 Wanting to learn more about your taxes? As we prepare for tax day on May 17th, here are some interesting facts to help inspire you to keep learning about your taxes and to get your taxes in on time!
We've been spending the last few months talking about and discussing how best to prepare for your 2020 taxes with tips, suggestions, and up-to-date news information as it is released. We are now counting down to May 17th, the final day to get your 2020 tax return filed with the IRS. A gentle reminder to all of our readers, this time will come and go very quickly. If you haven't started on your taxes for 2020, now is the time to do so. If you are considering working with us at Hoods Tax and Accounting Service to prepare your taxes, please get them to us sooner rather than later. As you can imagine, we are getting busier by the day as this year's tax date approaches, and we want to make sure to prepare your taxes efficiently and get them in as quickly as possible. Please reach out and contact us now to begin this process! To ease your process of doing your taxes over the next few weeks, we also recommend that you go back and read some of our most recent blogs. If you have just found yourself here on our blog, you will find a plethora of important tax information to make your tax prep for 2020 a breeze and will help calm and collect your fears and concerns. Remember, if you need more time to prepare your taxes, you have many options. First and foremost, make sure you do something. One of the first steps you need to take is to reach out and discuss your situation with the IRS. Not doing anything about your taxes is the worst decision you can make. Even if you can't pay right away, getting your tax return in with a note or explanation of why you can't pay is a great first step. Be proactive, stay in communication with the IRS, and you might be surprised how supportive and understanding they might be. Remember, they are people too. They all went through the pandemic just like you, and understand the trials and tribulations that you and your family might be going through financially. For today's blog, we are going to continue our discussion about taxes but will be doing so in a little different way than we have been over the last few months. We are going to be sharing some interesting and important facts about your taxes that you may or may not know! We hope this blog will help you become even more proficient in your knowledge of taxes and inspire you to keep learning about them. Please know if that if you want to learn more or would like to talk about your taxes, please don't hesitate to reach out!
We hope you've been inspired by today's blog! While we know many of you have been dreading and not enjoying preparing your 2020 tax return, we hope you learned a little more about our tax system and some interesting facts to help cool your displeasure about filing this year! Please remember that we are your leading experts and tax preparers in the Goose Creek area to help with tax prep, throughout tax prep season, 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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 Your state and federal tax deadlines have now been extended until May 17th! Here is everything you need to know!
As many of you may or may not have heard, the tax deadline has been extended from April 15th to May 17th! However, before we dive into everything you need to know about this new extension, we wanted to remind all of our clients and readers that just because this extension has been offered, that doesn't mean you should wait until the last minute to prepare them! Waiting until the last minute is tough on our company, and we want to make sure that we deliver the best service possible! Please make sure that if you are planning to work with us to prepare your taxes, please bring all of your information to us now. On March 17th, the IRS announced that they would be pushing back the federal tax filing deadline from April 15th to May 17th. Their reasoning behind this was to continue to help all taxpayers deal with the strange and unusual tax atmosphere that many are navigating after the difficulties faced in 2020. What we've all had to deal with financially and how to navigate it all has been challenging, and many will benefit from this change. This announcement also stated that taxpayers can delay payment of any money owed to the IRS until May 17th as well. This decision was also brought to light after the $1.9 trillion American Rescue Plan was passed, which included a third stimulus check. Having to deal with processing tax returns and refunds while also sending out another round of stimulus checks was going to be a difficult task for the IRS. This deadline offered some relief to both the taxpayers and those collecting taxes. Many politicians agreed that due to continued stress and strain on the American taxpayer from this ongoing unprecedented crisis, that this extension was absolutely necessary. It is also important to know that this new economic bill that was signed into law by the president on March 11th came with several new changes, not just another stimulus payment. For tax filers with an income of $150,000 or less, the first $10,200 individuals received in unemployment and $20,400 for married couples is now tax-free. The child tax credit for children ages 6 to 18 was expanded to $3000, and for children under 6, it was expanded to $3600. Moving tax day also brought to light that while Americans have been dealing with all the effects of the pandemic for over a year now, this remains one of the most complicated tax seasons in the history of the U.S. Also, on the side of the devastation that the pandemic has left behind, there have been many more requests for extensions due to a rise in children requesting help with deceased parent's estates, according to U.S. News. The IRS is now dealing with more final returns, estate returns, and trust returns this year. Many people also refinanced their mortgages in 2020 to help ease any financial strain, which added to the complexity of filing for many taxpayers. For businesses like gyms and restaurants, they are dealing with significant losses which will be claimed on their tax returns. This will also add the time needed to fill out and make sure these taxes are done properly, making sure they are given what they're owed. Moving tax day from April 15th to May 17th allows taxpayers to gather and save the money they need to pay the IRS what they owe. This will help many who were caught owing a lot to the IRS due to not taking taxes out of their unemployment taxes. Even with those who have will benefit from some of their unemployment money becoming tax-free, many will still owe a good amount of money. It is giving taxpayers more time to sort things out and to get any unreceived stimulus payments straightened out. Please remember that stimulus checks are not reportable or taxable. If you still need another tax extension, you can apply for one that gives you until October 15th to get everything in. This new tax extension date of May 17th does not affect the October extension. While many were relieved that the federal tax due date was extended to May 17th, there were still state taxes to worry about. While extensions like these usually are followed very quickly by state taxes following suit, nothing was set in stone until a few days later. South Carolina decided to also extend their tax due date to May 17th, to match the new federal tax extension. Taxpayers do not need to file anything or fill out any paperwork to receive this extension from the South Carolina Department of Revenue (SCDOR), it will just happen automatically. Along with the IRS, the SCDOR recommends that all taxpayers file electronically, making the process simpler for all parties involved and to receive any return payments much faster. It is very important to understand that those paying estimated taxes must still pay by April 15th. While the state has now changed its tax date to match that of the IRS, tax preparers and the state are still waiting to receive more information and guidance from the IRS. Once that is received, please pay close attention when filing your South Carolina state taxes to make sure you follow these new guidelines correctly. Please also remember that these will be new guidelines for your tax preparers to deal with. With these changes both the IRS and the SCDOR recommend that you file both sets of taxes as soon as you can if you haven't already, with electronic filing as their preferred method. Please note that filing sooner will help you receive your tax returns quicker and any stimulus payments that were not received last will also get to you faster. While this extension can offer the stress relief needed by many, Hoods does align with the IRS and SCDOR to urge our customers to file and prepare their taxes with us now and not to wait until the last moment. This will be greatly appreciated by our whole staff and will help relieve a large amount of stress on our company, If you have any more questions or concerns, please do not hesitate to reach out, and we will guide you through this new extension as best we can! Remember, we don't know what could happen next when it comes to our taxes. Things are still very volatile and up in the air. It is best to get your taxes done and filed just to be safe, and to avoid any future issues that we can't plan for or see. 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!  Still figuring out your tax deductions for your 2020 taxes? Here are a few you might have missed helping you save even more than you expected!
Hello readers, and welcome to the Hoods Tax and Accounting Services Blog! We are just a little under two months away from tax day on April 15th, are you ready? Have you already sent in your taxes and are already enjoying your tax return? Or are you still working on a few odds and ends before sending it in? Where ever you might be in your tax preparation journey, we are here to help. Just as a reminder for those new to Hoods, we have recently moved and we have updated our hours! We moved right around the corner to 105 Etling Ave. in Goose Creek, SC and we are open Monday-Tuesday 9-5 pm, Wednesdays from 1-7 pm, and Thursday-Friday 9-5 pm! We are currently offering Zoom meetings for tax prep and quick and easy drop-offs. Please contact us with any concerns or questions! Tax day is getting closer and closer and we are getting busier by the day! Make sure to contact us as quickly as possible to schedule working with us if you're still wanting Hoods to prepare your taxes this year! Are you still looking for ways to cut down your tax bill? The secret and sometimes the most overlooked element in helping you save money when it comes to your taxes are tax deductions. Before we get started, it is very important to remember that these write-offs and deductions need to be handled with respect, handled correctly, and never made with any assumptions. The IRS pays very close attention to these when you add them to your taxes, and if done improperly they can lead to an audit. Improperly using deductions can also lead to not getting your return promptly, tax fees, and many other issues. While you are adding up and including deductions, make sure to do your research on what exactly you can write off and how to properly do so before writing off everything and the kitchen sink. However, with that being said, there are still many "hidden" and overlooked tax breaks and deductions that so many people don't know about. To help make your tax season a little less stressful, we wanted to share and talk about the many hidden tax breaks and deductions you might still be missing out on! One of the main reasons why so many tax breaks and deductions aren't used is because they're not common knowledge. With tax laws changing all the time it also makes it difficult to keep up with what you can and cannot write off, and how much you can and cannot write off. Remember that there is a difference between deductions and tax credits. A deduction lowers the amount you're taxed on and a credit will lower your tax bill directly. It's important to know how they work and to use them to your advantage! When working with a tax deduction, once you have gathered and reported all that you're going to use as a deduction, you subtract the amount of your deduction from your income, lowering the amount you'll be taxed on. A tax credit is an actual dollar-for-dollar reduction in your overall tax bill. There are some refundable tax credits out there, for example, if you owe $500 in taxes but you qualify for a $1500 tax credit, you would get a check for the difference of $1000. While this sounds fantastic, most tax credits aren't refundable. Today, we are primarily going to be focusing on tax write-offs and deductions, to focus on lowering the amount of money you are going to be taxed on. With this list, we hope to help you save money and to make sure you don't overpay your taxes! There are two different types of deductions, the standard deduction, and the itemized deduction. While it would be nice to be able to do both on your taxes, you have to pick one or the other when filing. Make sure to do your research on which will be best for you and which will lower the amount you'll owe the most. The standard deduction is a simple way of doing your deductions, it is very cut and dry and to the point, and relies on how you plan to file; single, married and filing together, married and filing separately, or filing as head of the household. It is also very important to remember that those who are 65 and over and those who are blind are eligible for a larger standard deduction. This standard deduction is a set amount of money that you will not be taxed on depending on your filing status, your age, and your spouse's age. The standard deductions are listed below:
Itemized deductions are a little bit different. Instead of a set amount of money based on how you're filing that's not taxed, itemized deductions are qualified expenses that are subtracted from your adjusted gross income. You may have one item that you would like to write off in your itemized deductions, but most taxpayers who choose this option will have many qualified expenses they are subtracting from the AGI. When a taxpayer chooses to do an itemized deduction instead of a standard deduction, it usually means that the number of qualified expenses that they are writing off is more than what they would be writing off for the standard deduction. Please note that choosing to do an itemized deduction will take you much longer to prepare your taxes compared to doing a standard deduction. An itemized deduction takes more detailed work to claim and prove everything you're writing off. Depending on what you do and how many deductions you can take will be the deciding factor in choosing if you should do an itemized or standard deduction. It has been noted that the standard tax deduction has gone up a significant amount in the last few years, so it might be best to take that standard deduction. This choice will vary from person to person, and you will need to consider what is best for you when deciding! Here are a few other tax-saving options to help as you prepare your return!
To all of our readers and taxpayers, know that these ten common examples are only a few examples. This is one of the many reasons why it is so beneficial to work with a tax preparation company like Hoods! There are so many tax credits and deductions out there that are constantly being changed and added, it's hard to keep track of them all! It's part of our job to keep up with each of the common and uncommon tax credits and deductions. While it might seem like it costs a lot to work with a tax preparation company upfront, it can save you money and then some. Working with a tax preparation company can lower your tax bill and can get you an even larger refund. Sounds pretty great, right? We think so! We are here for all taxpayers, so please give us a call today! 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!  With the potential of a third stimulus check heading our way, a brand new round of stimulus fraud has made its ugly appearance. We wanted to shed some light on the topic and to help avoid any issues that might get you in trouble!
Welcome to the Hoods Tax and Accounting Service blog! While we are inching closer to the end of tax season, we wanted to bring a very important topic to our reader's attention! With the possibility of a third or even more stimulus checks coming our way, the rise of stimulus fraud has begun to show its ugly head yet again. When the country needs support now more than ever, you'd think that these scammers and spammers could take a break. Sadly, this is not the case. When people are in need, they are an easy targets for these horrible people to hit. They have taken advantage of people many times before and have been very active during these last 11 months of this global pandemic. While we will get through the pandemic, we might never be able to get through or get over these scammers and spammers. We wanted to share some more information about these ugly scams and how to keep yourself protected and safe! These thieves, scammers, and spammers are taking advantage of honest taxpayers during this current tax season and have been through the stimulus payment periods. With the constant back and forth of the media on the current political atmosphere, it's easy for many to not know if that third potential stimulus check is a reality or not. Tax season is also in its own flurry, as many Americans are trying to file as quickly as they can to get much-needed funds from their tax return. In this fiscal pandemonium that is where these criminals are striking. It is very important to know that a third stimulus has not been distributed nor has it been confirmed, it is still in the works. Also, please remember that you will not receive your tax return until you've filed your taxes, and you will receive it one of two ways. You will either receive it in the form of a direct deposit to your bank account that you have set up with the IRS by providing your banking information, or in the form of a check in the mail. They will not ask you for any personal information directly to access your refund money. They already have all of this information about you. Also, they will never try to send your return to you in any other way nor can you do anything extra for the IRS (outside of filing your taxes) to receive your return. While we know finances are still strained and you need that money, please do not accept any other offers baiting you to receive your tax return early. Also, please do not give away any personal information in exchange for your tax return. That is most likely some kind of scam or criminal target you. Please note, criminals do not discriminate. They will go after anyone to get any information or money that they can. It is also important to understand that the main form of contact for the IRS is through your mailbox. If you receive a text message, phone call, email, or voice mail from someone who claims to be the IRS without you prompting these responses, that too is most likely some kind of spam or attack. While not directly linked, according to ABC 7 Chicago, another scam is to keep your eyes open for is fake COVID packages and test kits. These scams include offers to sell bogus cures, pills, the vaccine, and other medical advice for false and unproven COVID-19 treatments. Please do not give anyone information to receive such materials. These packages are fake, as are the items inside of them. If you are looking for a vaccine or help with a COVID diagnosis, please contact your doctor. One of the biggest things we can recommend is to not engage in any of these criminal efforts. Do not respond to any phone calls, text messages, emails, or letters, even if it's asking them to not bother you. At the end of 2020, CNBC reported that Americans lost over $211 million to these types of scams, and the FTC has received over 275,000 complaints. When the first round of stimulus checks were released and time passed, fraud activity did quiet down. Now that the second has been released and tax season is here, there is no doubt that this rate will rise and continue until tax season is over on April 15th. If a third stimulus check is released, this pattern will repeat itself all over again. Scammers are always looking for an opportunity for their next payout. Remember that one of the many tactics these criminals use is fear, scamming taxpayers into giving them private information, or else! The IRS will not send unprompted emails, texts, nor will they call you with threats of sending you to jail or filing a lawsuit against you. They will also not demand wiring money or gift cards in return for your tax payments. What Are Some Current Scams and Spam Threats? Along with offering cures, vaccines, and help to fight or stay safe from the COVID-19 virus, some current scams look like this:
How Do I Protect Myself from Tax and Stimulus Fraud? With all of these very intelligent criminals hitting their targets on so many different platforms and in so many different ways, how can you protect yourself?
Tax season, tight finances due to a global pandemic, and dealing with staying up to date with potential future stimulus payments is difficult enough. Stay alert and educate yourself to avoid any fraud or scams that could potentially make your life even more difficult. Please never hesitate to contact us if you have any questions, and we are here and ready to help you through your 2020 tax season! 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! To learn more and to report fraudulent activity, please visit the IRS or FTC website by following the links below.  hile many of us received both of our stimulus payments, for many Americans that was not the case. Today, we are going to be talking about how to claim your stimulus payments on your 2020 tax returns.
Tax season will officially be here on Friday, February 12th, and while all Americans are preparing to get their taxes in by April 15th, many are still waiting for one or both of their stimulus payments to arrive. Great news, the two go hand in hand! You can claim your missing stimulus money on your 2020 tax return. Even if you are a nonfiler, you are still able to file a 2020 tax return and receive your stimulus funds. Today, we are going to be talking about how best to do that and why you will want to file your taxes as early as possible to help benefit future stimulus payments. How Do I Claim My Missing Stimulus Payments On My 2020 Tax Return? While tax season might bring on stress and worry, take comfort in the fact that if you've not received one or both of your stimulus payments or you feel like you were not given the correct amount by the IRS, filing your taxes can help you take action to get the money you're owed!
We know 2020 taxes and future stimulus payments might be difficult to navigate, but we are here to help in every way possible. If you are still concerned about filing your 2020 taxes or about receiving your stimulus payments, please don't hesitate to reach out! Please know that all of us at Hoods are here to help you, and we want to help you receive your tax return as quickly as possible! Please reach out to us if you'd like to begin working with us or have any questions or comments! Is there a topic about taxes that you would like to learn more about? Let us know and comment below! 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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Hoods Tax & Accounting Service, LLC.
105 Etling Ave, Goose Creek, SC 29445 Phone: (843) 797-5153 Email: admin@hoodstax.com |
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