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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. ​

Tips For Small Business Accounting

2/15/2022

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Hello, readers! Welcome back to the Hoods Tax & Accounting blog! If this is your first time here, welcome! We’re delighted to be able to share up-to-date information about taxes, bookkeeping, and accounting. Our blog is also dedicated to educating you about tax-advantaged savings accounts, tax provisions, programs, and more! We aim to provide you with the tools needed to meet your short and long-term goals. Our seasoned professionals are experts on the tax code, eligible deductions, and QuickBooks—all necessary fundamentals for saving you money! The Hoods Family has been around since 1988 and our comprehensive accounting and tax planning services are among the best in the Lowcountry. If you’re in need of tax preparation, accounting, QuickBooks training, or business consulting services, do not hesitate to schedule an initial consultation! We are officially in tax season. We recommend preparing early to maximize your savings and refund. We do offer contactless services using a combination of over-the-phone consultations and digital drop-offs, for safety and convenience. You can read more about our hours and submit a request for a meeting using our website!

For some small business owners, the phrase “tax season” can be unpleasant. But don’t worry– We are here to help! Today, we’ll be sharing some helpful tips for small business accounting. 

Determine What Kind of Business You Are

One of the first things you will need to do as a small business owner is determine what type of business entity you are. You must register your business in the state you will be operating in. In South Carolina, businesses can operate as a sole proprietorship, partnership, corporation, or limited liability company (LLC). 

  • A sole proprietorship is the simplest business structure. If you are the only owner of your business, you are automatically a sole proprietorship and there is no need to register with the state. However, you might need local business licenses or permits. 
  • A partnership is similar to a sole proprietorship, but the business has two or more owners. There are two types: general partnerships (GPs) and limited partnerships (LPs). It is the default mode for businesses with multiple owners, so there is no need to register with the state. Each owner is personally liable for the business’s debts. Owners can deduct most business losses on their personal tax returns. 
  • A corporation exists separately from the business’s owners. There are two types: C Corporations and S corporations. There are many more regulations and tax laws that a corporation must comply with. C Corporations are eligible for more deductions than any other business entity. Both C and S corporations are more expensive to create than sole proprietorships or partnerships. 
  • Limited liability companies combine the flexibility of partnerships with the personal liability protection of a corporation. LLCs require registration with the state. You can choose whether you want to be taxed as a partnership or as a corporation. 

Deciding your form of business will determine which income tax return form you have to file. For example, all businesses except partnerships must file an annual income tax return. Partnerships should file an information return. The IRS website provides information on business entities, as well as charts to help you determine which type of business you are. We provide small business consulting, so reach out to us if you want to know more!


Preparation and Communication: Hire an Accountant!

Now that you’ve determined your business entity, it’s time to start preparing for tax filing. Preparation is key, whether you are a first-time filer or a tax professional. Many small business owners manage their own bookkeeping, but as your business grows you may find that you need support. You’ll need to find an accountant or bookkeeper that is right for your business. It’s important to make sure your accountant is a good fit and is in tune with your business’s structure and goals. They should do more than just file your taxes. In fact, they should be someone you keep in contact with throughout the year– not just during tax season. As the structure of your business evolves, there will likely be new forms to fill out. Your accountant or bookkeeper should help you track your business’s spending throughout the year. This is vital for the longevity of your business’s success and growth. Think of them as a business partner. Working together with them is going to make the entire process easier for all. As a business owner, you have enough on your plate. Can you manage bookkeeping yourself while still giving your small business the attention it needs? Hoods Tax and Accounting can handle the bookkeeping for you. We also offer payroll services to make things easier for you.

Maintain Neat and Accurate Records

Make sure all records of your spending are easy to access and read. Your small business should invest in basic accounting software. This will help you keep track of your income and expenses and see all of your files in one place. Inadequate record-keeping can cause you to owe more money in the long run, and could cause your business to be denied deductions or credit. There are a variety of easy-to-use softwares out there. Here at Hoods Tax & Accounting, we are experts at QuickBooks! QuickBooks is a software aimed at small to medium-sized businesses. We offer QuickBooks training, so feel free to contact us today to get started!


Be Aware of Deductions You May Qualify For

Tax deductions are expenses that can be deducted from a person or business’s taxable income. There are quite a few tax deductions that small businesses can claim, so it’s important to be knowledgeable of what’s out there and figure out what you may qualify for. There are deductions for business meals, business insurance, legal fees, rent, phone and internet expenses, home office, charitable donations, startup expenses, and more. One deduction that might seem more relevant than ever before is the home office deduction. Since the start of the pandemic, many people have transitioned to working from home. However, not all people who work from home are eligible for this deduction. According to the IRS, employees are not eligible to claim this deduction. Additionally, there must be exclusive use of a portion of the home for conducting business on a regular basis. It’s important to research these different deductions ahead of time and take note of which ones your business may be eligible for. Waiting until the last minute could cause you to miss out on saving money!

Calculate and Understand Startup Costs

To go along with tax deductions, a specific one that you should keep in mind is startup expenses. When your business is brand new, this is especially relevant. You will have expenses such as rent, payroll, utilities, and professional services as well as things like permits, licenses, website creation, logo design, and even business cards. Although starting a business can be pricey, the good news is that some of these costs can be eligible for tax deduction. You should act quickly, though: You’ll need to claim the deduction for the tax year that your business officially opened. If you are interested in this deduction, it’s best to calculate and keep track of your expenses as soon as possible after starting your business.


Separate Business and Personal Expenses

Separating your business and personal expenses can have a range of benefits, including tax advantages. If these two intertwine, it can limit your eligibility for tax deductions. Having your personal expenses tied to your business expenses can also make it more difficult to accurately determine and report your business’s income. You don’t want to sit down and go through receipts to figure out which expenses were personal. If these expenses are not calculated accurately, it can be damaging to your business credit, which is the financial history of your company. Business credit can be used to borrow money, or loans, to purchase products and services. Ideally, this credit should be separate from the business owner’s credit. Getting a separate bank account and credit card for your business can be a step in the right direction. When looking for a bank to set up your business’s account, there are a few things you should think about. First, make sure the bank is conveniently located. Is there a branch close to your business? You’ll want to be able to get there whenever you need to. Next, gather as much information about the bank as possible. What kind of banking fees do they have? Are there fees per transaction? These will need to be factored into your business’s budget. 
Conclusion
These are certainly not the only things you must do to start up your business and keep it running smoothly, but they are important first steps in the process! As stated above, Hoods Tax & Accounting offers a variety of services including small business consulting, QuickBooks training, tax preparation, accounting, payroll, and more! Visit our website for more information, as well as helpful links to resources you may find useful. Thank you for reading and we hope to see you back next time to keep learning about various tax and accounting topics!

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Everything You Need to Know About Gift Taxes

12/17/2021

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Hello, readers! Welcome back to the Hoods Tax & Accounting blog! If this is your first time here, welcome! We’re delighted to be able to share up-to-date information about taxes, bookkeeping, and accounting. Our blog is also dedicated to educating you about tax-advantaged savings accounts, tax provisions, programs, and more! We aim to provide you with the tools needed to meet your short and long-term goals. Our seasoned professionals are experts on the tax code, eligible deductions, and QuickBooks—all necessary fundamentals for saving you money! The Hoods Family has been around since 1988 and our comprehensive accounting and tax planning services are among the best in the Lowcountry. If you’re in need of tax preparation, accounting, QuickBooks training, or business consulting services, do not hesitate to schedule an initial consultation! As we approach the end of the year, tax season steadily approaches. We recommend preparing early to maximize your savings and refund. We do offer contactless services using a combination of over-the-phone consultations and digital drop-offs, for safety and convenience. You can read more about our hours and submit a request for a meeting using our website!
 
Our last article was a culmination of our Basics of accounting series. In part one, we discussed why accounting is a primary function in the management of a business of any size. We detailed what exactly accountants are responsible for, as well as how they execute these responsibilities. Like bookkeeping, accounting is separated into distinct types. We provided an overview of the differences between these types and how to determine which type is suitable for your business. In addition to answering a few common questions about accounting, we shone a light on the benefits of hiring a professional accountant. In part two, we started parsing through the nitty-gritty details of accounting principles. Accounting principles are the general guidelines by which accountants perform their duties; and each principle is underpinned by a practicality. While the most commonly recognized accounting principle is the accrual principle, in part two of this series we covered the consistency principle, the full disclosure principle, the conservatism principle, and more. In part three, we continued our discussion on accounting principles, then finished out the series by answering a couple of questions and providing a few best practices for accurate accounting. The aim of the Basics of Accounting series was to provide a solid foundation for understanding how accounting works and to stimulate an interest in further learning. If you haven’t already, make sure to give this series a read! 
 
Today, in honor of the season of giving, we’d like to provide you with a comprehensive explanation of gift taxes. Many aren’t aware gift taxes exist and, if you’ve never heard of them before, don’t worry. There’s no tax on a majority of gifts you’ll be giving this holiday season. In fact, the gift tax only applies to gifts of a certain value, and this value is determined by the IRS. In our discussion of the gift tax, we’d like to give you a basis for why such a tax exists by exploring its formation and history. As well, we’ll make sure you know how to pay your requisite dues whenever you give a gift to someone (or someone gives a gift to you)! 
 
The History of the Gift Tax
 
First, let’s define what a gift is. While this may seem obvious, the definition according to the IRS is the one we’ll be referring to today. According to the Internal Revenue Service, a gift is “any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money’s worth) is not received in return.” Now, a taxable gift can come in the form of cash, stocks, real estate, or intangible property (such as intellectual property, trademarks, patents, or copyrights), and is considered “completely gratuitous” when there is nothing of value exchanged. Gift can also be “gratuitous in part,” and this occurs when some amount of value is exchanged, but not the full amount given. In this case, the difference between the amount given and the amount received is the gift. 
 
The gift tax wasn’t even a thing until 1924, when—in response to people attempting to escape paying their taxes—the IRS cracked down. Even then, the tax was repealed in 1926. Four years later, in 1932, the entire idea was overhauled and reintroduced. The manner by which the gift tax disallows individuals to escape paying their taxes is difficult to grasp unless you first understand the estate tax. The estate tax has seen much debate in the decades since its inception. Essentially, your estate is the combined value of all of your assets. When you die, before these assets are bequeathed to your heirs, they are taxed a percentage. Now, imagine you have $100 million dollars. Instead of assigning this amount to your heirs in your will and having to pay a chuck to the IRS, you once might’ve been able to gift portions of your estate to those of your choosing while still alive and—in this way—circumvent the estate tax. Just as you wouldn’t be taxed for gifting your money, the recipients wouldn’t have to pay income taxes either. That is, until the invention of the gift tax. 
 
At first, the gift tax was only implemented as a means of minimizing estate and income tax avoidance. Soon enough, however, it became clear the gift tax could be used to raise revenue (with $4.6 billion being garnered by the gift tax in 1999 alone). The gift tax still exists today. Why haven’t you ever had to pay the gift tax? Well, the gift tax has an exemption, which we’ll discuss in the next part. 
 
The Gift Tax as of 2021
 
Most people never have to worry about paying the gift tax because the annual exclusion amount is around $15,000. This means that you can gift up to $15,000 in value to as many people as you want and you won’t have to file a gift tax return. Now, in an individual’s lifetime, the exclusion amount is $11.7 million, which means you can give up to $11.7 million over the course of your life without paying gift tax. If you exceed the exclusion amount, you’ll still only owe taxes on the amount over $15,000. For example, if you gave $30,000 to seven friends this year, you would owe gift taxes on $105,000 (which is thirty-thousand dollars minus fifteen-thousand dollars times seven). 
 
This might be frightening upon first glance and make you fearful of accepting large gifts, but there’s no reason to worry. The gift tax is paid by the gifter, not the recipient. As well, certain gifts are not considered taxable at all. The gift evidenced in the example above is one, and that is considered a “present interest gift,” which means the gift can be enjoyed as soon as it’s received. Then there are charitable gifts, such as those you might make to a non-profit organization. Then there are gifts made to a spouse who is a U.S. citizen. Finally, there are gifts which are for educational expenses. These educational gifts are defined quite narrowly, in that only payments made directly to educational institutions for the purpose of tuition qualify. 
 
Outright cash isn’t the only type of gift recognized by the IRS, which is where some people find themselves tripped up. If you cancel someone’s debt, this is considered a gift. If this gift exceeds the annual exclusion, you’ll need to pay the gift tax. Likewise if you make payments which are owed by someone else. There are several other instances where you might have to pay the IRS for a transaction which they consider to be a gift. Keep in mind, gifts to minors are not exempt from the gift tax. 
 
Advantages and Disadvantages
 
Now, regardless of the advantages or disadvantages of paying the gift tax, it’s required by law. Therefore, you should never attempt to find a way “around” paying the gift tax (no matter what articles you may read encouraging doing so). Using the gift tax to break up your estate can result in reduced estate tax, which is a concern for those with millions of dollars to lose upon their death. There is a tax basis, as well, which can lower the amount of income taxes paid on a piece of property which has appreciated over one person’s lifetime. However, exercising the gift tax will mean lessening your net worth. 
 
How to File
 
To file your gift taxes, you’ll need to file a Form 709: U.S. Gift (and Generation-Skipping Transfer) tax return. You’ll only file this if you exceed the annual exclusion amount for said tax year. 
 
 
We hope you’ve enjoyed learning about the gift tax! As we approach the next tax season, consider Hoods for your accounting needs! We offer bookkeeping, accounting, and business consulting services. As well, we offer tax preparation, payroll, and QuickBooks training! If you have any questions or are interested in a consultation, do not hesitate to reach out. We do offer virtual consultations over Zoom, as part of our effort to accommodate everyone in these trying times. We look forward to hearing from you! Thank you for taking the time to read our Basics of Accounting series and we hope you’ll return for future learning! Until next time!
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Subcontractor & Independent Consultant Taxes

7/20/2021

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Hello, readers! Welcome back to the Hoods Tax & Accounting blog! We’re delighted to be able to share up-to-date information about taxes and savings and financial literacy, giving you the tools, you need to meet your short and long term goals. Whether you’re managing taxes for your small business or wondering how to take advantage of certain tax credits, we’ve got you covered!
Today, we’ll be discussing the distinction between subcontractors and independent consultants. The tax implications of each classification are relevant to both employers and potential clients. If you aren’t sure where you fall between the two classifications, we’ll outline the specifications of each and how the IRS differentiates between the two. Keep reading to learn more about these non-employee positions!
 
What are Subcontractors?
A subcontractor is, as the title implies, a type of contractor. A subcontractor can be an individual or a business entity. In short, the subcontractor engages in a contract to perform a certain portion of the duties of a primary contractor’s contract. Typically, subcontractors specialize in a particular area of expertise. There are as many subcontractors as there are industries, ranging from construction to communication to food service. A subcontractor rarely engages directly with the client who is procuring their services. Rather, the subcontractor engages with the primary contractor who engages with the client. Subcontractors are considered self-employed by the IRS.
 
What are Independent Consultants?
According to the IRS, independent consultants (also known as independent contractors) are individuals who conduct themselves as businesses. Their clients have the authority to specify the end result of their work, but no authority to specify what will be done and how it will be done. Independent consultants can be classified as self-employed or as an employee of their own company; each classification has its own tax implications. Independent consultants can hire subcontractors.
 
What is the difference between a Subcontractor and an Independent Consultant?
An independent consultant engages directly with a client. They procure their own business, promise their services, and enter into contracts. They purchase their own health insurance and benefits. A subcontractor engages with a senior contractor. They apply their skills to projects brought on board by the senior contractor. They enter into what are called subcontractor agreements—which outline their roles and responsibilities, deadlines, duration, and tax liability. Independent consultants and subcontractors file their taxes differently. 
 
What are the advantages of being or hiring a Subcontractor?
As a subcontractor you have autonomy over your own time and methods. You are hired to produce a result. However you choose to come to the result has no bearing, so long as the finished product or service is high-quality and to specification. You have nearly unlimited flexibility on how you go about completing your work. As well, because you work on a contract, you need not worry about being fired abruptly. 
Contractors will often hire subcontractors because they need someone who specializes in a certain area. As well, hiring subcontractors can cut down on costs and mitigate project risks. 
 
What are the disadvantages of being or hiring a Subcontractor?
As a subcontractor you are responsible for keeping track of and paying your own income tax. This can be quite tedious and time consuming. If you don’t stay on top of your taxes, you can end up with fines or other penalties. As well, since you are not an employee, you miss out on many of the benefits given to employees by their employers, including but not limited to: health insurance, 401k, vision, insurance, etc. 
Contractors who hire subcontractors are on the hook for their subcontractor’s behavior. Even though they’re not an employee, they still represent your company. If a subcontractor fails to perform their duties or performs their duties at a subpar level, there is little recourse by way of discipline. You’ll need to shell out more time and money in order to find someone else to complete the work.
 
What are the advantages of being or hiring an Independent Consultant?
Independent consultants, much like subcontractors, are free to structure their own time and work flow. They choose where and when to work. As well, they have the final say on their health insurance carrier, office equipment, travel plans and more. Since their business is their own, their control is near total. As well, there may be some tax savings opportunities (which we’ll go into later). 
 
What are the disadvantages of being or hiring an Independent Consultant?
The downsides of being an independent consultant are twice-fold that of being a subcontractor. Primarily because, as an independent consultant, you are responsible for finding your own work. This can require copious amounts of time, energy, and money. You must pay for your own marketing and advertising. You must convince each new client of your expertise and trustworthiness. This can, at least in the beginning, distract from the work you got into business to do. 
As well, there are numerous expenses. Everything you have the final say on—health insurance, 401k, vision, dental—you must also pay for. 
Then there are the administrative tasks to consider. Bookkeeping, invoicing, and preparing for tax season fall on your to-do list as an independent consultant. 
 
Why are neither of these classified as employees?
The IRS uses three considerations when determining whether someone’s position classifies as an employee. 
  1. Behavioral
  2. Financial
  3. Type of Relationship
 
The first category is concerned with the degree to which another party controls when, where and how the work is done. As previously stated, both the subcontractor and the independent consultant are free to choose where they work, when they work, and in what manner the work is completed. 
The second category is concerned with who holds the responsibility for expenses related to work. In the case of the independent consultant, the answer is the independent consultant. These work-related expenses can be deducted from their income tax at the end of the tax year, but the consultant must shoulder these costs until then. In the case of the subcontractor, they may or may not be responsible for work-related expenses, as this depends on the primary contractor. However, most subcontractors are responsible for providing their own tools and necessary equipment.
The third and final category is concerned with the relationship between the business and the worker. Is there a written contract between the two parties? Does this contract specify the duration of the relationship and any benefits provided? 
These three considerations are what preclude both subcontractors and independent consultants from the employee classification. 
 
Tax Implications of Both Classifications
Subcontractors who made over $600 will be issued 1099 forms at the end of the year by their primary contractor. These statements include the total amount paid out to the subcontractor in that tax year. The subcontractor will need to gather any business expense receipts. Anything which was bought in order to generate, maintain, or perform business is deductible (i.e. cell phones, office supplies, tools, self-employed health insurance). If you use a room in your home as your sole office, you might even be able to deduct its cost from your income tax. You’ll also need a 1040 Schedule C - Profit or Loss From Business form, which you can download from the IRS website. 
As an independent consultant, things are a bit more involved. You’ll need an Employer Identification Number (EIN), which can be obtained free-of-charge on the IRS website. Then, you’ll need an account on the Electronic Federal Tax Payment System (EFTPS). You will need to pay unemployment taxes, potentially at the state and federal level. As well, you may need to pay payroll taxes. 
 

 
The freedom of being a subcontractor or independent consultant comes with an added sense of responsibility. You must stay on top of your finances. We recommend you consult a tax professional, especially if this is your first year as either classification. We also recommend paying your taxes quarterly instead of annually to avoid running into any problems at the end of the year. If you’re diligent and detail-oriented, there’s nothing to stop you from being a successful subcontractor or independent consultant.
 
Check back into the Hoods Tax & Accounting blog for more information on taxes, saving, and financial literacy! We’re here to help in any way we can! If you have any questions or are interested in a consultation, we are providing meetings over Zoom. For any other assistance, please reach out by calling or emailing! Thank you for reading. Until next time! 
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You've Paid your 2021 Taxes, Now What?

5/20/2021

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Now that we've made it to the finish line of filing our 2020 tax return, what happens now? 

First of all, dear readers, we want to thank you for another successful tax season. It's been two tax seasons in a row now that have brought on some of the most unique, difficult, trying, and last-minute changes. You've stood with us, been patient with us, and you've let us care for and prepare your tax returns during these uncertain times. We would be nothing without our customers, patrons, and supports, and we appreciate each of you. While some of you might have applied for a final tax extension due in October, we've made it through tax day 2021, May 17th! This is a well-deserved celebration for all of us, and we hope this year was as painless and as stress-free as it possibly could be and we hope you have a very promising refund heading your way without a huge tax bill to pay. Now that we've made it over and through tax day 2021, what now? When should you be looking for your tax return, how do you maximize your 2021 tax return, what is some good advice to remember, and what should you do to get a jump start on next year's tax season? That is what we are going to be talking about today, so let's get right down to it! 

Tracking Your 2020 Tax Return 
Now that everything has been sent off to the IRS, you will be anxiously waiting for that refund check you worked so hard to file for. While many taxpayers have already received their tax returns, based on the fact that they filed much earlier than the May 17th deadline, many taxpayers are still anxiously waiting for theirs. Here are a few things to remember and a few different ways to track your refund! 
  • Remember there are a few elements as to why you are still waiting for your tax return. One is that you just filed, and the closer you file to the actual tax day, the longer it will take to get your refund back. It also might be talking a little longer because you filed by mail and not electronically as the IRS suggests. Also, the IRS may be doing some extra calculations of your return, for your benefit, because you might be eligible for a Recovery Rebate Credit. 
  • You have the option to use two tracker tools set up by the IRS. By using both of these tools you can see if your return was successfully received, if the IRS is currently processing your return, and when your return is due to be mailed out by check or directly deposited into your bank account. The first step in success is to have had your return in by May 17th! Otherwise, it might take even longer to receive your return and you might even get hit with a few penalties. 
  • The same tools to track your tax return can also track your stimulus payments. Note that you might receive extra money if you qualify for a tax break if you received unemployment last year. 
  • It is also very important to understand that last year, due to the pandemic, the IRS was only running at half capacity which put a huge strain on processing everything on time and that strain is still there. The pandemic is still causing some delays. Right now, the IRS is predicting 21 days to get a refund returned to you. However, it could be longer due to how you filed and if you are eligible for a recovery rebate credit. 
  • To begin tracking your check, make sure it's been at least 24 hours since you submitted it. Make sure to have your SSN or taxpayer-identification number handy, your filing status, and the amount your whole refund is going to be in one hand. You will use the "wheres my refund" tool on the IRS website by entering in all of this information. Once you've hit enter, you should be taken to a page that shows your status. The IRS also has an app called IRS2GO that you can download onto your smartphone. On this app, the IRS will update the information every 24 hours, so if you can't find your electronic submission that night, just try again the next night! 
  • Your return could also be delayed if there are errors found on your return if it has been affected by identity fraud, if it needs review, or if it includes an 8379 Form, which could take up to 14 weeks to process. 
  • If you aren't finding any information, you can try and call the IRS directly, but be forward. Their live phone tie is extremely limited and you could be on this call for a long time.

Tips To Remember
While we did just meet tax day 2021, it's never too early to prepare for the future, to continue learning about your taxes, and to help those who applied for the October extension. 
  • Was this not a successful or pleasant tax season for you, regardless of the pressures put on you due to covid? Maybe it's time to ask for help and work with tax professionals, like us, next year! 
  • Did you file by mail this year? File and pay on time electronically instead. 
  • Begin paying quarterly estimated taxes to help in the long run. 
  • Learn from your taxes this year, organize your records, receipts, and write-offs better than you did this year. Start now instead of waiting until the last minute. 
  • Think about adjusting your withholdings. 
  • If you can boost your 401(K) contributions. 
  • Get started now and start a tax fund savings account. Open it now and continue using it for the rest of your life. 
  • Invest your tax refund in an IRA. 
  • Know ahead of time what forms you'll need to file properly. 
  • Keep all of your previous tax returns and tax information in the same place.
  • Track all of your charitable donations.  

Maximizing Your Tax Return 
While most Americans have already filed, this is still vital information to remember for the future!
  • Don't forget to think about the future. By contributing to your retirement plan, you will receive multiple benefits for doing so. 
  • Make sure to do your research to find out if you are eligible for refundable tax credits and to claim them if you are. 
  • If you are eligible, take above-the-line deductions. 
  • Don't forget to claim the beneficiary, friend, or relative that you've been taking care of and caring for. 
  • If you can itemize your deductions instead of taking the standard deduction, that can save you a big chunk of change if done properly. 
  • Make sure to take advantage of all the benefits available to you by the pandemic and the coronavirus relief measures. 
  • Is your filing status the best option for you right now? If you have other options, you should take them! 
  • Take advantage of all tax deductions that you're eligible for. 
  • If you can, make your mortgage payment for January by Decemember 31st. Get it in earlier to get the added interest for your mortgage interest deduction. 
  • Use the refund you get back this year to pay off any current debt to make sure your life is a little easier for when the next tax season comes around! 
  • Turn around and instead of spending your tax return, invest it! 

While there is still reason to celebrate that we made it to and through tax day 2021, it is always time to keep thinking ahead and beyond. There is always a tax season to come and there is always more to learn to make the next better than the last. We will always be here to support you in your finances and all upcoming tax seasons, so don't hesitate to reach out! Please remember that we are your leading experts and tax preparers in the Goose Creek area to help with tax prep, throughout tax prep season, the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!

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What Happens If You Can't Pay Your Tax Bill?

4/20/2021

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Concerned if you'll be able to pay your tax bill this year? Today we are going to be talking about what to do if you're unable to pay your taxes on time! 

With the original date of tax season come and gone, and with just around a month left before the new tax day of May 17th is here, there is still much to be done and much to be considered. While you do still have time to get your taxes in and prepared, you are cutting it down to the wire, which can cause a huge amount of stress and can lead to you making mistakes on your taxes in a rush to get everything finished. These mistakes can lead to a halt in getting your refund back and it could land you with a pretty sizable fine. The best way to avoid all of this is to work with tax preparers, like all of us at Hoods! However, this time of year when we are extremely close to tax day being upon us, we are just as busy as you could imagine. To help us help you, if you're still looking for us to help you with your taxes, please contact us as soon as possible! 

With tax season on the minds of so many Americans this year, we have to stop and realize the effects this past year put on our finances and taxes. We know and understand the potential strain and confusion that you've gone through due to the pandemic; the loss of your job, being put on furlough, unemployment, returning to the working world again, making sure you've received all of the stimulus payments available to you, and now we have landed on a brand new tax day. While the most recent economic relief plan that the president released, which included our third stimulus check and the forgiveness of a big chunk of unemployment funds, taxes are still going to come calling and many will still have to pay a decent amount of money. Not only were many American hit with a surprising tax bill due to unemployment, but some were also bumped into new tax brackets, some dealt with self-employment taxes after starting their own business to make it through the last year, and others are dealing with multiple I9s and W2s from working multiple jobs to get through this year. This and many other new stressful situations have made this tax season one of the most unique and difficult to date for the average taxpayer. We've been discussing a lot of tips and how-tos to deal with this year's tax season, but today we are going to be changing the conversation a little and will be talking about some of the more challenging issues some Americans could be going through; what happens when you are unable to pay your tax bill? 
  • First and foremost, take a deep breath and don't panic. The IRS uses the same sentiment on their website when you ask this question. If the IRS is telling you not to panic, then you are going to be okay. If you are unable to pay the full amount it is recommended by the IRS that you should still file your return by the deadline and pay as much as you can. This will help you avoid penalties and interest. 
  • Don't waste any time, go right to the source. The IRS has published a number to contact them directly to discuss payment options with them if you are unable to pay your tax bill. Please call them at 800-829-1040. 
  • The IRS may also be able to provide some kind of relief to you if you are honest and reach out right away and explain your financial situation. Not filing isn't an option. 
  • You might be able to receive relief in the form of getting a short-term extension to pay, an installment agreement, or an offer in compromise. 
  • You might also have the option of delaying collection by reporting your account as currently not collectible until you pay in full.
  • When you do follow through with this process, the IRS might in some cases, be able to wave any penalties that might arrive. Please note that they will not be able to wave any interest charges that will accrue on unpaid tax bills. 
  • This year alone, 125 million Americans received a tax refund, leaving 43 million Americans that broke even or were left owing money. Know that you are not alone in your stress and worry as you read this.
  • When you chose to do a monthly installment plan, you will fill out an online payment agreement application after you file your return. 
  • You can also send in the 9465 tax form when you mail in your taxes. This form will let the IRS know that you are interested in a payment or installment plan. This will give you 72 months to pay your bill. You can only use this option if you owe $50,000 or less in taxes. 
  • Please note that you cannot use a payment plan or installment plan unless you are completely caught up with your taxes. If you haven't done them in a few years and you decide to try and get a payment plan, it will be denied, 
  • When you request an offer in compromise after you explain to the IRS why you cannot pay, you will make them an offer on what you feel like you can reasonably pay. If they accept your offer, then you will only have to pay what you've offered. It is a compromise that allows you to settle your debt for less than the total amount that you owe. 
  • You do have the option to file for an extension. However, remember that when you do this it will only help push back the date of when you need to file your taxes and has nothing to do with the money you owe. 
  • If you're still at a loss on what to do, you can send in a little money every month the reduce penalties and interest that will build up down the road. This is also a boost in your direction as it will make you look good in the eyes of the IRS. 
  • Make sure you are utilizing all of your deductions and tax credits that can be applied to your tax bill, this might drastically bring down the amount that you'll end up owing. 
  • Asking for an extension to pay your taxes can give you up to 120 days to pay the IRS in full.
  • The current interest rate on payment plans is only 3%, which isn't terrible. 
  • Know that if you do choose to do an offer in compromise (OIC) you will have to be very open and honest about your finances and your personal life to prove that you indeed are unable to pay. While this can be a saving grace for many people, this can also be a long-drawn-out process than the other examples of help and action that we've talked about today. 
  • You will have the option to pay your taxes with your credit card. Discover, Visa, American Express, and MasterCard are all accepted by the IRS. 
  • Remember that while it is not a fun or pleasant experience to owe a tax balance and not being able to pay it, in reality, it only becomes a true problem if you choose to do nothing about it and choose not to reach out and talk to the IRS. 

As we've mentioned before, not filing is never an option. File your taxes and you will be able to take care of the rest. The key to this situation is to be proactive about it. If you stay silent and choose to do nothing, that's when it gets messy. If you need help or have any questions, please don't hesitate to reach out. We will make it to and through this tax season in one piece and together! 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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Hidden Tax Breaks for 2020

3/17/2021

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Still figuring out your tax deductions for your 2020 taxes? Here are a few you might have missed helping you save even more than you expected! 

Hello readers, and welcome to the Hoods Tax and Accounting Services Blog! We are just a little under two months away from tax day on April 15th, are you ready? Have you already sent in your taxes and are already enjoying your tax return? Or are you still working on a few odds and ends before sending it in? Where ever you might be in your tax preparation journey, we are here to help. Just as a reminder for those new to Hoods, we have recently moved and we have updated our hours! We moved right around the corner to 105 Etling Ave. in Goose Creek, SC and we are open Monday-Tuesday 9-5 pm, Wednesdays from 1-7 pm, and Thursday-Friday 9-5 pm! We are currently offering Zoom meetings for tax prep and quick and easy drop-offs. Please contact us with any concerns or questions! Tax day is getting closer and closer and we are getting busier by the day! Make sure to contact us as quickly as possible to schedule working with us if you're still wanting Hoods to prepare your taxes this year! 

Are you still looking for ways to cut down your tax bill? The secret and sometimes the most overlooked element in helping you save money when it comes to your taxes are tax deductions. Before we get started, it is very important to remember that these write-offs and deductions need to be handled with respect, handled correctly, and never made with any assumptions. The IRS pays very close attention to these when you add them to your taxes, and if done improperly they can lead to an audit. Improperly using deductions can also lead to not getting your return promptly, tax fees, and many other issues. While you are adding up and including deductions, make sure to do your research on what exactly you can write off and how to properly do so before writing off everything and the kitchen sink. However, with that being said, there are still many "hidden" and overlooked tax breaks and deductions that so many people don't know about. To help make your tax season a little less stressful, we wanted to share and talk about the many hidden tax breaks and deductions you might still be missing out on! 

One of the main reasons why so many tax breaks and deductions aren't used is because they're not common knowledge. With tax laws changing all the time it also makes it difficult to keep up with what you can and cannot write off, and how much you can and cannot write off. Remember that there is a difference between deductions and tax credits. A deduction lowers the amount you're taxed on and a credit will lower your tax bill directly. It's important to know how they work and to use them to your advantage! When working with a tax deduction, once you have gathered and reported all that you're going to use as a deduction, you subtract the amount of your deduction from your income, lowering the amount you'll be taxed on. A tax credit is an actual dollar-for-dollar reduction in your overall tax bill. There are some refundable tax credits out there, for example, if you owe $500 in taxes but you qualify for a $1500 tax credit, you would get a check for the difference of $1000. While this sounds fantastic, most tax credits aren't refundable.

 Today, we are primarily going to be focusing on tax write-offs and deductions, to focus on lowering the amount of money you are going to be taxed on. With this list, we hope to help you save money and to make sure you don't overpay your taxes! There are two different types of deductions, the standard deduction, and the itemized deduction. While it would be nice to be able to do both on your taxes, you have to pick one or the other when filing. Make sure to do your research on which will be best for you and which will lower the amount you'll owe the most.

The standard deduction is a simple way of doing your deductions, it is very cut and dry and to the point, and relies on how you plan to file; single, married and filing together, married and filing separately, or filing as head of the household. It is also very important to remember that those who are 65 and over and those who are blind are eligible for a larger standard deduction. This standard deduction is a set amount of money that you will not be taxed on depending on your filing status, your age, and your spouse's age. The standard deductions are listed below: 
  • Single filer $12,400 (add $1,650 if blind) 
  • Married and filing jointly $24,800 (add $1,300 if blind) 
  • Married and filing separately $12,400 (add $1,650 if blind) 
  • Head of household $18,650 (add $1,650 if blind) 
Like we mentioned before, if you are 65 and older and/or blind, your deduction amount will be more. Also, if you and your spouse are filing as a married couple but filing separately, you must both choose the same kind of deduction. You both will either have to choose the standard deduction or itemized deduction, it can't be both.  

Itemized deductions are a little bit different. Instead of a set amount of money based on how you're filing that's not taxed, itemized deductions are qualified expenses that are subtracted from your adjusted gross income. You may have one item that you would like to write off in your itemized deductions, but most taxpayers who choose this option will have many qualified expenses they are subtracting from the AGI. When a taxpayer chooses to do an itemized deduction instead of a standard deduction, it usually means that the number of qualified expenses that they are writing off is more than what they would be writing off for the standard deduction. Please note that choosing to do an itemized deduction will take you much longer to prepare your taxes compared to doing a standard deduction. An itemized deduction takes more detailed work to claim and prove everything you're writing off. Depending on what you do and how many deductions you can take will be the deciding factor in choosing if you should do an itemized or standard deduction. It has been noted that the standard tax deduction has gone up a significant amount in the last few years, so it might be best to take that standard deduction. This choice will vary from person to person, and you will need to consider what is best for you when deciding! Here are a few other tax-saving options to help as you prepare your return! 
  • Charitable deductions that you make throughout the year are a very common itemized deduction, however, you might be missing a part of your charitable deduction that you can write off. You can write off the donation, but you can also write off all the out-of-pocket expenses you rack up when doing work for a charity. This can include the groceries you buy for meals you're donating or dishes you're donating to a non-profit soup kitchen. You can also write off your gas if you are using your car to drive for charity and charity events. You can deduct 14 cents for every mile you drive, and the money you spent on parking, tolls, and more. Please keep your receipts from everything you do and give when involved with a charity. If you do give more than $250 in contributions and you wish to write this off, you'll need to provide proof to the IRS from the said charitable organization to prove that you did indeed donate the amount you're claiming. 
  • While trips to Las Vegas and other casinos were out of the question in 2020, gambling was still available virtually thanks to our electronic devices. If 2020 was not a good gambling year for you, you might have the opportunity to deduct these losses. To do this you have to choose to itemize your taxes, and you must keep all of your receipts that track and prove what you spent on gambling throughout the year. To take advantage of this write-off, it is limited only to the number of winnings that you report on your taxes as taxable income. 
  • Have you been spending a lot on childcare, especially throughout the last year due to the pandemic? There might be an opportunity for a tax credit for you! Remember, credit is so much better than a deduction, and this is one of those rare dollar for dollar refundable examples! If you pay your childcare bills with a reimbursement account through your job, you might be eligible for a tax credit. You have $5000 that, by law, you can spend in a tax-favored reimbursement account through your job. If you hit that maximum amount, but you spend more on work-related childcare, you can claim up to $1000 of that extra money spent. 
  • Taxpayers who have children that are probably very familiar with the $2000 tax credit for children 16 years and younger. You can also get a $500 tax credit for your children that you still claim who are over the age of 16, and you can also claim older relatives that you're taking care of in your home. 
  • For all of our teachers and educators, you can deduct up to $250 every year in what you spent on supplies for the classroom. Please remember to keep all of your receipts for this! 
  • Many of us have been working from home thanks to the pandemic, so don't forget about your home office deductions. Be very careful with this deduction as the IRS has very strict rules about it. You can write off expenses connected to rent, utilities, repairs made on the home, real estate taxes, and a few other options! 
  • If you've been contributing to your Health Savings Account (HSA), those contributions are tax-deductible. For an individual HSA, you can contribute up to $3550 and $7100 for a family for 2020 taxes. If you are 55 and older, you can contribute an extra $1000 to your HSA. 
  • There are some qualified health care expenses that you can also deduct. This includes what was spent on the diagnosis, treatment, and prevention of disease, and this amount is subtracted from your AGI. However, you can only deduct medical expenses that cannot be reimbursed up to 7.5% of your AGI, and you can only deduct necessary procedures. Procedures like cosmetic surgery can not be used as a deduction. 
  • For all of our homeowners, don't forget about the option for mortgage interest deductions. This option can help make owning a home more affordable, and make tax season a little less expensive. This option cuts a homeowner's federal income tax by subtracting the amount of mortgage interest they pay! 

To all of our readers and taxpayers, know that these ten common examples are only a few examples. This is one of the many reasons why it is so beneficial to work with a tax preparation company like Hoods! There are so many tax credits and deductions out there that are constantly being changed and added, it's hard to keep track of them all! It's part of our job to keep up with each of the common and uncommon tax credits and deductions. While it might seem like it costs a lot to work with a tax preparation company upfront, it can save you money and then some. Working with a tax preparation company can lower your tax bill and can get you an even larger refund. Sounds pretty great, right? We think so! We are here for all taxpayers, so please give us a call today! Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!
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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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Tax Preparation Tips for 2021 (Part two!)

2/3/2021

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We are here to finish up part two of this current blog series dedicated to tips, preparation, and planning for getting through your 2021 tax season! 

Hello readers, and welcome back to the blog. With the recent announcement that the very first tax day doesn't begin until February 12th, we've all had a little more time to prepare for doing this year's taxes. We've mentioned and hinted at the fact that this year could be a little more difficult than the last and possibly more difficult than ever before. We understand your worries, concerns, fears, trepidation's, and want to make sure you feel prepared and are prepared for filing your taxes by April 15th of this year. With that in mind, we wanted to offer a few more tips and ideas on how to prepare for doing your upcoming taxes. We also wanted to offer some more information to plan for this whole process as well. 

Preparing for your 2021 Tax Season, Continued
  • Remember that as you are preparing for your taxes, the stimulus money that you received is not being treated as taxable income. It is being treated like money the government would have given you as part of your refund, a sort of tax refund advance you might say. 
  • Many Americans received unemployment benefits throughout 2020 due to losing a job, being furloughed, being unable to work, and being unable to return to work. When you signed up and did your paperwork to begin your unemployment benefits, you had the option of choosing how much you wanted to be taken out of your payments for tax purposes. Depending on how much you allotted the government to take out of these payments will determine how much you'll owe in taxes on your employment benefits. Remember, any unemployment benefits you received last year will count on your tax returns as taxable income. 
  • Many Americans took up a side job or two throughout the pandemic, and are still working them to make up for other lost income. Even if you are self-employed or working for a stand-alone company, you will still be required to pay taxes. You'll receive a 1099 form from the companies you worked for or you'll need to pay a self-employment tax. Make sure to fill out and look out for your 1099 forms, and realize that this self-employment tax is a 15.3% tax that covers your social security and Medicaid taxes, according to Dave Ramsey. If you made more than $400 as a self-employed individual, you'll have to pay taxes on this income. Make sure to discuss this with your tax preparer, and make them aware of how much money you made during self-employment. You could potentially write off up to half of this on your tax return. 
  • Remember, if you're working from home but your employer is in another state you might be looking at paying taxes in more than one state. This can be difficult as each state has different tax laws, which is another great reason to work with a tax professional. We can make sure that no mistakes are made since we are up to date on tax codes and tax laws in each state. 
  • For all of our small business owners or those who work for a company who chose to defer payroll taxes, be advised. If this is something you chose to do, you could see smaller paychecks until these payroll taxes have been paid back. If your company chose to partake in this, you might have seen a little bump in your paychecks throughout last year. This wasn't free money, this was the action of payroll taxes being deferred, and now it's time to pay everything back. 
  • Make sure you choose if you are going to do standard or itemized deductions before filing. Knowing that going into the process can help you organize all of the paperwork you'll need to use for either option ahead of time. While taking the standard deduction is always the easier option, itemizing could allow you to save more money. Just make sure you can prove all of your deductions. 
  • Pick ahead of time if you and your spouse will file together or not. Do your research to see which option is best for you and your family. 
  • If you're planning to prepare your taxes with us or on your own, one of the best ways to get all of your necessary tax documents without having to call the IRS directly is to create an online tax account with the IRS. This will also let you check your payment balance, set up payment arrangements, and view your tax forms and returns from previous years. 
  • Remember that if you don't receive one or both of your stimulus payments, you can claim them on your 2020 tax return through the recovery rebate credit. This will either increase how much your tax refund will be or it will lower how much you owe to the IRS. 
  • The IRS eliminated the 1040EZ and 1040A forms in 2019 and introduced a new form in 2020, the 1040-SR, which is designed for seniors. It has larger print and increased attention to detail to the standard deduction for those 65 years and older. It also added a new question regarding your cryptocurrency. Do not skip this question, the IRS is very aware of cryptocurrency and has been very open about the fact that many tax payers are not being open about reporting their cryptocurrency transactions. 
  • As you're finalizing your paperwork, dotting your I's and crossing your T's, make sure to go back and double-check your work! Check your math, that all names and SSNs are correct, that you've chosen the proper filing status, and that everything is marked appropriately on all of your tax forms, and that you've signed everywhere you need to sign. 

Preparation to Planning 
Now that you have some excellent tips and suggestions on how to prepare your taxes, how about starting to plan for them? Thanks to both the CARES and SECURE Acts, there is a lot to plan for 2021! 
  • First of all, you'll need to keep your eyes sharp. Both the SECURE and CARES Act brought a good amount of changes into tax law. SECURE was passed in late December of 2019 and it expanded retirement saving options and provided the option for individuals to adjust their tax and estate plans. 
  • If you decide to take a CRD or a Corona Virus Related Disruption in 2020, you can recognize the income over three years or recognize it all this year for tax purposes. If you could potentially be in a higher tax bracket over the next few years, it might be best to recognize all of it this year. 
  • Married taxpayers that have taxable income below $80,000 and $40,000 and below for individuals are allowed to realize tax-free long term capital gains this year. If your income goes above this over the next few years, your long term gains could be subject to a 15% tax rate. 
  • A very beneficial advantage of gifting a 529 college savings plan right now is that five years' worth of gifts can be made in a single year. At one time, a taxpayer can gift up to $75,000 in one sitting to a 529 college savings plan, and if the gift comes from a couple it can be doubled! 
  • You do have the option to defer the current year's tax liability to another year, which will increase your availability for cash investments, personal needs, or business. This is something that can help right now for those still struggling with Covid related financial strain. 
  • Due to the changes of the SECURE Act, IRA and 401(k) accounts might have to be cleared out within ten years of the death of the owner. Exceptions include payouts over the beneficiary's lifetime for spouses, minor children until they're 18, and for the disabled or chronically ill. 
  • Be prepared and familiarize yourself with tax bracket changes that came in with 2020 and how your financial standings might have changed within this bracket due to the financial hit the pandemic caused. 
  • The standard deduction has gone up for all filing statuses. Single and married but filing separately filers deductions went up $200, those married and filing jointly will see an increase of $400, and filing as head of household will see an increase of $300. The standard deduction for single filers is $12,400 and $24,800 for married couples filing together. 
  • Please note that the income tax brackets have increased due to inflation. 
  • 2020 caused millions of Americans to spend time in the hospital, and if you've found yourself stuck with a pile of medical bills you might be in luck. You will be able to deduct any medical expenses that are 7.5% above your adjusted gross income or your AGI. 
  • Your children can help you when filing your taxes! Families can claim up to $2,000 per eligible child. Also, because this is considered a refundable credit, your family might be able to receive up to $1,400 per child as a refund! 
  • For businesses that received PPP loan money, according to the IRS, any expenses you paid with money from these loans can't be deducted from your taxable income. 
  • Please remember if you did take money out of your IRA or 401(k) during 2020, don't dread a huge tax bill coming your way. You have three years to return these funds and to get a refund on the taxes you might have paid on that money! 

2020 was a difficult year, and we imagine that we'll be feeling its effects for a long time to come. Our goal through these two blogs, and more to come, is to help with the potential shock or difficulties that could potentially come your way for this tax season. 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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