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

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

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

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

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

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

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

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

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

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

The great thing about Thanksgiving can be the goals you set for yourself financially, and being able to reach them without stress. This can be your reason for the season and your reason to celebrate without breaking the bank. Enjoy the little things this year, and be ready to financially step into 2021. Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!

Keeping a watchful eye on your finances is always important. During these uncertain times, it is more important than ever.

Keeping a close watch on your purse strings is a necessity. With so much unknown about this year, knowing exactly where your finances stand and how to keep them stable has become a huge priority for most Americans. Since March of this year, over 3 million Americans have filed for unemployment, according to Forbes. Juggling how this pandemic has affected your income and how it will affect your daily and monthly spending could become a huge focus for you and your family. While staying healthy and figuring out new school and work scheduled are our first priorities, it is easy to get overwhelmed with how to deal with these potentially drastic changes in your finances. How do you decide what to cut out? How can you change your spending? What are the necessities that can't be cut out, and how do you make these decisions with the best outcome for your family?

According to Forbes, an estimated 49% of the American population was living paycheck to paycheck even before the pandemic hit. This left no room for extra savings or a nest egg to fall back on. Unemployment has helped, but even that has seen a drastic change since its first wave with the national stimulus checks. Many people have been left without enough to cover their basic needs. The first stimulus check and the additional $600 from the government added to unemployment checks were just short term solutions. What can we do now to help make our bills, keep a roof over our heads, and keep food on the table?

THE NEW BUDGET
You sit down every month and track what you're earning and what you're spending. You create a solid budget based on your calculations that takes care of your bills, your family's needs, and hopefully goes towards a little fun. If your paycheck has been hit or changed due to the pandemic, your budget will have to be retooled. Try and figure out how much of a cut your salary has gone through and try and cut that much out of your monthly spending. Please remember that while you're cutting your budget, your retirement planning and savings still needs your attention. If you can keep paying into those, that is ideal. If you are unable to do so, don't panic. Instead of adding to them, try not touching them unless you have to. Consider what you have in savings during this time, too. If it is needed, remember these funds have been put aside for an emergency.

While the stimulus check will not be part of your 2020 taxes and is being treated as forgiven money, the additional $600 and the now $300 added to your unemployment checks will be taxable income. If you've taken the highest amount in unemployment without choosing to take any taxes out, please prepare for what you will owe in your 2020 taxes. If you can, choose to take out some taxes to make your next tax season a little less painful. Also, try and avoid the temptation of online shopping and avoid making 'panic purchases". Instead of using your extra time to scroll through your favorite shopping sites, sit down and create a brand new long term financial strategy. We have no idea how long this might last, so planning ahead is going to be your best bet.

NEGOTIATIONS
Everyone owes money every month, even those who collect it for a living. We all have bills to pay, there's no exception to that. If you can sit down and take the time to talk with your landlord, your credit card companies, your insurance company, and discuss your current circumstances it could be a huge relief to your bank account. Be honest and ask if they can give you some kind of break or pause in your payments, a break or pause in accruing interest, and if you can negotiate your interest rates. According to Business Insider Apple, Chase, Citi, American Express, and Capital One offered their clients emergency support during the first few months of the pandemic.

THE DINNER MENU
Part of your monthly budget includes your grocery bill and funds set aside for going out to eat. As much as we all want to support our favorite local restaurants, eating out adds up just as quickly as it did before the pandemic. Tack on delivery fees to this bill, and it can be even more expensive. The dangers of panic purchasing delivered meals three times a day is very easy thanks to our favorite food apps. Meal planning is going to be just as important as budget planning. You'll need to stick to both to feed your family and save as much money as possible. We understand a few delivered and take out meals, but try and avoid them as much as possible.

THE (UN)ESSENTIALS
The pandemic has done a good job keeping us at home and helped us save money on group activities like going to concerts, going to the gym, and getting our hair and nails done. While things are getting back to normal and these services are slowly becoming available, that doesn't mean you need to jump back into using them again. It's best to wait and do so when your income is back to normal. You've survived without them up until now, and you can continue to do so a little while longer. If you have a lawn care service or a maid service that helps you care for your home, it might be beneficial to pause these services. As essential as they might be, they aren't as important as many other things in your budget. Making these decisions is difficult, but they are possible. You just have to keep going back to the drawing board when things get tough.

We know the last thing you want to hear right now is that you have to sacrifice more than you already have just to hang on. You've given up so much already, changed plans, and lost out on promised opportunities. The truth is, you can keep going. If you continue to make these hard decisions to save your finances and protect your family, the light at the end of the tunnel will become much brighter. 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!

Mornings, for many of us in 2020, look much different than many of us expected them to. We still have to be productive, so here are a few ways to stay energized and focused no matter what! 

Hello friends! We are finally emerging from the other side of the 2019 tax season, and we are seeing a positive light at the end of the tunnel. A lot of what has kept us energized is the hopeful promise that our clients who did file on and around July 15th will be looking at a tax return very shortly. Something that, due to the next unknown aid situation coming from the government, will be a very welcomed financial relief. We know that by this point in the year, the late summer heat and constantly hearing about the pandemic for the last five months has us all bogged down. So, we wanted to change gears with this blog and focus on another aspect of working from home. 

Many of us are still working from home either by choosing to, having to, or the fact that we already did. Finding a groove in working from home can be a daunting task. You have to shift your home around, make some necessary but inconvenient purchases, struggle with separating your space from your workspace, and possibly dealing with our children going back to school online again. On top of all of this, and being more tired than normal, we still need to stay productive, get our work done, and meet our deadlines. The best way to get ahead is to start with a jump start to your morning. So, we wanted to change up our blog content and give you some simple tips and inspiration to get a jumpstart in your day to keep you energized. Let's be honest, we could all use a little inspiration and jump-start to our days right now! 

• Tip #1 Routine 

This tip might sound strange when our normal routine that so many of us worked hard to establish has been turned upsidown. If you can create a routine that works for you and keeps you focused, positive, and on the ball then that is a fantastic way to jumpstart your day. Remember, this will be different for everyone, and will reflect what you and your family need. If you are a morning person, continue to get up early. If not, let yourself take a little longer in the morning. Be forgiving, and give yourself room to discover what works for you. 

• Tip # 2: Set Goals & Make A List

If you have a lot going on in your personal and professional life with no one to keep you on track, there can be a lot floating around in your mind. This gives you plenty of room to forget a thing or two. To save your sanity and to make sure you get everything completed, start by making a to-do list, and write it all down. So much responsibility has been placed upon us while we're working from home. The daily emails, calls, texts, and Zoom meetings still don't help the fact that we are now in charge of constantly keeping ourselves accountable. Start your day by making a list of everything you need to do in every aspect of your life, and continue into the workday. Next, make a set of goals for yourself for the day. Make sure that they're attainable, can be accomplished, and need to be done that day. When making a set of goals for yourself start with a small amount, between 3 and 5. This will allow you to feel productive when you finish them and allows for extra time if anything else comes up in your workday.

• Tip #3: Eat Well & Work Out

You might have noticed that this new way of life has us sitting around way more than usual. Who knew that extra bit of running around at work, running errands, and chasing kids to their after school activities could burn so many extra calories? You don't have to jump into getting yourself into the best shape ever right now unless you what to! But what is important is keeping your boding moving to help it feel better, work out the frustrations of the day before, and get you focused on the day to come. Pro tip? Get the whole family involved in the workout. You also still need delicious and nutritious food to help keep you feeling good and keep your mind focused on the job at hand. There is a time and a place to eat takeout and splurge on your favorite store-bought goodies but, give your gut and brain the food they need to keep you running. Of course, don't forget to drink plenty of water! Coffee can be a very important commodity for many of us in the morning, but it's the H20 that will keep you going all day. 
​

• Tip #4 The Night Before

This blog might be focused on jumpstarting your morning, but a lot of what can influence your morning happens the night before. Since we've been home and away from so much of our normal activities, friends, and family, we've been glued to our phones. Try and set a time when the phones are put away for the night, and its time to focus on family or time to go to bed. Those late-night scrolls don't do any good when you're trying to be productive the next day. Start to unwind from your phone and other electronics an hour or so before bed, so you can get a good night's sleep. A really good night's sleep and a true deep rest can restore you and prepare you for the morning ahead. 

We know this is a strange time. Please know that you're not alone in feeling this way. Also, please know we are here to support you and our amazing community of Goose Creek! 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!

The CARES Act has provided relief across the board. For those of us who have student loan debt, the CARES Act has come in with a plan to help manage those payments for the time being. But, is everyone covered? 

There is no question about it. Student loans are a big deal. The education that came along with accruing the debt is priceless, but when that bill comes every month it can be hard to remember that. Although we have had some positive steps forward in our economy since the pandemic hit earlier this year, many of us are still dealing with financial strain. When money gets tight, the first things that come to mind are taking care of the essentials; a place to live, food, transportation, and your bills. For a lot of Americans, this has been hard to take care of. Student loans put pressure on many, regardless of what was going on in the country. Thankfully, when the CARES Act was signed, relief was finally here. Those with student loans were going to get a little break. But, did that mean everyone with student loan debt was going to feel this relief? Sadly, no. 

The United States has seen relief and support in more ways than one through the ongoing pandemic of COVID 19. The CARES Act has been one such support system. It has provided small business loans, helped with those planning for retirement, given us our stimulus payments, and it also ushered in relief for the payment on student loans. According to Dave Ramsey and AmericanProgress.org around 43 MILLION adults in America have student loan debt. The CARES Act gave many Americans one less thing to worry about. It has allowed thousands of Americans to allocate these funds to keep food on the table and the lights on. While many of us waited for our stimulus checks to appear, this was cause for celebration. But, it didn't mean a celebration for every student loan holder. While this aid did help those 43 million Americans, it didn't help them all. 

 In any situation before the pandemic, to stop or pause your loan payments you would have to prove that you were financially unable to pay your loan. When you proved this, you would then qualify for a forbearance or deferment. These are the technical terms for putting your loan on hold. While your payments are paused, your loan continues to accrue interest while it's in forbearance. With the CARES Act, every federal student loan was automatically put in forbearance, your loan payments were paused, and no interest will accrue until its end date, according to Forbes and Dave Ramsey. You do have the option to continue your loan payments if you wish, and it is recommended you do so if you can afford it. 

Did you notice the specific loans that are being taken care of by the CARES Act? Only federal student loans. These loans are personally owned by the United States Department of Education. Any other private student loans that are not federally owned will not be covered under the CARES Act. To give you a better idea, here is a list of federal and private student loans that are and are not covered:
[COVERED]

• Navient 
• Great Lakes
• Granite State
• HESC/EdFinancial Services
• Cornerstone
• And More! 

[NOT COVERED]

• Sallie Mae
• College Ave. 
• Discover Student Loans
• Earnest
• Credible
• Many More! 

As of now, according to Dave Ramsey, the loan forbearance and the 0% interest will last until September 30th. This could be extended, but only time will tell. Please note that this is not the government forgiving all of your federal student loan debt, nor are they paying your loan for you. Once the CARES Act ends, you will need to pick up where you left off. If the focus of your money needs to be survival, then take advantage of this opportunity. If you can keep paying your student loan, continue to do so. Regardless of your decision, take this time to save up as much as you can. If these last three months have taught us anything, being prepared is a must. 

If you do have a private student loan, there are some companies out there that are offering some relief during this time, according to Forbes. This is not true of every company and they are not legally mandated to do so. If you are having issues paying your private student loans, call your loan company immediately and see if there is something you can do. If you are going to put your loan on forbearance, make sure to ask about the interest that will be built up. 

This Act has done a lot of great things, but there is a darker side to it. According to Forbes, there was more damage done than relief. There have been reports that one, if not more, of the U.S. Department of Education loan services, reported borrowers loan status to credit bureaus. This very improper move lead to serious credit damage. Some have even had their tax refunds seized, illegally, by the Department of Education. The Department of Education claims that all tax funds have been repaid, but some citizens are still waiting. Lawsuits have even been filed, says Forbes. 

As much as the CARES Act has helped, was it worth it? Will it be able to sustain the country in the months to come? As much as it has seemed to help a good number of people, it has also seemed to fail many others. If you have any questions about your finances during this time, need help with your tax payments or tax money for 2019 or 2020, please never hesitate to contact us. We are here to support you and our amazing community of Goose Creek! 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!

The pandemic has affected us in many ways. Sometimes, it's difficult to keep up. For those who receive supplementary security income, receiving financial support has been an interesting battle.  

Hello Goose Creek! We hope this finds you healthy and well. Times are still unsure, but there is a ray of hope in how our beautiful state is starting to open up bit by bit. The waves of financial help have been an interesting experience, and each of us has been affected in different ways. For those of you who receive supplementary security income or SSI, it has been a difficult and interesting experience to go through. But, there has been an update to your economic impact payment. In this blog, we will be discussing what this update is, how to apply for as much financial help as you can, and what this will look like for you over the next few years. These specific benefits for SSI recipients were created to help you as much as possible and to help care for and supplement your children.

For those new to the term, SSI pays benefits to adults with disabilities and also helps pay for children who have limited income and resources. It also financially helps those who are 65 years and older who don't have disabilities but who meet the financial limit and need assistance.

For those of you who collect SSI, you had until May 5th of this year to go to the IRS website and fill out the IRS non-filer tool to list and receive $500 for each of your qualifying children. A qualifying child is one that is 17 years old or younger who is under your care and your responsibility. If you did not make this May 5th deadline, you will have to wait until tax time of next year to apply and receive this financial help. Even if you did miss the deadline you will be able to (if you haven't already) receive your $1200 stimulus check. You will receive them either in paper form or through direct deposit. Please note that the IRS will be sending you these checks, not the Social Security Administration. If you have any questions about filing or any questions about a qualifying child, contact the IRS offices. Not the SSA.

Be aware, as we have mentioned in some of our recent blogs, there are a lot of scams out there targeting SSI beneficiaries directly. There is no fee or anything you have to give to receive your stimulus check or your impact payment for your qualifying children. The only thing you were required to do was to fill out the non-filer tax form on the IRS website. If you have already missed this cutoff, make sure to still apply and fill out this form. Even if you don't receive this money until next year, you are entitled to it. The information that the SSA gives to the IRS every year doesn't provide them with any information about your dependents (your qualifying children). Not filing at all will prevent them from knowing that you have dependents that qualify for this $500. If you did file on time, you should have started to see your money mid-May. You will receive the money just like you would with your normal SSI benefits. When you do begin this process and use the non-filer form, be prepared to create an account. You will need to provide information for each of your qualifying children. You will need to provide contact information, social security numbers, your address, email account, and phone number. Be prepared and have this information ready for when you do file.

Do NOT apply for this or through the non-filer form if you did end up filing your 2019 tax return. If you are required to file, this tool will not speed up the process of getting your payment, it will slow it down. If you are someone over 65 and you're caring for a child 17 years or younger, please know that you are also eligible for these benefits. If you missed the cutoff date, make sure to file for these benefits so you can receive them in 2020.

For everyone who receives SSI benefits and those who are eligible for this economic impact payment, we hope this helped. Don't forget, we are always here for a consultation if you need help! Never hesitate to reach out to us if you have any questions about your taxes, filing for taxes, and so on. We are here to help our Goose Creek family and stand with you during these difficult times. 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!

You can follow the Social Security Administrations Offices on Facebook, twitter, and their blog by following the links below: 
https://www.facebook.com/socialsecurity
https://twitter.com/socialSecurity/
https://blog.ssa.gov/

For Updated information about the current pandemic and how it will affect you financially, visit the IRS website! 
https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments