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​Hoods Tax &
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​​​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. ​

Saving a Penny, Sharing a Turkey

11/25/2020

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​While we all want to open our arms and our wallets to our loved ones and a big turkey dinner, 2020 might not be the best time to do that. While this might be a hard holiday pill to swallow, it's all going to be okay.

Thanksgiving is in the air, and we know that many of our Goose Creek friends and customers are getting excited to gather with their loved ones to celebrate. While everything is still very up in the air and uncertain, we hope that when choosing to gather with your loved ones this year that you choose to do so safely and with your loved ones in mind. 2020 is the year of smaller Thanksgivings, outdoor gatherings, gatherings with bigger smiles and fewer hugs, and sharing a meal over zoom and FaceTime. This might be a different holiday season for so many reasons, and we are here to support and offer our comfort and condolences. It will look much different in our homes this year too, so we sympathize and understand how many of you are feeling right now.

While the Thanksgiving and Christmas holidays might be different when it comes to how far we can and cannot travel and how many of our loved ones we will be seeing, many of us might be tempted to make it look and feel the same. This is a quick route towards spending way more than is needed right now or ultimately what you actually want to do. Remember, Christmas is just a few short weeks after Thanksgiving, so make sure to spread out all of your holiday budgets wisely. With all of these ideas in mind, we were inspired to write this week's blog. We wanted to share a few tips and suggestions on how to save money through the 2020 holiday season, and what that can mean for you and your loved ones.

TRAVEL BILLS
Many of us won't be traveling for the holidays this year. Instead, we will be staying put and creating new traditions with our bubbles, our close friends, the relatives we live closest to, or just with our nuclear family members. While this is still an incredible way to celebrate the holidays, it can be difficult not to see the whole family or all of your friends during this time of year. The silver lining of all of this? You can save hundreds of dollars by not spending it on plane tickets, hotel rooms, and other travel expenses. You can save money not driving those long distances, save money not having to put a lot of work into your car to make those long drives, and you can also save a little peace of mind not having to worry about driving in the snow or ice when many of us haven't done that in years. Instead, make time to plan Zoom Calls, Facetime Calls, and group phone calls. Save this unused travel money to help pay for the shipping on all of the Christmas presents you have your eyes on for your loved ones, save it for when you can travel to see your family again, or save it to help out with those surprise extra bills that might appear at the end of the year. Don't forget, once we hit January 1, 2021, tax day will be here faster than you might think. Maybe saving a few dollars here and there can help with paying your taxes as well.

TO BLACK FRIDAY OR NO?
Black Friday has already started for a lot of our favorite big box stores with in-store deals, discounts, and online deals. While the big Black Friday shopping might not happen as it has in the past, that doesn't mean that it's going to stop or slow down online Black Friday or Cyber Monday sales. We've mentioned this in previous blogs, but as we all reach for our credit cards to buy everything we come across in our Black Friday shopping sprees and going with our "treat yourself" mentality to make these difficult holidays feel a little bit better, maybe step on the brakes. Trying to avoid these big shopping sprees right now can be a huge benefit to you and your bank account. If you're still planning on shopping, set a spending limit and a budget for yourself. This includes if you are planning to do your holiday shopping on Black Friday or Cyber Monday. Pick who you are shopping for, how much you're going to spend on each person, and stick with it. We know a big Christmas for your loved ones can be a knee jerk reaction to a difficult year, but be financially smart about it. Outside of budgeting your cash flow, make sure that these plans include putting a spending limit on your credit cards. You can come up with every excuse to use your credit cards when your Christmas budget has been depleted, but try and go easy with the plastic. Can you imagine the gift it would be to start 2021 financially stable with little to no outstanding balance on your credit cards? We also recommend that if you are planning to shop big on thanksgiving, try and shop small. Invest in local small businesses, local artists, or creators on websites like Etsy or Redbubble for all of your shopping needs. These are the people that need your Black Friday money more than Walmart or Target. If you're investing in local artists and small businesses, this is an investment in your local community and local economy.

TURKEY TIME
We know that Thanksgiving comes with this beautiful picture of a giant turkey with as many sides and desserts surrounding it that can fit on the table. When having a smaller 2020 Thanksgiving, why put that pressure on your family, yourself, your refrigerator, or your wallet? There is nothing in the rule book that says you have to get a huge 20-pound turkey for the holiday. There are smaller birds available, and the option of only getting half a turkey or just a fantastic cut of a turkey breast is out there too and at a much lower price than your standard turkey. This can help save a ton of money on your initial Thanksgiving grocery bill, and it can also help with your leftover situation. Not everyone is on board with eating Thanksgiving leftovers for days on end. So why buy a ton of food that's just going to go to waste? Also, there is no rule saying that you have to eat turkey for Thanksgiving. If you want to try a different protein, go totally vegetarian or vegan, or just have your favorite fast food to celebrate the day, that's okay too. However, if you end up with a big turkey and a large number of leftovers, it can help save you money on the following week's grocery bill following Turkey day. As you plan your turkey day menu, plan a menu for the week to follow that can reuse as many leftovers as possible. The key is to pick a wide variety of recipes that doesn't make you feel like you're just eating turkey for a week straight.

Also, save on the drinks. Many people who enjoy adult beverages during the holidays might go get some wine or beer for the day. Instead of buying multiple bottles of wine or cases of beer, choose a cocktail or punch to share. If you're going to be preparing a traditional meal, use Costco or Sam's Club to help save money. Also, keep an eye on online deals and coups. Don't forget, if you are hosting a small gathering, a potluck Thanksgiving is a perfect way for everyone invited to save money!

SIMPLE AND CHIC
While the Griswald's would disagree with us, keeping your decorations for Thanksgiving and Christmas on the simpler side can help you save money too. It's tempting because right now every store you walk into is already bursting with Christmas decorations. They might be calling out to you to redo all of your decorations this year, but stick with what you already have. Believe us, this will be a huge money saver and can help reduce your stress and anxiety about decorating the perfect house and home for your in-laws to see this year. Take that pressure off, you're staying safe and saving money by decorating with what you already have!

A LITTLE MORE, A LITTLE LESS
While many of us are still having a hard time adjusting to the fact that Thanksgiving will look different this year, and dealing with being away from our loved ones, we will still have food on our tables. Regardless of it being a big turkey dinner or a pizza, there will be something there. Take some of the extra money you're going to be saving by following these tips and donate to those in need.

PLANNING FOR WHATS NEXT
We know that Turkey Day and Christmas might be what has your full attention is focused on right now. What about the day AFTER Thanksgiving? Just like the day after Halloween and Valentine's day, a lot of Thanksgiving food items will be significantly marked down. Buy the non-perishable items that are on sale and save them for Christmas dinner or help lighten the load in your grocery bills over the next couple of weeks between Thanksgiving and Christmas. While everyone is participating in this year's unique and socially distanced black Friday events, head to the grocery store instead and save big for the next few weeks and beyond.

The great thing about Thanksgiving can be the goals you set for yourself financially, and being able to reach them without stress. This can be your reason for the season and your reason to celebrate without breaking the bank. Enjoy the little things this year, and be ready to financially step into 2021. 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!

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

11/18/2020

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In part two of this blog series, we will be finishing up our list of tips on how to start saving for college, even while we are all dealing with a very difficult year personally and financially! 

Welcome back Goose Creek readers, friends, supporters, and those new to the blog! We are so thrilled that you came back to read the second installment of this blog about how to save for college even when it feels like the sky is falling. We know that this hasn't been an easy year personally or financially for our Goose Creek community, and we know that saving money might be the last thing on your list of priorities right now. We do urge you to continue saving for important things like retirement, college, and for a rainy day as much as you can for the rest of this year if you are able. We know that treating yourself on the holidays and throughout random days throughout this year has made you feel better. Please take it from us that while this can be a temporary salve, this can be a hemorrhage to your finances and your bank account. This year might put us through many challenges, but defeating your bank account does not have to be one of them. You can stay strong both financially and personally, while still being able to find joy in the last few weeks of 2020. We know this has been a very difficult year for our parents, both with first-time students and students heading off to college. We've seen your struggles, we understand them, and we are here for you. With that in mind, let's finish up our list of some of the best tips to save for college even when it feels like the sky is falling. 

TIP FOUR: Keep On Trucking! 
While you want to have as much money saved for when you or your child goes off to school, you don't have to have every penny saved before the first day of class. Having four years of college tuition ready to go on day one of Freshman year? Sure, that's a dream come true, but it's not the reality. You can pay year by year or even semester by semester. There is no one way that you have to pay for college, you have to move with the ebb and flow of what works best for you and your financial journey. We also urge you to continue saving for college and other college related things even after your child has started school. Even if you've saved up enough to pay off tuition and loans, these extra savings can help contribute to continued education for your child, it can help them start off financially after they graduate, or you can add these funds back into a 529 account for a different child. This option of continued savings can help when you're looking at or planning to pay for multiple tuition's for multiple children. 

TIP FIVE: Calling In The Big Guns: Loans and Financial Aid 
One of the very first things your student or you will need to do to get the paperwork rolling to go to school is filling out your Free Application for Federal Student Aid, or FASFA. Based on a number of questions and information about your investments, income, and savings, this will allow you to know how much aid you are eligible for from the federal government. This will also give you options for grants, and both subsidies and unsubsidized loans. This is a yearly process for every year that you or your child is in school, so please keep up with it. FASFA can be a lifesaver in more ways than one. Then, of course, you can apply for student loans, but please do your research. Some student loans come with an extreme interest rate while others can come with a very high monetary price tag. You'll need to keep up with these loans, or you can damage your child's or your personal credit for years. There are three different types of loans you can look into: 
  • Private loans. These you can get from banks, credit unions, and third-party lenders. These have very high interest rates and the individual whose name is on on the loan is fully responsible for it. 
  • Unsubsidized loans. These are federal loans available to anyone that needs them, no matter how much you need to borrow. You are responsible for all interest accrued by this loan. 
  • Subsidized Loans. These are loans from the government for those in need. The U.S Department of Education will pay your interest if your loan goes into deferment six months after you graduate. 

TIP SIX: Where You Least Expect It! 
Sometimes looking for college funds feels like digging for quarters in your overstuffed couch. Everyone has done it, but sometimes these funds might be found in some of the most surprising places! 
  • Work: We briefly mentioned this in part one of this blog, but according to Student Loan Hero, many people don't spend the time searching out loans or support for college from their workplace. This money might not be something that you negotiate in your contract, but something that is already established within your company. All you need to do is approach your company and ask if they have scholarships for your dependents. According to WorldatWork, almost 85% of employers do offer benefits like tuition reimbursement. 
  • Churches: Not everyone is involved or connected to a religious organization, which we understand. For those who are, your Church can be a great place to look for educational support and funds. For example, according to Student Loan Hero, both the Episcopal Church and the United Church of Christ offers many different kinds of grants and scholarships to families in their congregations. The United Methodist Church offers more than 40 different kinds of scholarship opportunities. 
  • Unions: Many of our towns and companies still have strong operating labor unions and other professional associations. For family members of retired and active members of multiple unions, there are scholarship funds and money waiting to be claimed. The railroad, which has one of the oldest operating unions in the United States, offers scholarships to member's children and grandchildren. 
  • The Military: This might not be an unknown source of college funds, but the amount of scholarships and the opportunities available to prospective students is incredibly substantial. If you are apart or have been apart of ROTC, are a veteran, or are related to a veteran, there are so many different assistance programs, service organizations, and scholarships waiting to be claimed for your service or in thanks to the service of your loved one. 

There you have it! Six of the top tips and tricks on how to start saving for college or receiving college funds. Remember, with any savings situation, you have to find what works best for you and your family. While you're saving, you still have to find a plan that allows you to still lead a successful and happy life. There are also so many ways to start saving and preparing for school, these are just some of the many options available to you. We encourage you to go out there and do your research. If you have any questions or need help, we are just a phone call or click away! 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!


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