Finance

Getting Your License to Drive a Motorcycle

Angela Manning Finance , ,
Getting Your License to Drive a Motorcycle

With the warm weather quickly approaching, you may be itching to get outside more often. One of the best ways to enjoy the warm weather is by driving the roads on a motorcycle. Motorcycles offer you the freedom that you want while driving with the style and sophistication that you’re looking for. However, in order to operate a motorcycle, you need to sit for a special road exam and test. This ensures that you are knowledgeable enough to operate this vehicle and are safely driving on the road. Before sitting for the actual exam, it’d be nice to have a practice test for the Permit that has all of the questions you’d be asked when taking the test at your local DMV.

How to Get a Motorcycle License

In order to ride a motorcycle legally, you need to get a special license to operate this specific vehicle. You will need to sign up for an exam at your local DMV. In order to actually receive the license, you must pass this test. This proves that you are knowledgeable about driving a motorcycle and will be able to safely operate the vehicle. There are many study programs that you can utilize when you are looking to go for your motorcycle license. These help you to prepare for the actual test and know what to expect when you are going to be taking the exam. You will then be able to receive your new license and will be equipped and ready to take that bike out of the garage and go for a ride.

Taking a Practice Test Online

The issue that a lot of drivers have is that they don’t necessarily know what to look for when sitting for the exam. By taking a practice test on the Internet, you can become aware of the different questions that might be on the actual exam. These tests use real questions that the DMV will be using, giving you the chance to see what will be asked and how to go about answering the questions. These practice tests are important for when you need to sit for an examination and know that you are going to be getting a motorcycle license when and if you are able to pass. These tests are easy to take and can be taken right in the comfort of your living room.

Understanding What to Expect

Once you have done several online practice tests, you will be able to take the actual exam as provided to you by your local DMV. When you are able to pass, you will receive your new license and will be able to take that bike out of the garage for a test drive. By being able to take several tests online before sitting for the actual exam, you can be more prepared and will know what it is that you are able to experience when you are going to be receiving the license in question. This makes it easier than ever for you to get the license that you need and want without it becoming a problem and without you having to worry that you are going to be failing the exam. If you fail the exam, you may need to pay more money just to be able to sit for it again.

Driving in Style

Thanks to taking several online practice tests, you will be able to drive around on your new motorcycle and won’t need to worry that you are having to take exam after exam or not knowing what to expect when you go to your local DMV. By being able to prepare for the actual exam, you can feel confident in what is being given. This is the reason so many people have chosen this as an option and are noticing it to be quite helpful in what it is able to do for them.  These practice tests are easy to take and are convenient for when you want to practice for the exam without having to go to a local test center. So dust off your bike and get ready to ride!

All You Need To Know About The Eames Walnut Stool

Angela Manning Finance ,
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.

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

Angela Manning Finance , , , ,

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.

The Importance Of Paying Your Back Taxes On Time

Angela Manning Finance , , ,
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

Angela Manning Finance , , , , ,
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.

The Benefits of Working from the Comfort of Your Own Home

Angela Manning Finance , ,
The Benefits of Working from the Comfort of Your Own Home

Scheduling Work Around Family Time

As a parent, one of the most difficult tasks can be creating a schedule that not only allows you to make money but to also have time with your family. The great thing about working from home is that it allows you to create your own schedule around your children’s schooling, after-school activities, and family time.

When creating your schedule, it is always a good idea to add a little extra time to all family related activities as we all know that most of the time, things do not go as planned. By giving yourself an extra 20-30 minutes in your family outings or meal times, you will always have a little room for error if your child or spouse needs an extra moment of your time. When coaching your child’s team, this extra time can really help. This time will be well spent when passing out the acrylic awards to your team for a job well done.

Maintaining a Comforting Atmosphere

The most important thing to remember when working from home is that a comforting, quiet atmosphere is needed to help maintain your concentration. Whether you choose the room at the furthest end of your house or a small office den away from distractions, it is ideal to be as far away from loud noises as possible in a comfortable space with all your work necessities. Most work-from-home jobs require you to give your undivided attention for a specific amount of time and, unfortunately, the havoc of your everyday family life can break that concentration you need to reel in a paycheck at the end of the week.

Benefits of Working From Home

  • Working from the comfort of your home is one of the greatest benefits anyone will experience. You can remain in comfy clothing, relax on your couch while working, and even grab a coffee at any time throughout the day.
  • Although most parents need a break here and there from their children, sometimes a parent would rather spend every second with their child. By choosing to work from home, you are able to savor the little moments with your child that you most likely would not experience while working outside of your home.
  • Another great aspect of working at home is being able to create your own schedule and becoming your own boss. This means that you get to choose when you take your coffee break and what time you decide to start work in the morning without the fear of taking too long or being late first thing in the morning.

The Downside to Working From Home

When anyone starts working from home, the first thing that doesn’t go unnoticed is all the distractions around your home. Some distractions may be as simple as the television, game systems, cellphones, children running around or even company constantly stopping by. To avoid the negative aspects of working from your home, be sure to start weeding out these distractions before they even become a problem. Although it will remain difficult at first, over a period of time you will start to form a routine that will help keep you away from these things. Some simple tactics for eliminating these distractions are as follows:

  • Before starting work, always make sure all TV’s in your home are shut off so you are not turning around repeatedly to see what is on. This is one of the biggest distractions to anyone working from home.
  • Make sure anyone who stops by on a regular basis knows that you are on a strict schedule with work so you will not have any interruptions. As everyone knows, company never has a set time for showing up or leaving which could potentially turn into an all-day affair.
  • If you are a parent with younger children in the home, sometimes you will have to work around their nap time to get work done peacefully without the sounds of little pitter patters running up and down the hallway. Be sure to always utilize the quiet moments as they are far and few in between.
  • As most of us love to check out our social media pages throughout the day, it is important to refrain from checking our phones for notifications. This is very habit-forming and takes away a good portion of our workday by even just checking it once an hour.

Drowning in Debt: Ways to Recover

Angela Manning Finance , , , ,
Drowning in Debt: Ways to Recover

When you are in debt to many creditors at once it can consume not only your money, that’s a given, but also your life. Being in debt doesn’t feel good. In fact, it can cause you to sink into depression and leave you unable to perform to your best ability at home and work. Having excessive debt can also have an impact on your credit. The good news is that there are several ways to fix the problem and relieve the stress you now face daily.

Applying for a Loan

A quick fix to your debt is to earn cash quickly to pay up what you owe. However, in most cases when you are severely in debt, you also have a poor credit score, which will limit the number of lenders who will approve a loan application. Thankfully, there are other lenders who offer quick cash loans that don’t use the same guidelines as traditional banks, giving you a better chance at getting some money to help reduce the debt.

Debt Consolidation

If you feel that you are too far gone to straighten things out, a debt consolidation service may be of interest. You will need to have all your information including the names of the creditors and the amounts you owe each one before contacting the service. However, once you turn over this information, they will contact each one of them and try to reduce the amounts you owe and settle them. This will let you pay one payment each month to the debt service to cover all the balances. In many cases, you can pay them off completely within one to two years.

Contact Your Creditors

If you prefer to do it on your own, and you think that you can start to make your payments on time, contacting the creditors on your own makes sense. In many cases, the companies will work will you rather than have to place a bad debt with an outside company and lose a large portion of the money you owe them.

Give up the Luxuries

The best way to get out of debt is to pay off the debt as soon as possible. Giving up on the luxuries such as dining out or buying large items and refraining from spending ensures you have that money to put towards your debt. Paying it off sooner also will help you to save money on the interest accumulated, as well.

Other Sources of Income

Another way to reduce your debt is to find another source of income. You may take on a second job or use your skills to provide services to another for a fee. You can also sell things around your home. Chances are good that if you you’ve lived in your current home for more than a couple of years, you have things in good condition that you don’t need but that someone else can use.

Having a lot of debt can weight heavy on your shoulders. Luckily, there are many ways to reduce your debt and start enjoying life once more.

How to Choose a Great Mattress Store

Angela Manning Finance , , , ,
How to Choose a Great Mattress Store

Is it time to buy a new mattress? If your mattress is old, uncomfortable, damaged, or you wake up feeling like you’ve not slept a wink, it may very well be time to go shopping. However, do not shop at the first mattress store around the corner and hope for the best. Many mattress stores exist, and while they all sell the same product, their similarities stop there and all of the stores vary considerably in their inventory, pricing, and customer service. Choose the right mattress store to ensure you find a quality product at a price you can afford.

Although there are tons of mattress stores out there, you can narrow down the selection if you know what to look for in that store. A good mattress store carries a variety of mattresses from well-known brands and sells them at reasonable prices. Brand selection is important because some names are known for quality while others not so much. A great mattress store is staffed with professionals who get excited to talk about mattresses and who are quite proud of their extensive knowledge of the product. They’re eager to assist mattress shoppers in any way possible, whether it is with a product recommendation or by answering questions.

Mattress stores that really want to take care of their customers will guarantee their products and offer warranties with them as well. It is satisfying to know that you are spending money on a product that is guaranteed to last. Mattresses are not cheap, after all, and replacing it any time soon is probably not an investment that you want to make again. Warranties and guarantees provide assurance in the product assurance and that is important.

Although you may not realize it, mattress style is also important when you’re in the market to purchase a new mattress. You want a comfortable, stylish bedroom that eludes decorative design that matches your personality and the mattress that is chosen greatly impacts the overall design and appeal of the room. Know that look that you want to create ahead of time, browse the mattress options, and when all is said and done, it should be simple to find a product that exceeds expectations and provides the good night of sleep that you want, need, and deserve.

If you’d like to get more mattress for less money, be sure to keep an eye out on the sales. A good mattress store understands its customers has their eye out for a good deal and will always pay attention to a company that appeases them with an exciting offer. Although deals vary from one store to another and from one mattress brand to another, the sales and offers are undeniably amazing and help shoppers save a nice chunk of change on a quality mattress. Sort through the sales and you may very well find an offer that helps you get an awesome mattress for a whole lot less money than you ever imagined possible.

You want to take advantage of a mattress sale to keep costs low and get more product for less money. But, do not take advantage of a sale without first researching the products and brands. Not every brand is known for quality products and you deserve to know this ahead of time. The average mattress has a 7 – 10 year lifetime, but not every product lasts this length of time. Quality mattresses are much more likely to last so less frequent replacements are needed.

Is delivery offered from the store? You should probably avoid shopping with a store that doesn’t offer delivery if you’re not prepared to spend some cash to pay a professional to pick it up for you or don’t mind DIY (and have a vehicle to transport the mattress.) Store delivery simply makes life easy and ensures that you get the mattress to your home without any hassles. Assembly upon delivery is also a beneficial service that many mattress shoppers want and need. This service further eliminates the hassles of a mattress purchase so all that is left for you to worry about is sleeping well tonight.

Elevate Your Wedding with Vintage Wedding Centerpieces

Angela Manning Finance , , ,
Elevate Your Wedding with Vintage Wedding Centerpieces

There’s something very charming and romantic about vintage items. These pieces hold stories of the past that touch the heart and make imaginations wander. If you’re looking for a way to elevate your wedding décor and turn up the romance, adding some vintage centerpieces to the tables will certainly do the trick. You can be super creative with these and there are many different options to choose from.

Whether you’re having a rustic outdoor wedding, a vintage wedding or even a modern wedding, adding vintage centerpieces to the table décor is a surefire way to inject some charm into the ceremony as well. Read on to learn about some of the most essential elements you can use to create your own whimsical and romantic vintage centerpieces.

Flowers

Flowers are as much of an essential part of the ceremony’s décor as wedding dresses are to the bride. You can never really have too many flowers when decorating for a wedding. For vintage centerpieces, it’s best to use flowers in soft colors and muted tones like cream, white, soft purple and pink, and pastel yellow. Add little pops of color that match the surrounding décor and incorporate some greenery into each piece.

Natural Elements

Elevate the charm of a vintage centerpiece by incorporating natural elements like wood or stones. Set the flowers atop a round wooden slab, use pebbles as fillers in small glass items or carefully place some smooth, round- and oblong-shaped stones around the other decorative elements of the centerpiece.

Candles and Candle Holders

Nothing says vintage romance quite like the right candles in the perfect candle holders. Depending on your wedding’s aesthetic and your own personal taste, you can use tall candelabras, thick pillar candles on vintage-style stands or lots of smaller holders with tea light candles.

Creative Elements

Have fun using various creative elements to put a unique and personal touch on each centerpiece you create. Incorporate items like mirrors, photo frames, pearls, books, bird cages and trays. Mirrors can be used like trays and really work well when they have a classic decorative frame. Stack a few old books on top of one another and set your flowers on top. Fill some round vintage bird cages with flower arrangements and hang them from the ceiling. Use vintage photo frames for each table number. Drape pearls and other decorative vintage elements around the centerpiece for a final touch.

Colors like brass, gunmetal, dull gold and cream are ideal palettes for a vintage theme. If you want to add pops of color, stick with royal shades like navy blue, plum, burgundy and emerald green.

Add a Personal Touch

When you’re putting your centerpieces together, consider adding a very special touch by choosing from special vintage wedding dresses to blend with the décor and incorporating vintage items that belong to your family into the centerpieces. Talk to relatives and see what kinds of special things you can gather. This will help put a unique and personal touch on each piece.

Advantages and Disadvantages of Filing Your Own Taxes

Angela Manning Finance , , , ,
Advantages and Disadvantages of Filing Your Own Taxes

Neglecting your personal finances can lead to all types of problems in the future. Therefore, you should stay organized and make sure to keep close track of your finances. Part of keeping your financial life in order includes dealing with filing your income taxes. Failure to do so can result in fines and various other charges. The Internal Revenue Service (IRS) may even decide to contact you by mail, which is usually not good news.

Therefore, you should make sure to plan ahead and prepare to file your taxes on time or even early if possible. However, whether you decide to file your taxes yourself or hire a competent tax professional, such as Western Shamrock Corporation (Local) tax preparation service(s), will depend upon your knowledge of tax laws and accounting and also how much time and energy you are willing to spend. You should carefully examine the pros and cons of filing your own taxes since there are some significant risks and disadvantages in choosing to do so.

Time factor

Time is money, as they say. This is one thing to think about before choosing to file our own taxes. In many instances, depending upon your situation, filing your own taxes can be an extremely time-consuming venture. Taxpayers spent an average of 13 hours, according to the IRS. If you have to file a Form 1040 then that amount of time goes up to 16 hours. However, if you have to file business taxes, the amount you will spend jumps up to 24 hours on average. In more complex cases, the amount of time spent can even be more. Depending upon your situation and how much you value your time it may make sense to hire a tax professional.

You can deduct tax preparation fees

One of the drawbacks of hiring a professional tax preparation service is the fees charged. However, if you itemize your taxes you may be able to deduct the fees charged for a professional tax preparer. If you file Form 1040, you can deduct tax preparation fees under miscellaneous deductions as long as your deductions under this category is 2 percent or less of your adjusted gross income.

Constantly changing tax laws

Another reason to consider hiring a professional tax preparer is the constantly-changing federal tax code. Each year the tax laws are adjusted making it almost impossible for the everyday person to be completely aware of the changes and if they may be applicable to his or her situation. A good tax preparation service should be up-to-date on all of the latest tax laws in order to make sure you are in full compliance with regulations while ensuring you are aware of all of your options. This will allow you to minimize your tax liability and possibly even help you receive a large tax refund.

Save money

Of course, the obvious reason to do your own taxes is to save money on the preparation fees. This may make sense if your taxes are fairly simple and straightforward. If you have a basic understanding of tax law you may be able to get by. With the amount of free information on the Internet, it is definitely possible to teach yourself. However, you will have to be careful to only use accurate sources of information. On the other hand, there are certain circumstances which are too complicated for most untrained people to handle, requiring the help of a competent tax preparation service.

If you own, sold or started a business it may not be a good idea to do your own taxes. Also having various investment gains or losses can make filing more challenging. Capital asset, real estate, and trust fund transactions will require significantly increased time and effort to report. If you receive income in a state or country that is not the same as your residence, certain tax laws may apply in different ways which could require significant tax law knowledge. Additionally, if you are self-employed your tax filings will be significantly more burdensome than the average nine-to-five worker.