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Costco’s “Stunning” Viral Couch Keeps Selling Out (and Shoppers Love It)
Fans are calling it “millennial green” for a reason.
READ MORE… | BidBuddy.com
Should You Pay Someone To Do Your Taxes?
One of the biggest questions we see every tax season: should you pay someone to do your taxes?
Getting a tax refund is a big part of that question. Most people hope for a refund and look forward to getting their direct deposits (who gets a paper check anymore)?
But doing your taxes can be hard, or so the mainstream media tells you, along with commercials and more. So, should you pay someone to do your taxes?
As with most things, the answer is: it depends.
It depends on a few factors, and we break down whether you should pay someone to do your taxes, or whether it makes more sense to do it yourself. And if you are going to pay someone, who should you be paying – does using one of those big companies like H&R Block even make sense.
Here’s what you need to know.
Table of Contents
When It Makes Sense To Do Your Own TaxesWhen You Should Pay Someone To Do Your TaxesWhere You Should Get Your Taxes DoneFinal Reminder
When It Makes Sense To Do Your Own Taxes
For many Americans, it makes sense to do your taxes. Honestly, the actual act of doing your taxes is very easy (especially if you’re financially organized). If you can read a form and input information onto a computer screen, you can do your taxes.
There are a lot of free tax software options if your income is below $79,000, and even if it’s more, tax software prices are very reasonable (much less than a paid tax preparer). When we compared the major tax software options, the average price for paid versions was about $60 for itemized deductions. And in our survey on how much Americans paid to file their taxes – the average was about $50.
If you have a straightforward tax situation, it makes sense to do it yourself because it will be much cheaper. So, what does a straightforward tax situation look like? Here are some common examples of when it makes sense to do it yourself:
* You’re single, have a job, and not much else
* You don’t own a business
* You don’t have complicated investments
* You have the patience to sit down and do it
You should also have a basic understanding of how taxes work. If you don’t yet, because maybe it’s your first time filing your taxes, take it slow and learn about what you’re doing – that will make future years really easy.
When You Should Pay Someone To Do Your Taxes
If you’re going to pay someone to do your taxes, you should be looking for help that is MORE than just data entry. Yes, while a tax preparer is there to actually file your taxes – the process of getting ready to do so can involve a lot of moving parts. And this expert you’re going to hire should be able to help navigate you through it.
Some common examples of when it makes sense to pay someone to do your taxes:
* You make over $200,000 per year
* You had a life event, such as marriage, divorce, or children
* You started a business
* You own complicated investments like partnerships or trusts
* You have questions that you can’t answer
The goal of paying someone to do your taxes should be two-fold. Of course, getting your actual taxes done. And getting help and advice. Some common areas where a paid professional can help include:
* Optimizing your accounts to lower your tax burden
* Ensuring that you qualify for credits and deductions or that you take all credits and deductions you’re qualified for
* Keep accurate records of complicated investments, such as partnerships
* Help you optimize your business structure to lower your taxes
So, when deciding if you should pay someone, keep those ideas in mind when discussing your situation.
Where You Should Get Your Taxes Done
Now that you know when it makes sense to pay someone to do your taxes, where should you get it done?
It’s important to note the cost of getting your taxes done. For a basic return (one that you likely should do yourself), it will start at $100 or more. According to a recent study by the National Society of Accountants, the average cost of getting your taxes done is $261. If you’re asking for help on a myriad of financial topics, you can expect to pay about $350-500 to get your taxes done, but that includes advice as well.
For most people that “should” get their taxes done by a professional (versus those that simply do but don’t need to), a CPA usually makes the most sense. But even if you do go to a company like H&R Block, you want to make sure that you know who you’re working with, and if they are qualified. Some unscrupulous tax preparers have a tendency to mislead.
The IRS requires all tax preparers to register, and you can find their information online: The National Directory of Registered Tax Preparers and Professionals.
Make sure you check whoever you work with, no matter the firm – large or small, public or private.
Also, make sure you develop a good relationship with that person. They should be able to help you with your tax related questions. If they can’t answer or help you, it’s a sign that you need to find someone else. If they just want to do data entry, it’s not someone you should pay several hundred dollars to.
If you find yourself owing a lot of taxes (or owe back taxes), you may want to consult with a tax debt professional. Check out Solvable and get help >>
Final Reminder
Finally, remember, even if you pay someone to prepare your taxes, you personally are responsible for the accuracy of the information provided. The tax preparer can help you, but you need to make sure it’s right.
One of the biggest errors I see every year are typos – especially from people that use the major mass-market tax preparation companies that you see on TV. These data entry professionals (because they rarely offer advice or help), can mess up. They can misspell your name, mistype your Social Security number, and more. All of those will result in delays on your tax refund.
Make sure that you do a thorough review of your tax return before you file – no matter if you do it yourself or if you pay someone to help you.
Editor: Ashley Barnett
Reviewed by: Colin Graves
The post Should You Pay Someone To Do Your Taxes? appeared first on The College Investor. | BidBuddy.com
This No-Demo Bathroom Redo Makes a Blue 1950s Tub Look Totally Chic
What Does Off Market Mean When Shopping for a Home?
In your journey to find the perfect home, you’ve likely come across the term “off market.” But what does off market mean when shopping for a home? This phrase can unlock doors to exclusive listings and offer unique opportunities in your home search.
Whether you’re scrolling through home-search sites or mingling with real estate investors, understanding the ins and outs of off-market properties could give you an edge in the competitive housing market.
Yes, a Top Agent Can Find You an Off Market Home
HomeLight can introduce you to a top-rated real estate agent with a network of connections in your selected buying location. Seasoned agents stay plugged into off-market deals and pocket listings.
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What does ‘off market’ mean in real estate?
The phrase “off-market property” can have two definitions in the world of real estate:
1. When seen on home-search sites like Zillow or Realtor.com, “off market” indicates that a home is not currently listed for sale on the multiple listing service (MLS), the database of homes for sale used by home shoppers, sellers, and agents. You may have seen this “off market” status label on Zillow when you’ve searched for an address to see if a property is for sale, when it was last sold, or what its estimated value might be.
2. Within the real estate investor industry, “off market” is a term used to identify a house that has been sold outside of the MLS, meaning it was never publically posted as a property for sale. Investors will search for this second type of off-market property using a variety of strategies, including perusing sites like Zillow. They’ll search non-agent home listings, such as those posted by individual homeowners selling FSBO (For Sale By Owner) or properties being sold at auction.
Off-market homes often present opportunities for buyers looking for a deal — especially investors on the hunt for a property they can flip for a profit.
Real estate agents helping home buyers sometimes referred to these off-market properties as “pocket listings.” | BidBuddy.com
We Asked Chefs to Name the Dish Soap They Use at Home – And There Were Definite Favorites
What is a No-Doc Loan?
Before the 2008 housing crash, it was somewhat common for people to get stated income loans. These were mortgages where a lender didn’t verify the borrower’s income by looking at their income tax returns, W-2 records, or pay stubs. A lender would simply ask a borrower to state their income, and they were taken at their word.
Stated income loans were theoretically for self-employed borrowers, but they started being extended more and more to subprime borrowers. The lack of verification for someone’s income made these loans high fraud targets.
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After the housing crash, stated income loans were done away with.
Now, to get a mortgage, you have to show your income through different methods, including showing your tax records.
This still gets tricky for self-employed borrowers.
As a self-employed borrower, you may show a much lower income than the reality because of deductions you take advantage of on your taxes. These deductions can be legitimate, but they’re problematic if you decide to apply for a mortgage.
Some self-employed borrowers look for no-doc loans, which aren’t the same as stated-income loans.
We talk more about them below.
An Overview of No-Doc Loans
A no-documentation mortgage loan doesn’t mean that you show no documents. However, you might show your bank statements instead of your tax returns or pay stubs as proof of income.
With this type of loan, the lender is also likely to order a property appraisal, which is how they determine its potential resale value.
The upside of this type of loan is that they make homeownership accessible for someone who might not qualify for a traditional mortgage. They can also be faster to apply for because underwriting takes several weeks on traditional mortgages. There’s less verification with a no-doc loan.
There are some downsides, though.
First, it’s rare to find a financial institution that offers no-doc or low-doc loans.
The loan terms are also going to be less favorable. You might see the rates on these loans being as much as three percentage points higher than those on conventional loans, depending on your assets, credit score, and the size of your down payment.
You’ll need a credit score of at least 700 to qualify for these loans in most cases, and you might have to make a down payment as high as 30%.
Who is This Type of Mortgage Right For?
There’s a reason these loans exist.
It might be right for you if you deducted a large amount of business expenses in the previous year. When you’re an entrepreneur, deducting expenses lowers your net income, but you might be able to qualify if you go outside the confines of traditional mortgages.
Another reason to consider these loans is if you have an irregular income that fluctuates quite a bit depending on your business.
Some real estate investors will get these types of loans, and then the expected rental income on the property can help you get approved without other documentation or asset verification.
High-net-worth individuals can use no-doc mortgages to qualify based on their assets.
Types of No-Doc Loans
There are a few subtypes of these mortgages.
One is called SISA, which stands for Stated Income, Stated Assets. When you apply for this type of loan, you disclose your annual income and assets. The lender accepts the numbers you’re providing. After the Dodd-Frank Act passed, however, these loans became very restricted, and for owner-occupied properties, they’re no longer available.
Another type is SIVA—Stated Income, Verified Assets. You put your income on your application, but your lender goes through verification with your assets. You might have to show anywhere from six to 24 months of bank statements.
NIVA loans are No Income Verification, Verified Assets. These loans don’t require a borrower to disclose their income at all. Instead, a lender verifies based on their assets. Someone who’s a retiree or lives off investment accounts might use this type of loan. | BidBuddy.com
Steal This Look: A Modular Salvaged Kitchen in Sonoma
San Francisco designers Charles de Lisle and Ralph Dennis built their off-the-grid Sonoma retreat by way of salvaged goods and stalwart industrial elements. Case in point: The plywood kitchen de Lisle designed features a steel workbench as countertop, a cast concrete laundry sink, and an industrial faucet. The result has a wood-shop feel but is entirely modular—and, for an unplugged weekend spot, it’s just enough. Here, we dissect the kitchen’s key elements.
Above: Small but mighty, the kitchen is made of robust steel, concrete, and ply. Photograph by Eric Petschek from Off the Grid: A Stylish, Low-Impact Retreat in Sonoma by Charles de Lisle. See more of the kitchen in our post Kitchen of the Week: A Designer’s Deconstructed Sonoma Kitchen from Reclaimed Parts.
Above: A repurposed refrigerator is encased in plywood, pulls included, and built into a handmade storage unit, also in plywood. Photograph by Eric Petschek from Off the Grid: A Stylish, Low-Impact Retreat in Sonoma by Charles de Lisle.
Furniture
Above: The makeshift countertop is a Grainger workbench fitted with a custom butcher-block top. For something similar, source the Grainger Little Giant Workbench in Gray for $2,063.71 at Grainger.
Above: The chairs are vintage Josef Hoffmann caned chairs in walnut. The Thonet No. 811 Hoffmann Armchair in French Walnut Finish is available through Thonet in Australia. Alternatively, the Hoffmann Armchair in Natural is currently on sale for $626.50 at Design Within Reach.
Faucets & Fixtures
Above: The industrial wall-mounted faucet seen in the kitchen is a discontinued Kohler model. For something similar, the Chicago Faucets Wall-Mounted Service Sink Faucet with Cross Handles is $298.19 at Build.
Above: The sink is a repurposed cast concrete laundry sink saved from the original cabin. Shown here is the Houston Platinum Concretti Designs Gray Bathroom Sink, which could be rigged for a similar look; $400 at Wayfair.
Above: For a similar electric cooktop to what’s seen in the kitchen, the Duxtop LCD Portable Double Induction Cooktop is $225.26.
Above: The Breville Mini Smart Oven is $159.95 at Williams-Sonoma.
Lighting
Above: Similar lights to the old metal pendant fixtures are the Barn Light Original Warehouse Pendant Lights, shown in Industrial Grey 800; $290 for the 16-inch shade.
Above: For a brass table lamp with a woven shade, the Serena & Lily Larkspur Petite Table Lamp with a raffia weave shade is $248.
Accessories
Above: The Sugatsune HJT Hook in satin stainless steel is $9.90 from American Builder’s Outlet.
Above: The Mercer Culinary Acacia Magnetic Knife Holder is available in acacia (shown), bamboo, or rubberwood; $19.79 at Webstaurant Store.
Above: The chairs are softened with West African-made chair cushions from Tensira in brown stripe or black windowpane prints. The Tensira Chair Cushion K.133 is €53.33 directly from Tensira.
For more deconstructed kitchens, see our posts:
* Kitchen of the Week: 6 Low-Impact Deconstructed Kitchens
* The Unfitted Kitchen: 14 Deconstructed Spaces
* Steal This Look: A Makeshift Victorian Kitchen in London
* A Moveable Feast: A Modular Kitchen from an Italian Architect
N.B.: This post originally ran on March 7, 2023 and has been updated with new links and information. | BidBuddy.com
See How Paint Makes Vintage Details Pop in This $300 Kitchen Redo
Paint is the ultimate problem solver in this 100-square-foot kitchen.
READ MORE… | BidBuddy.com
