and being prepared to make further visits as required, until you have found the best home for you.

Securing Your Home

Making an offer and having it accepted is only the start of confirming the purchase. There will still be many weeks and a lot of paperwork to get through, including the home inspection report mentioned earlier, before you are able to sign contracts. Don’t forget to put some money aside to cover additional closing costs, which can often amount to as much as five percent of the sale price. You will also usually have a final chance to look around the place before you move in, to make sure that there have not been any significant changes since you made your offer. And with all that complete, you are ready to take ownership of your new home!

Buying your first home can be a stressful process, but by making sure that you plan thoroughly and leave as little as possible to chance, you can keep the stress to a minimum and achieve your dream of home ownership as quickly and smoothly as possible.