 In part two of this blog, we are going to be finishing up our recommendations on how to prepare for your end of the year tax prep. Our gift to you is to suggest that you get it done now so that when tax season is here in a blink, you'll be ready for it no matter what!
Hello Goose Creek and to all of our readers! As we are now sitting in the last few days of 2020, and we hope that this blog reaches each of you and helps you prepare for the coming tax season. We have always believed at Hoods that being prepared way ahead of time can not only save you huge amounts of stress and worry, but it can also potentially save you huge amounts of money. This year has been difficult, we've touched on it in almost every blog of 2020. This pandemic has been a devastating blow in more ways than one, and our finances have taken some of the biggest hits and blows. While there is still so much uncertainty about what is to come with the future of our finances, what is in our power now is to control what we do know and what we do have. Being prepared can help make any transition or event that may or may not come from the government easier to deal with and easier to move forward with. Who knows what financial help we might receive between now at April 15th or what might even happen between now and April 15th. What we do know is that there will still be tax day and that we have the power in our own hands to organize our tax documents from this current year and get ready to face 2021 head-on. This season might not be as jolly or bright as the years past, we understand. However, we are here to make it as holly and jolly as possible. If you have any questions, concerns, or need help finishing out this year or starting off strong in 2021, please never hesitate to reach out. We believe in our community and what to help and support each of you as best we can, let us do our job for you! What is left of 2020 is still ticking down, so let's hop back into part two of this blog. We will be continuing and wrapping up with our tips, suggestions, and ideas on how to wrap up your finances and taxes this year, and get ready for the upcoming tax season! HELLO, 2021! Now that you've read part one of this blog and you have a few ideas on how to prepare for the end of this current year, let's focus on how to prepare for the beginning of this new year. Remember, one of the first things we will always recommend in these situations is to work with a tax advisor or a tax preparation company. Of course, we would recommend working with us, but we understand if you work with another company currently. We've said it before, but please note that tax law does change every year. With how uniquely challenging this year has been, there are bound to be some very new and unique things we will be facing with our 2020 taxes. Working with a company like ours will help ensure that all of these new compliances are followed and that nothing is missed. This will help you avoid any tax penalties, avoid underpaying your taxes, will help avoid overpaying your taxes, and will help get your refund much faster!
Just to make sure that we didn't overwhelm you with either part of this blog, we listed only the top things and tasks you need to be thinking about and preparing for now for both your end of the year tax preparation and the tax prep you should be starting 2021 off with. Don't worry, there will be more to come over the next few months and as we inch closer and closer to tax day 2021. We hope that both of these checklists help prepare you to close this year out strongly and to start 2021 out focused and prepared. If you need help to make this upcoming tax season the most stress-free of them all, never hesitate to reach out! 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. As our last blog of 2020, we want to thank all of you for your support, your business, and for letting us be apart of this wonderful community. We will continue to work hard for the people of Goose Creek and our whole community. From our family to yours, we hope you had a wonderful holiday and have a fantastic New Year! We will see you soon!
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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:
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!
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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Hoods Tax & Accounting Service, LLC.
105 Etling Ave, Goose Creek, SC 29445 Phone: (843) 797-5153 Email: admin@hoodstax.com |
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