HOODS TAX
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Bookkeeping / Payroll
    • Quickbooks Services
  • 2021 Tax Prep Checklist
  • Contact
  • Blog
  • Login
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Bookkeeping / Payroll
    • Quickbooks Services
  • 2021 Tax Prep Checklist
  • Contact
  • Blog
  • Login


​Hoods Tax &
Accounting Blog


​​​THE INFORMATION IN THIS BLOG IS INTENDED TO PROVIDE GENERALIZED INFORMATION DESIGNED FOR A BROAD SEGMENT OF THE PUBLIC; IT IS NOT PERSONALIZED TAX, INVESTMENT, LEGAL OR OTHER BUSINESS AND PROFESSIONAL ADVICE. YOU SHOULD ALWAYS SEEK THE ASSISTANCE OF A PROFESSIONAL WHO KNOWS YOUR PARTICULAR SITUATION FOR ADVICE ON YOUR TAXES, YOUR INVESTMENTS, THE LAW OR ANY OTHER BUSINESS AND PROFESSIONAL MATTERS THAT AFFECT YOU AND/OR YOUR BUSINESS. ​

How to Start Saving for College; Even When The Sky Is Falling (Part One)

10/28/2020

0 Comments

 
Picture
Even though the school year has started, it's never too early to start saving for college! With how strange this year has been, give yourself and your fiances something to look forward to!

Hello, Goose Creek! We hope you're doing well. From our family to yours, we continue to be so thankful for your love and support during this crazy year, after tax time, and while the world is still a little strange. We are always here to help you and your family prepare financially for whatever goals or challenges you might be wanting to reach or overcome. 2020 has taught us to prepare for the unexpected, and we are here to continue facing this year head-on with you. It's not over yet, so who knows what it could bring!

In our last two blogs, we talked about saving money when it comes to buying school supplies and other necessary things for the school year. Saving as much as you can right now, we understand, is very important to all of our Goose Creek friends and families. While finances might be a little more secure than they were six or seven months ago, we are all aware that this could change in an instant. We hope our last two blogs helped calm you a little and prepare you for this current school year, or even the next. In this two-part blog, we are going to go a step beyond. For many parents and students, our last blog might have been outdated because many of them are planning on heading to college next year. Some of our adult readers might be thinking about going back to college or have the time time to finally go to college, too. While everything is so unknown, education is still an important expense and one that shouldn't be taken lightly. So, we wanted to dedicate this blog to all of our readers and their family members who are thinking about college or are finally taking the steps to go back to college! These are some of the top tips and suggestions on how to save money to pay for your college tuition.

There is so much that goes into applying and getting into college that can make the process very overwhelming and daunting. We don't want money to be one of them. We at least want to take that heavy burden off of you as best we can. You or your children have worked hard to get to the day where you submit your applications, and you deserve the best ways to make your dreams possible, not be prevented due to financial burden. Think about it, according to Forbes, the average cost per year for tuition ranges between $10,000 to $22,000 for public state schools, while private universities can range between $36,000 to $55,000 and more every year. Add on all of your textbooks, living expenses, and possible travel expenses, and this can become quite a hefty bill. For our parents, you need to make sure that your financial standings and responsibilities are in place before turning your attention to a college savings fund. This can help you get the loans you need and be financially prepared while still being able to care for and provide for your family. If you are paying for school on your own, this all still rings true.

TIP ONE: Start Saving!
You can begin saving for your child's higher education from the moment they're born or from the moment you decide it's time to go back to college. According to the New York Times, one of the best savings accounts to use is a 529. It's a simple plan to use and to understand. You take the simple steps of opening one up and then you decide how your money is going to be invested. You can contribute as much taxed income as you'd like to this account over as many years as you'd like. What is really appealing is that your investment will grow tax-free and can be withdrawn without capital gain, as long as the money is used to pay for higher education. Also, a 529 can give you a state tax benefit on all the contributions you make to the plan in 34 states, according to the New York Times. You can begin automated payments to the account once it's open, you can ask friends and family members to contribute, you can ask your employers to match your contributions as part of your contract, and you can even earn cash for your plan by spending money. Certain credit card companies will pay into your 529 when you spend certain amounts on their card or reward you with cashback options into your 529! Starting to save is always a great starting place, and there are many ways to do so. You just have to find the plan that works best for you.

TIP TWO: Scholarships & Grants
The burden of saving for college doesn't have to be on your shoulders alone as a part or as an individual. You support and push your child to succeed in school, have them participate in after school activities, and have them give back to the community. All of these attributes can pay them back in the form of scholarships and grants. Also, have them take AP or International Baccalaureate classes to help them get larger scholarships and grants based on their GPAs, college credits so you have less time at school to pay for, and the opportunity to go to a better school more affordably. You can also do the research together and see what scholarships and grants are available to your child. There might be more out there than you think. You can even go outside the box of the internet and talk to your child's guidance counselor. They are more than happy to add their help to the mix. If you're an adult heading back to school or going to college for the first time, don't think you are excluded from these options. Do your research, you will be surprised at the number of potential scholarships and grants that are just out there waiting to give you money. You just have to put the effort into looking for them.

According to Capital One Bank, more than 80% of students who go to college receive some kind of grant, aid, or scholarship. This can help the money you've saved stretch even further. Plus, leaving your child with as little debt or loans to pay back after they graduate allows them to have a healthy and successful opportunity to grow and build their finances as an adult.

TIP THREE: Reasonable Challenge
No matter when you start saving for college, you honestly don't know how much you'll end up owing until you have to sign on the dotted line. When sitting down with your budget and savings plan, make an honest and reasonable goal for how much you and your family can save and how much you want to save by the time you or your child is ready to go to school. You will still need to pay for everything in between now and then, and it's important to make the most of your life before, during, and after you or your child goes to college. Don't beat yourself up if you need to slow down your contributions for an emergency or two. You can pick up from where you left off. Just don't give up on saving once you've hit a bump or challenge.

How is your saving process going so far? Have you started to consider saving or having you already been saving? Are these new ideas to you or are they going to help the road you're already on? We'd love to hear from you about that in the comments below. If you have any questions or comments about saving for college between now and the second part of this blog, please don't hesitate to reach out. We are here to help you and your family be as financially prepared as possible. Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!

0 Comments

Smart Budgeting For The School Year ( Part 2)

10/19/2020

0 Comments

 
Picture
We are back with our second installment of how best to budget for your school year. If you're still paying for 2020 or wanting to better prepared for 2021, we have more tips and suggestions to make the school year's expenses a little easier on your wallet. 

Hello everyone! Welcome back to the blog. We are going to be continuing with part two of our tips and suggestions series on how to budget and save money when shopping for the school year. We know that many of these suggestions might be better suited for the second semester of the year of 2021, but we hope that if we share them with you now, that you can plan more efficiently for the years to come. Have you used any of our suggestions from the first part of this blog? Have you come across even more money-saving tips that you want to share? Please don't hesitate to comment and share them with us after reading this blog, we would love to hear from you! 

3. Plan It (Part 2)
​
When you're planning on heading out to the store or committing to some serious online shopping, don't forget to research your apps! There are tons of money-saving apps that you can use to get cashback on your purchases. Some apps can alert you if you're getting a good deal or if the item is priced better somewhere else. You can also get alerts when your favorite stores are having good deals and sales too. The school year can also be an exciting task for you, our coupon superheroes! Put your skills to work. You've found incredible deals for your family by using your coupons, use them for the school year too. Don't forget to visit your local dollar stores and clearance stores. They will surprise you with what products they offer. Don't exclude thrift stores or thrifting apps like Poshmark or ThreadUp. While these might not be ideal for electronics, you'll be able to find some incredible deals on school clothes, supplies, and more. For students who are going back to school in person and who wear uniforms, use Facebook Marketplace to good use! Buy gently used uniform items that other students have grown out of and fit your children perfectly! 

Also, don't forget to buy clothes off-season. While you might be needing some new fall clothing to make it through the cooler months, there is nothing wrong with picking up a new outfits at the end of summertime or wintertime for the following season. You can get some incredible deals and a good amount of clothes for your children, including school uniforms, when the seasons are changing. When you're shopping at your favorite stores, don't forget to spend some time on the sales rack. They might be a little terrifying to dive into, but it can help your purse strings. Also, remember to buy a size or two up for children still going through puberty so these clothes will fit them once the appropriate season comes around again! 

4. Inventory
 
Make sure to take a look around the house before you go shopping. Due to the changes this school year has brought, you might already have to reorganize some of your living areas to accommodate room for e-learning, why not take this as an opportunity to do a little fall cleaning? Does everyone in your home think they need new school supplies? Gather up all the pens, pencils, crayons, markers, glue sticks, scissors, and rulers in the house to see what you already have. Go through them and throw out what can't be used, and keep the good supplies. Have 10 bottles of open glue? Pour them into one another to have full bottles and get rid of the empty ones. Have a bunch of worn down crayons? Melt them down and create new ones! This can be a fun family project and can be a huge money saver. They may not be brand new, but you might already have all the school supplies you need in your home, waiting to be used. 

This can also be applied to electronics. Do you have old computers, laptops, or tables that can be refurbished and passed down? How about old pairs of headphones? Can you turn an unused room in your home into a home classroom with pieces of furniture you or your family members already have? Also, there is nothing wrong with sharing. Yes, we know this can be a huge challenge with multiple children. This will have to be a planned effort by the whole family, but you can do it! 

5. Make The Most Of It 
As we've mentioned in previous blogs, going out to eat can add up very quickly, as can getting delivery. The same goes for school lunches. If your child is going back to school in person, do packed lunches and snacks, and eat breakfast at home. These meals can be added to your monthly budget and can help you cut down on outside expenses. Also, look into buying in bulk. Costco and Sams Club do have excellent deals on electronics, but their initial fame came from their bulk-sized products. Buy in bulk, meal prep, and freeze! Getting a membership to these big stores might seem expensive, but you can get cash back and other perks to make it worth your while and benefit your budget. 

Needing extra child care? Ask your tribe first. Can a family member or friend help out? Can you join a nanny pool with your friends and their children who you've already spent time with during quarantine? How about hiring a tutor or personal teacher for your safe bubble of friends and their children? This can cut down costs, give your children personalized attention in their lessons, and help them continue to socialize like they would in class! 

When it comes to school activities, we know that you want your child to be involved with as much as possible. You want them to experience new things, spend time with friends and make new friends, add potential skills and experiences for their college applications, and find things that could help them in their future careers. With the pandemic of 2020, the opportunity to participate has been drastically reduced due to safety measures. Many artistic activities like theater, band, and choir have been canceled along with many indoor sports. Remember, when things get back to normal, your children don't have to do them all. Sports, dance, theater, and any after school program and activity can seriously begin to add up. Pay to play, costumes, equipment, private teachers and coaches, can all add to those expenses. Limit your child's activities to one or two, and let them truly invest their time and abilities to those chosen activities. This will also be a big money and time-saver for you and your whole family. 

Always remember that even while you're making a budget for the school year, continue to make a budget for the whole year. Once the school year is over, that doesn't mean you shouldn't keep it as part of your year-round budget. This can help you save more money for the upcoming school year, and not feel pinched once you have to readjust to those expenses come September. It can help you keep on a consistent and steady track with your budget and your finances without giving you a heart attack at the end of every quarter or change of season. After all, that's a pretty fantastic goal to keep, right? 

We hope that this blog series has helped you plan out your future or current school spending, and how you might look at the 2021 school year's spending as well. With the uncertainty that 2020 is still giving us, it doesn't look like 2021 will be much different. So, while you might have already purchased everything you need this year, or you're still currently in the middle of the process, you will have more time to choose how you plan out your budget from today forward. Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon

0 Comments

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    May 2017

    Categories

    All
    1040
    1040-sr
    2019 Taxes
    2020 Tax Bill
    2020 Taxes
    2020 Tax Extension
    2020 Tax Return
    2020 Tax Season
    2021 Taxes
    2021 Tax Season
    2022 Tax Day
    401(k)
    529
    529 College Account
    529 Saving Plan
    Accountant
    Accounting
    Accounting Goose Creek
    Accounting Principles
    Accounting Services Goose Creek
    Agoraplaus
    April 15 2021
    April 15th
    Asama
    ATM
    Back To School
    Bankruptcy
    Basecamp
    Basics Of Accounting
    Black Shopping Alternatives
    Bookkeeping
    Bookkeeping Basics
    Bookkeeping Goose Creek
    Bookkeeping Goose Creek Sc
    Budgeting
    Buffer
    Building A Business
    Business
    Business Consulting Goose Creek
    CARES Act
    CARES Act 2020
    College Loans
    College Planning
    College Saving
    Common Questions
    Common Tax Mistakes
    Consulting Goose Creek
    Contact Hoods Tax And Accounting Goose Creek Sc
    Contact Hoods Tax Goose Creek Sc
    Coronavirus
    COVID 19
    COVID-19
    Cryptocurrency
    Cutting Costs
    Cutting Costs At Thanksgiving
    Cybersecurity
    Deductions
    Digital Currency
    Documenting Your Taxes
    Donations To Your 401(K)
    Economic Impact Payment
    Effects Of A Global Pandemic
    Estate Taxes
    Evernote
    Expense Tracking
    Facebook Creator Studio
    Fake Covid Scams
    Fake Emails
    Fake Phone Calls
    Fake Text Messages
    FASFA
    Filing Taxes
    Financial Aid
    Financial Preparedness
    Financial Recovery
    First Time Tax Payer
    Getting Ready For Tax Season
    Gift Taxes
    GoDaddy
    Google
    Goose Creek
    Grants
    Hidden Tax Write Off
    Hidden Tax Write-off
    Home Owner
    Home Ownership
    Hoods Tax & Accounting
    Hoods Tax And Accounting Service
    HootSuite
    How To Claim Unpaid Stimulus Money On Your 2020 Tax Return
    How To Save Money At Thanksgiving
    How To Spend Your Tax Return
    How To Stay Safe At Thanksgiving 2020
    How To Stay Safe This Thanksgiving
    Hurricane
    Hurricane Fund
    Hurricane Plan
    Important Dates
    Important Documents
    Impulse Spending
    Income
    IRS
    Itemized Tax Deduction
    Jumpstart Your Day
    Last Minute Tax Deductions
    Last Will And Testament
    Lowcountry
    Lowering Your Tax Bill
    MailChimp
    Make Donations To Your HSA Account
    May 17th Tax Extension
    Medical Expenses
    National Podcast Day
    Online Scams
    Organization
    Owning A Business
    Pandemic
    Paying Your Tax Bill
    Payroll Services Goose Creek Sc
    Pension
    Phishing Scams
    Phishing Schemes
    Phone Call Scams
    Podcast
    Preparing For 2020 Taxes
    Preparing For Your 2020 Taxes
    Preparing For Your Taxes
    Productivity
    Productivity Tools
    Protecting Yourself From Stimulus Fraud
    Protecting Yourself From Tax Fraud
    Quickbooks
    Quickbooks Services Goose Creek Sc
    Quickbooks Small Business
    Quickbooks Training Goose Creek
    Quickbooks Training Goose Creek Sc
    Recovery Rebate Credit
    ResueTime
    Retirment Taxes
    Save Money
    Saving For College
    Saving Money
    Saving Money For Thanksgiving 2020
    Savings
    SC
    Scam Emails
    Scams
    Scam Text Messages
    Scholarships
    School Shopping
    Security
    Senior Taxes
    Senior Tax Filer
    Senior Tax Payer
    Small Business
    Small Businesses
    Social Security
    Social Security Administration
    Social Security Scam
    Spending Your Tax Return
    Squarespace
    SSI Benefits
    Standard Tax Deduction
    Stimulus Check
    Stimulus Payments
    Stiumuls Scams
    Strained Finances
    Student Loans
    Summer
    Tax Brackets
    Tax Credit
    Tax Day
    Tax Deductible
    Taxes
    Tax Extension
    Tax Fraud
    Tax Implications
    Tax Info
    Taxpayer
    Tax Payer
    Tax Paying Citizens
    Tax Planning
    Tax Preparation
    Tax Preparation Goose Cree
    Tax Preparation Goose Creek
    Tax Professional
    Tax Refund
    Tax Return
    Tax Season
    Tax Season 2020
    Taxtaxes
    Tax Tips
    Tax Write Off
    Thanksgiving
    Thanksgiving 2020
    The Dangers Of Stiumuls Scams
    Third-party Reporting
    Tips
    Tips For Financial Recovery
    Tips For Saving Money
    Todist
    Toggl
    Trello
    Tsheets
    Unable To Pay Tax Bill
    Unable To Pay Your Taxes
    Unemployment
    Unemployment Tips
    Unknown Tax Facts
    What Not To Spend Your Tax Return On
    What To Spend Your Tax Return On
    Will
    Will And Testament
    WordPress
    Working From Home
    Wunderlist

    RSS Feed

Hoods Tax & Accounting Service, LLC.
​105 Etling Ave, Goose Creek, SC 29445

Phone: 
(843) 797-5153
Email: admin@hoodstax.com
Site created by Creative Consulting
Site powered by
MadeSimply
quickbooks desktop certified proadvisor logo
online quickbooks certified proadvisor logo
Hoods Tax and Accounting service logo
Hoods Tax & Accounting Service, LLC.