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​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. ​

The Dangers Of The Stimulus Scams

3/3/2021

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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: 
  • Fake donations for areas, groups, and people heavily affected by COVID-19. Please be aware these scams could appear in the same form but will be referencing natural disasters like the wildfires California saw last year, the hurricanes Texas and Louisiana saw last year, and the horrific ice and snow damage so many have suffered from in recent weeks. Please research before donating money, especially right now! 
  • Phishing and scamming schemes online that use keywords that help a reader believe that they are legitimate. Some of these keywords include words like "stimulus", "refund", "COVID-19", and "corona virus". 
  • Text messages that ask for your bank account number claiming they will deposit your stimulus money right away if you provide them with this information. 
  • Receiving emails or text messages asking the recipients to verify their personal information. The IRS already has the information needed, and if not, they would not ask you to verify it in such an unprofessional or relaxed manner. 
  • Another common tactic is that people are being contacted by these criminals and they claim that if you pay them a certain amount of money, wire them money, or send them gift cards of their choosing, they will send you your stimulus money faster. There is no such thing as getting it sooner, the IRS will send any stimulus payments and your tax returns based on their decisions and when you file your taxes.
  • Another scam to look out for is look-alike checks. Scammers send these very believable-looking checks to individuals, and then they are deposited on the trust that they are indeed real. The scammer will then contact the recipient of the check saying the amount of the check was incorrect and they need to return the amount of money they were overpaid. This leaves the recipient out of the check they believed to be real once it bounces, and the money they gave back as a "refund". 
  • Also, please do not put in or give any of your personal or financial information to a non-government website when it comes to anything regarding the IRS. These phony websites can download malware on your device and steal any personal information your computer has access to, including your banking information. 

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? 
  • As we mentioned before, do not engage with these forms of communication; do not respond, and do not follow up with them! 
  • Do not answer any phone calls from anyone you don't know, the same goes with text messages. Also, avoid visiting questionable websites and never open any attachments on any emails this so-called "government" worker has sent you. Avoid clicking on any links that any suspicious emails invite you to click on. The IRS would not have you do any of these things. 
  • If you do answer a call from someone you don't know, claiming to be the IRS, and they begin to threaten you, take a deep breath and hang up. They will not be calling the police, they will not be calling their lawyers, and they will not be coming to your home. If you feel unsafe, please contact your local authorities and provide the phone number used to contact you. 
  • If an email looks suspicious or too good to be true, it probably is. Go ahead and trash it. You can and should report all scams to the National Center for Disaster Fraud Hotline at 866-720-5721. 
  • To learn more about these scams, please visit the IRS or FTC website. Please find those links below. After reporting the phone numbers or email addresses you've dealt with, please block them from your phone and your inbox and toss them out! 

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. 
  • https://www.ftc.gov/faq/consumer-protection/submit-consumer-complaint-ftc
  • https://www.irs.gov/privacy-disclosure/report-phishing

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How To Claim Unpaid Stimulus Money On Your 2020 Tax Return

2/17/2021

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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! 
  • Tax preparation companies, like Hoods, are already accepting returns. However, you can not begin filing until Friday, February 12th. The faster you prepare your taxes, the quicker you can file them. The quicker you file your taxes, the quicker your tax return and missing stimulus money will be returned to you! 
  • When filing, look for line 30, which will be labeled as Recovery Rebate Credit. It will appear on both 1040 and 1040-SR tax forms. 1040-SR tax forms are for those aged 65 years and older. Nowhere on your taxes will it mention stimulus checks or economic impact payments, it will only be referred to as your Recovery Rebate Credit. 
  • On line 30, you will need to list what you have been given in total from the IRS (even if that is $0) and what you are owed. It is as simple and as easy as that. This will then increase the amount of the refund you will receive or it will decrease the amount that you will owe the IRS. Do not include any other amounts, writeoffs, or tax credits on line 30. Only list the amount you are owed from missing stimulus money. 
  • Please remember that the first stimulus payment was worth up to $1,200 per adult earning $75,000 a year and below. If you made more, the amount provided decreased. The payment for couples was up to $2,400 for those who earned $150,000 a year and below. The amount also decreased depending on how much more filing couples made together over that amount. 
  • The second payment was up to $600 per individual and up to $1,200 per couple, depending on the same regulations and guidelines as the first stimulus. 
  • For the first stimulus, individuals could also receive an additional $500 per child under the age of 17 and $600 per qualifying child in the second round of stimulus payments. If you did not properly claim your children or guardians or did not receive these funds in either stimulus payment, these funds are still available for you to claim in your 2020 tax return as well. Please add this amount to what you write in on line 30 of your Recovery Rebate Credit. Please also make sure to adjust who you claim on your taxes to avoid any other issues like this in the future. 
  • You also might qualify for more money if your income or household size has changed. Stimulus payments were based on 2019 and 2018 income and household sizes. If this has changed for you and your family, it could mean you are owed more stimulus money. 
  • Even if you don't normally file your taxes, according to the IRS, you must file a 2020 tax return to claim the credit that you're owed.
  • By visiting the IRS website, you can see when and how you were issued both payments. However, as of January 29th of this year, the Get My Payment page on the IRS website will no longer be updated for the first and second economic impact payments. If you are not provided with a payment date for either stimulus payment or have not received one or both, then you can claim your payments on your 2020 tax return. 
  • Filing your tax return early might even help out with guaranteeing any future stimulus payments. While a third has not officially been set, the president has made moves to propose one and it is currently being discussed. Filing sooner might also guarantee that you receive all the money you're owed next time, meaning less hassle for your future tax filing and more money when you need it. 
  • The current bill being proposed by the government could lower the income amount for those who receive the full stimulus amounts. For example, single filers who make $50,000 and below instead of those who make $75,000 and below would receive the full amount. So, filing now will help make sure that you receive your full amount of economic relief according to the 1st and 2nd payment standards. 
  • If you do file sooner rather than later, the third proposed stimulus check could be paid properly and in full, and it will be based on your 2019 and 2020 tax return, whichever they have most recently on record. If you made less in 2020 or had a baby, and the IRS only has your 2019 taxes on file, your stimulus payments would reflect your status of 2019 and not 2020. 
  • Please remember that the fastest way to receive your return and your missing stimulus funds is to file online and to have an active direct deposit account on file with the IRS. The IRS is saying that 90% of filers will receive their refunds in 21 days or less! 
  • If you owe money to the IRS, the money you are owed from the Recover Rebate Credit will be applied to the debt. Even if you are still owed stimulus money, you might not receive all of it if you owe the IRS. 
  • Please remember that you will not have to pay any taxes on any of the stimulus money you have received or any that you will receive in the future. 

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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Tax Preparation Tips for 2021 (Part One)

1/19/2021

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This might be one of the most unique tax seasons we will ever see in our lifetime, so we want to make sure you're prepared. Here are ten tips to help prepare you for your 2020 taxes! 

Hello to all of our readers here in Goose Creek and beyond! All of us here at Hoods hope that you had a wonderful holiday season and that you're ready for tax season to begin. The IRS has announced that the nation's tax season will start on Friday, February 12, 2021. They will begin accepting and processing your 2020 tax year returns. After the tumultuous year that 2020 was, and the difficulties that are still with us, one thing we want to make sure of is that you're prepared for this current tax season. This might be the most unique tax season any of us will experience in our lifetime, but we want to make sure it is as pain-free as possible.

First and foremost, if you are overwhelmed and would like to work with a professional tax company, we will be happy to work with you! However, make sure to sign up for our services as quickly as possible before we run out of time and space to help you file your taxes on time. Remember, the sooner you file, the faster your tax return will be in your pocket! For those who didn't receive their $1,200 or $600 stimulus checks, make sure to include this in your tax paperwork to receive these funds as quickly as possible. With so many individuals still struggling with financial issues, we want to help get all of your money to you as quickly as possible. With all of that being said, we wanted to create a checklist filled with important suggestions to prepare you for doing your taxes. Our goal is to eliminate any stress, worry, and fear with this list!  
  • While we ended 2020 with tips on how to financially wrap up your new year and ways to potentially save money come this current tax season, we are going to take you to the next step. We need to prep for what's coming, and this should not be a painful or stressful process. One way to prepare and help cut down on costs is to make a last-minute estimate tax payment. Paying the IRS before even filing? Yes, this is a thing! It is a possibility that throughout the year you didn't pay enough to the IRS, which could create a huge tax bill for you and you might also be owing penalties and interest already due to not paying enough. If you can pay a little to the IRS right now, you can cut down on the huge chunk payment coming your way in April, and you can budget to pay what you'll ultimately end up owing. Make sure not to overpay though, it is better to owe a few dollars than expect the IRS to send it back in a refund. According to the IRS, to avoid an underpayment penalty, you have to pay 100% of the previous year's tax liability or 90% of the current year's taxes. If you make an estimated payment by January 15th, you can erase the penalities you had for the 4th quarter of your taxable year. Making an early payment can help you in the future. 
  • Always make sure to have all of your paperwork printed out, organized, and accessible before you sit down to do your taxes or work with a tax professional. You will need last year's tax return, all of your W2's and 1099's for 2020, all the receipts you're planning on using for write-offs, and more. One of the best ways to organize and make sure you have all the correct paperwork that you need is to print off a checklist to help you gather everything you need.
  • Handle your mail very carefully this time of year. Tax documents have or will start to arrive very soon, and it is easy to mistake them for junk mail or a bill that you already paid online. Make sure to not throw away any tax-related documents! Contacting multiple companies to get another copy of your tax documents can take weeks this time of year, and can delay your tax preparation as you work to send your taxes off.
  • Make sure all of your tax paperwork is organized and grouped in similar piles for easy access and to go through your tax documents more efficiently. Make sure to spend a good amount of time organizing your yearly receipts for your write-offs. Utilizing paperclips and folders in this process can help you save time and frustration! 
  • While this tip might not be directly related to filing this year, attention still needs to be paid. As we saw and discussed last year, tax and stimulus scams and frauds are now at an all-time high. During tax season and with the release of the most recent stimulus check, scams and frauds are at their peak season right now, and you need to be on high alert with these delicate situations. You might begin receiving phone calls, texts, emails, and even letters in the mail from someone posing to be the IRS. Believe us, these scams and frauds are looking more believable by the day, so you need to be extra careful. The IRS nor the U.S Treasury department will ever call or text you. Don't respond to these emails or phone calls you're receiving. Remember, when it comes to money, these criminals know how to use fear tactics to their advantage. The mail is the only way the IRS is going to reach out to you, so please take caution. 
  • For all of our readers who are over 70, please begin to consider and think about your RMDs, or your required minimum distributions. While you might have been enjoying sitting back and watching your IRA or 401(k) grow as you contributed to it every year, now that you're 70, things are going to be a little different. The IRS wants its share once you turn 70 1/2. Make sure that you take out your required RMD amount every year before the 31st of December, or you'll be facing a tax penalty of 50% of what your RMD amount is! If you didn't do this by the cut-off date of December 31, 2020, you will more than likely see a penalty on your taxes this year. The more you know now about how to handle this, it will help make sure you don't make the same mistakes next year. 
  • We will put this tip on repeat because it is so very important. We all worked from home in 2020 more than ever, if not for the very first time. Do not skip out on writing off your home office tax deductions. However, you must be vigilant in this. You can't just write off anything and everything that you want to, the IRS is very smart and particular about this! Every space and everything you write off must have exclusively been used for business only and nothing else! Based on the square footage of your office to the total size of your home, you can write off a portion of the expense of your home like rent, insurance, utilities, and even housekeeping! 
  • Please do not put preparing, doing, and filing your taxes off until the last minute. Rushing through your taxes will result in stress, mistakes, and potentially leading to getting your taxes in late. Mistakes and getting your taxes in late will lead to penalty charges, which will lead to owing the IRS even more money. This will also lead to your tax return taking longer to get into your pocket. 
  • Please make the decision sooner rather than later if you need help with doing your taxes or not. There is no shame or harm in admitting this or working with a tax professional. Please do yourself the favor of filing and paying on time.
  • If you decide to not work with us at Hoods or with another tax professional, we do urge you to file electronically. This will help you file quicker, it is a much easier process, it will help guarantee that you don't make any mistakes or forget anything, and you might even have the option to pay electronically with a credit card or debit card so you don't have to worry about sending a check off to the IRS. 
  • The February 12th start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
  • To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. 
  • You can file your tax returns immediately with Hoods Tax and Accounting Service. We can prepare the returns now so you are in a queue for transmission to the IRS on February 12th. Contact us today. 843-797-5153

As we said, tax season takes preparation and that is no joke! It takes time and dedication, but it is well worth it. Over the next few months, our blogs are going to be dedicated to tax preparation and things you should know about doing your 2020 takes. Make sure you stick around and keep checking back in with us throughout tax season and beyond! 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 help you prepare for this tax season to the fullest extent, we have also included a few helpful links for you to enjoy and use below! 
  • Corona Virus Tax Information: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
  • Where to report a tax scam or fraud to the IRS: https://www.usa.gov/stop-scams-frauds#:~:text=Call%201%2D800%2D269%2D,%2D800%2D366%2D4484.

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End of the Year Tax Preparation (Part Two!)

12/24/2020

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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! 
  • Don't begin your filing process until you've received all of your 1099s or W2s. Don't be quiet if a client or your employers are taking their time getting you your tax papers. Make sure to reach out and mention it to them once it's getting a little late in the year. If you haven't received anything by the end of February, it's time to start making phone calls! 
  • When you sit down to file your taxes, make sure you have all of your 2019 tax documents organized and ready to use. Make sure you have all of the documents that you will need and will be used to file for 2020 organized and within reach. This will help the process go faster and will be much less of a headache for you. 
  • Make sure to be prepared for and aware of tax scams and fraud that will begin to pop up starting January 1st!! We've already seen our fair share of scams this year involving our stimulus checks and promising to provide the vaccine early as long as you provide very personal and vital information about yourself, most of the time about your bank account. Please do your research about what scams and frauds are looking like right now, how to spot them, and how to protect yourself from them. Also, if you have loved ones who are unfamiliar with these scams, please make sure you help keep them aware of these possibilities and teach them about what scams are and what they can do. 
  • Decide who's going to prepare your taxes this year as quickly as possible. Decide if it is going to be a tax professional like us here at Hoods or an online option filled out by you. Make the choice now to save money and not miss out on working with a tax pro. The closer you get to tax season, the higher their rates will be. Also, take the time to familiarize yourself with the programs you're going to use and understand how much you will be paying to use them. 
  • Please do not ignore the IRS. If you owe late fees, back taxes, or penalties, please take care of them. Go one step farther and make sure to prepare your taxes on time, if not early, to avoid these issues again. 
  • Make sure your salary is correct, that all of your deductions from your paycheck are correct, and that you've been paid the proper amount throughout the year. This will determine a lot in your taxes. 
  • Consider turning your IRA into a Roth IRA, which will help you save money over time. With a ROTH IRA, withdraws are not looped into your income and you won't have to take out RMPs once you turn 70 and a half. 


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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The Battle Between the 401(K) and the Pension

2/13/2020

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Tax season is here, and for many of our clients, as you grow professionally and through your financial years, you come to discover more and more things finding their way onto your tax documents that you have to pay for. One of the most expensive things that you will depend on later in life is your retirement fund. Are you prepared to retire and are you aware of what you may or may not have to pay taxes on once you do? 

February is here, and we are one day closer into tax season here in Goose Creek. We are here to provide the best tax preparation services to all of our current and new clients, so please don't hesitate to contact us this tax season! We are in full swing, and are prepared for what is going to be a very busy but very exciting tax season! With that being said, we are here to offer our clients at many stages of their lives help with their taxes. For those filing for the first time, for those filing for the first time as a married couple, and those filing for the first time after retiring. Just as you change through the stages of your life, how you pay your taxes will also change along with you. 

Planning for your retirement is one of the most important things you can start doing once you start working in the professional world. You'll be paying for your retirement your whole professional career, and it will most likely be one of the most expensive things you'll ever pay for. There are no loans, no short cuts, so you will have to save and work for it. As overwhelming and difficult as this can be at times, the sooner you can start, the better your years of retirement will be. In honor of that, we will be dedicating this two-part blog to the pros and cons of having a 401(k) versus a Pension, and what that will mean come tax season once you are thinking of retiring and once you do retire! 

The days of working for a company for 40 plus years and retiring with an amazing pension, health benefits, and security are becoming things of the past. Today, the 401(k) is dominating the world of the retirement plan. A 401(k) is a plan that was specifically designed to help you save for retirement and was created almost by accident! The 401(k) that we know today started its journey in 1978 with the creation of the Revenue Act passed by Congress that year. This Act was added to the Internal Revenue Code, Section 401(k), and it allowed employees to avoid paying taxes on deferred compensation. in 1980, a gentleman by the name of Ted Benna, benefits consultant of the Johnson Companies, was trying to come up with a way to have a more tax-friendly option for companies to provide retirement programs based on this new 401(k) idea. He came up with the incredible idea that allowed employees to save pre-taxed money in a retirement plan that the employer would then match and put back into the plan as well. This was the birth of the modern-day 401(K) plan, and The Johnson Companies were one of the first to provide these new benefits to their employees. 

In the very beginning, the original section of the 401(K) in the Internal Revenue Code, did not allow stand-alone accounts to be created and to be funded by salary reductions. Mr. Benna pushed the IRS to change this idea, and they followed through. Those employees who now decided to partake in a 401(k) could now use their deferred income to make investments and not be taxed on any gains. By 1982, 401(k)s were being offered by thousands of companies, and they are commonplace for most companies today. 

There are many benefits 401(k) programs give to business owners and employers, and many of these benefits are why pensions are becoming an endangered species. 
  • The amount that the employer contributes to its employees 401(k) is tax-deductible for the employer or company. 
  • There is huge flexibility available in plan options that an employer and company can offer to their employees. 
  • Offering a strong retirement plan like a 401(k) can be very attractive to outstanding employees and can keep them at a company for many years. This can prevent constant turn over and save a company money on training new employees. 

The benefits a 401(k) can offer to the employee are also very positive. 
  • You can carry your 401(k) from one company to the next (with some exceptions). 
  • It allows small contributions over time to grow into large sums for retirement. 
  • The amount of money in your 401(k) is not taxed until you begin taking money out of the account. 
  • The amount of money put into your 401(k) from the company you work for can lower the amount of taxes on your income. 
  • It is very easy to pay into a 401(k) 
  • Traditional 401(k) plans are tax-deferred 

Right away in just these two short lists (they could be much longer, this is just an overview), you can see how a 401(k) can be such a relief on your taxes now, and it won't be an issue on your taxes or even something you have to worry about until you start pulling money out of it. But even though there are some wonderful benefits to a 401(k) there are still some cons. 
  • Depending on if you have a larger income when you retire compared to when you were paying into your 401(k) you could be put into a different tax bracket and will have to pay a large fee in taxes once you begin taking money out of the account. 
  • You might have fewer investment options and you might run into high account fees. 
  • If you do withdraw from your 401(k) before you are 59, you will be faced with a penalty charge. This happens most often when someone runs into some kind of financial hardship, and they need the money. Even in these desperate circumstances, the account owner will be facing a 10% penalty. 

Don't be overwhelmed with these cons. When deciding on your future, especially your financial future that could affect your taxes, you need to be aware of both sides of the coin. It is good to remember that what you pay into your 401(k) can help reduce the liability rate on your taxes every year and can help with tax withholding during every one of your pay periods.

You have a lot on your plate right now when it comes to tax season, so for those who aren't taking money out of their 401(k) this year, it's one less thing you have to worry about when filing. For those who are just starting to use their 401(k) plan as retirement or in a situation based on need, this tax season might be a little different for you. But don't worry, we are here to help. We hope this information has enlightened you a little more on 401(k) plans, and one of the many options available to you for retirement. In our next blog, we will be exploring pension's and what kind of taxes you may or may not be facing with those. Until then, we are Hood's Tax and Accounting Service, here to help you with all of your tax needs in Goose Creek, SC! 

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The Truth about Year-End Taxes

1/2/2020

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There are many loose ends you need to tie up at the end of any year for your personal taxes and those of your small business. You also need to be staying on top of the many changes coming your way in 2020 taxes. You might have more work ahead of you, so it's better to be prepared now for what is quickly heading your way. 

You've made it through the holidays and all the celebrations that go along with them, both in your job and with your families. As tax season approaches for the 2019 fiscal year, you need to start thinking about a few new changes that you'll be seeing sooner rather than later, along with tying up a few loose ends. 
  • Do yourself a favor and don't put yourself in a bad position scrambling to figure out what has changed in health care and new tax legislation. Use this blog and other resources to stay up to date with this information. Try and update yourself at least once a quarter, and keep your eyes and ears open to what might be heading your way. The information is out there for you, don't avoid it.  
  • If you aren't prepared or wanting to stay on top of this information, hire and work with someone who is. 
  • You must figure out what year-end tax reporting requirements have changed between the last tax season to now. 
  • You need to figure out what new tax compliance challenges 2020 is going to bring. There are also a handful of changes that you will be seeing come this tax season as well. 


In this blog, we won't be discussing all of the changes that are heading your way. We will just be touching on some of the most important. You will see changes in the W-4 form in 2020, in State withholding, Federal W-2s and State Deadlines, ACA Compliance from the State, and in Gig Economy and worker classification. 

Changes with W-4 Forms
In 2020 you're going to see changes with the IRS W-4 tax form. They have changed the form and given it a bit of a facelift. The changes include calculations for income tax withholding. There is a new form that has been added for the head of the household as well. The new form eliminates withholding allowance. As an employee, you will just adjust your withholdings by putting your tax information on your W-4 forms. This will include non-wage income, full-year deductions, and any child or any other dependent tax credits. If you own a small business or are getting a new job in the year to come, filling out tax papers will be much different than previous years. Since you probably don't know all of your tax information off the top of your head, and you probably won't be carrying around copies of last year's tax refund, take more time filling out the paperwork. If you are a business owner, allow your employee to take it home. Ask your new employer for a private space to call home or your tax professional to fill out all the information. If you are happy with your current withholdings at your job now, you will not need to fill out the w-4 form again. If you need to change anything for your future taxes, you will have to fill out the new paperwork. 

State Withholdings 
The new W-4 paperwork could affect state tax withholdings. Many states are still trying to figure out how to work with these new changes, so you or your small business won't be the only one trying to follow along. You will need to prepare for these changes by the end of next year, as their decisions on how to deal with these new changes will also affect how you file your taxes. The main issue many states are dealing with right now is the fact that there is no longer a box for allowances on the federal tax forms. Different states are picking different ways to handle the situation. One option that might become the norm is taking the focus away from income tax and shifting to pay-roll taxes. This might not be a very fun solution for many of us, but be prepared. When it's time to do taxes and paperwork for 2020, make sure to pay attention to the choices your state has made to deal with the W-4 changes. 

Federal W2s and State Deadlines
In 2020 the tax rate will remain the same for employees and employers, at 6.2%. Medicare tax rates will also stay the same as they were in 2019. The IRS has now moved up the W-2 submission deadline to January 31st. They have done this to continue the fight against tax fraud and identity theft. Most states will now require electronic W-2 filing from your employers. Many states have also increased the penalties for late filings of W-2 forms. Be very aware of these due dates. These fees can add up very quickly and become very costly. 

The good news for you, if you're feeling overwhelmed for next year's tax season, is that we are here to help you keep up to date on these changes. We are here to help you understand them, help guide you through them, and prepare for them. These charges vary from small differences to ones that will affect you on a state and federal level. Just like any tax law changes, the new ones we will be seeing in 2020 will evolve into others. So don't get too comfortable. Stay connected, educated, and ready for the unexpected. 


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A Gift for Everyone this Season

12/24/2019

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This season is meant for celebrating, and no matter how you celebrate it can be overshadowed by the fear that tax season is getting closer. But fear not, we have the perfect gift you can give yourself to make this tax year and the years to come pain-free with more celebration in store for you! 

The holidays are here, and with a rush of mistletoe and delicious treats, in comes the last fiscal quarter of 2019. We've made it, and that in itself is a reason to celebrate. While we sit here enjoying a mug of holiday cheer, we can't help but start to think of tax season. We are about to put this year to sleep and tuck it in to the IRS come April. But come January 21st, the IRS will start taking e-file returns, which means getting your tax return back even sooner! There is one more step you can go about doing to make your tax holiday season even better. That is to gift yourself with hiring a Tax Professional! 

Perhaps you've done your taxes for the last handful of years. That's amazing, ambitious, and very time-consuming. We understand your hesitation in hiring someone to help you with your taxes. It does cost money. But in the spirit of giving, we want to pass along five of the top reasons why you should consider hiring a tax professional to do your 2019 taxes! 

  • Going about doing your taxes alone is hard. You have to stay up to date on tax code and low, and how it affects you personally depending on your profession. Guess what? A tax professional is paid to do that for a living! They know the ins and outs of this daunting task so you don't have to. 
  • The goal of getting your taxes done as soon as possible is to get as much back in your bank account or keeping as much in your bank account as possible. A tax professional is paid to find any missing deductions or tax credits your eye might not see, notice, or understand. This could automatically mean paying less or getting more back in return. Think about it this way: This could even mean covering the cost, if not more, that you are dedicating to your tax professional. 
  • It will save you time! Your time is worth money, spending it with your loved ones, and doing the things you love. It is estimated that filing out, gathering receipts, and filing a tax return can take up to 20 hours or more. That's half your work week! Do you want to give up all of that in free time or lose hours at work? I would say not! Let the professionals take care of this for you, so you can have more time for what matters! 
  • If this is your first time working with a tax professional, they might save you more many than just on this year's tax return. They can look at and review your previous tax returns to see if any deductions or tax credits were missed there too. If so, they can have these issues amended, meaning more money for you! 
  • One of the scariest and most difficult things to come across with your taxes is an audit. The stress of going through and meticulously proving your write-offs, correcting mistakes, and other missing pieces is horrible. This can be financially taxing too because it could prevent your tax return from arriving when you expected it or cause you to pay more in missing tax money you didn't pay correctly. Then, of course, what about the questions you can't answer that the IRS is imposing on you? A tax professional can not only prevent an audit with meticulously filed paperwork, but they are also there with answers to even questions the IRS might have for you! 

In five easy steps, this can be the best holiday yet. Fill your mug up with holiday cheer and settle into the last few weeks of the holiday. Don't fear tax season. 2020 is going to be an excellent year, just you wait! From all of us at Hoods, we wish you and yours a wonderful holiday and a happy New Year! 
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Late for a Very Important Date

11/1/2019

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What happens if you are unable to pay your taxes on time? Are there other options for you? Don't panic, that is what we will be discussing! 

Tax Day will be here on Wednesday, April 15, 2020, if we are ready or not. You can file your taxes as soon as you get all of your W2s, 1099s, and other tax forms from your employers. One of the perks of filing early is getting that prized tax return early. You should receive it within three weeks of filing. If you file your taxes sooner than most, you won't be fighting against the crush of everyone else who waited until the last moment to get everything filed. But what happens if you've filled out all your tax paperwork and you can't pay what you owe the IRS? What happens if you don't fill out your paperwork and file on time? Take a breath and let's review some options out there for you. 
  • The Bottom Line 
First of all, there are options for you so don't panic. If you are unable to pay on time, immediately file for an extension. Once you do this, you have to pay attention and stay on top of your extension just like you would any of your bills. Please know that there are penalties if you don't pay on time and a separate penalty for not filing on time. Not being able to file on time is a much larger penalty than not being able to pay on time. Failure to file is 5% of the money due per month and can go up to 25%. Failure to pay is .5% of the money due up to a max of 25%. If you can't pay right away, at the very least fill out and file your taxes. This way you are aware of how much is due and can hopefully avoid some of these penalties. But interest does add up until your tax bill is paid in full. 
  • Possible Options 
Try and find some options to help you pay on time. See if you can borrow money from family to help pay, get an advance on your next paycheck, or sell items you no longer need or use anymore. You can dip into your savings if you need or even tap into your 401(K). These aren't ideal options, but they will help you in the long run. You can pay your taxes with a credit card, but to do this you have to contact a special service provided through the IRS. You will be charged a continuance fee to do so and that adds up to be about 2.5% of what you're already paying. You will also incur interest charges if you can't pay off the credit card payment quickly. 
  • Not Quite Enough 
If you can't come up with the money and you don't have a credit card to use, you can work out an installment plan with the IRS. You will need to fill out form 9465, the Installment Agreement Request, and attach it to the front of your income tax return. You might even be able to request a payment plan online. This doesn't mean you can avoid paying interest on what you still owe. This interest will still accrue until everything is paid off. But in this situation, the IRS can reduce any failure to pay penalties. 
  • Not Even Close 
If the amount you owe is so large and there is no way possible that you will be able to pay, there is a program called Offer In Compromise, where the IRS may take less than the full amount that you owe. To do this you need to complete form 4334 and 656, along with a collection information statement. You will also need to provide a total financial statement. This includes a list of everything you own, all of your debts, your income, and the amount you can pay right away to make a compromise with the IRS. The IRS will then review this information to see if they will accept the compromise. You are required to pay all tax liabilities on time for the next five years for this compromise. If this requirement is not met, the whole original amount of your taxes will be your responsibility again, more penalties will be added on, and the IRS can get money from you in many other ways that could hurt and damage your credit score, like filing a lien on your property. 
  • Options
The IRS website tells taxpayers not to panic if you can't pay on time, and lays out the general options for you. The big thing they stress is to file on time and then contact them right away to talk about your money situation. Don't hide from them. They will find you one way or the other, you won't fall through the cracks. The IRS can temporarily delay collection by reporting your account as currently not collectible until you can pay, in some circumstances. But they will be more willing to work with someone who is upfront and comes to them rather than those who hide or lie to them. What can help in the long run is making sure the right amount is being taken out of your paychecks, so the amount owed at the end of the year isn't as painful. If you operate as an independent contractor, save a percentage of every paycheck to make up for the fact that no one is taking anything out for you. 

Not being able to pay your taxes can cause huge amounts of stress and panic, but try and not let it. Just make sure you are using the options and resources available to you. You will make it through this tax season, and many more to come! For more information and help from the IRS follow the link below!  

https://www.irs.gov/newsroom/what-if-i-cant-pay-my-taxes

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Common Mistakes for the First Time Tax Payer

10/16/2019

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Preparing and paying your taxes for the very first time is a terrifying rite of passage into adulthood. But for a first-time taxpayer, it's easy to scare yourself into making very simple and easy mistakes. Take the time to take a deep breath, check your work, and understand what you're doing! 

The very first time you pay your taxes is scary. It's scarier than this Halloween season. For most of us, our first tax experience comes with our first job while we are still in high school and living under our parent's roof. But once the safety blanket of Mom and Dad helping you file your taxes or taking you to their tax accountant goes away, things can get pretty dicey. You're out in the world for the very first time worrying about some huge adult things. Where are you going to live, how are you going to get around, how will you pay your bills, can you feed yourself, what will your job be? Those are huge learning curves, and we all go through them. And just like those learning curves, taxes have their curve too.

Most first-time taxpayers are just afraid they'll do it wrong. Afraid they'll miss a signature, not understand the paperwork, or not provide the correct paperwork to prove write-offs or prove their source of income. Sadly, this will happen for most first-time taxpayers. These mistakes can cause your return to be delayed or you can receive a terrifying official letter from the IRS. The letter will point out the mistakes you made, and you will have to correct them all before seeing your tax return. Take a deep breath, we are here to help you solve those issues. 

In this blog, we will be discussing some of the most common mistakes made by first-time taxpayers and how to prevent them from happening! 
  • The Basics 
It all starts with filing, right? One of the first mistakes made is hearing that you can pick up your official tax forms from the library or download them off the IRS website and print them off. These are all true statements, but you'll be stuck with a pile of papers you might not understand. You might even grab the wrong set of forms. For a first-time taxpayer, the best way to start off and even continue paying your taxes through the years is by investing in a tax preparation software - like Quickbooks. It comes with an impeccable FAQ, an easy how-to guide, and the software guides you through the proper paperwork to correctly file your taxes. It also helps determine what you can write off, what documents you need to complete these write-offs, and what paperwork you will need to save for future tax seasons. It also has an option to store all of this information for you in its database, so you can learn to upload and save everything you need right away and not have a huge stack of important papers, receipts, and documents just lying around waiting to get thrown away on accident. Also good to know, if your gross income is $66,000 or less the IRS offers free file software, too! It might be a pain to pay them every year - but at least they're being helpful about it! 
  • The Numbers
Believe it or not, one of the most common mistakes when filing your taxes is entering the wrong social security number. We get it, you're nervous and overwhelmed. But take the time to take a deep breath and to dig out your social security card and keep it handy while you're filing your taxes. Once you're finished, take the time to check your work. Take a little walk down memory lane and make all of your math teachers happy by checking your work. Entering the wrong SSN can lead to the delay in processing your return and it can also lead to the IRS rejecting exemptions for dependents.
  • The Side Jobs
It's very common today, especially for younger taxpayers, to have multiple sources of income. This is very true when you're an independent contractor or self-employed. Learning all the finite details of filing multiple w2s or I9s is very tricky, and can become even more difficult if you've worked in multiple states during that tax year. Each state will have its own little different tax laws on how to file these forms. Often in these situations, the young taxpayer fails to include all sources of income. Many decide just to put down the ballpark number of their yearly income. When you receive a 1099 or any other similar tax document, the IRS receives one too. It's their job to compare all of your documents with the ones they've already received and to catch any mistakes. This kind of mistake can increase the chance of being audited, and that is not what you want.

Tax season might still be a few months off, but we wanted to put any worried first-time taxpayers at ease. If you're a parent, family member or friend of a first-time taxpayer, share this with them! We are sure you remember how hard it was the first time you paid your taxes. Remember, we also offer the best Quickbooks training and Quickbooks services in Goose Creek, and are happy to help you and your family whenever you need it. Please don't hesitate to reach out! 

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