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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. ​

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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SSI Benefits and the Economic Impact Payment

6/2/2020

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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

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Who's On The Other Line

3/16/2020

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Tax season is stressful for a multitude of reasons. One stress, in particular, might be more dangerous than you might realize. Scammers and hackers take advantage of this busy and stressful time to attempt to steal and take your personal information by posing as IRS or other government employees. One of the biggest things they've been coming after recently? Your social security.

We are under a month now from Tax Day, and I know we are all feeling that reality. We know that this might have been a particularly stressful time of year for you, but you just have to wait it out a little bit longer. Your tax return will be in your bank account before you know it. But as we are speeding towards the official end of 2019's tax season, there might be more than getting your paperwork in on time that you need to be concerned with. Hackers and scammers use this time of the year to prey on thousands of people to steal their personal information and gain access to their social security. I'm sure many of our readers have been experiencing a huge rate of unknown phone calls recently. That's not just because it's election season. Scammers and hackers have become some of the most dangerous and frightening intelligent criminals out there.

Cybercrime that uses emails and phone calls to extract highly personal information has become one of the most expensive crimes in the world. It's costing companies billions of dollars in stolen information and damages. These criminals are becoming smarter and more in tune with how they can disguise themselves to make strangers believe that they are companies, business, and official governing bodies that you can trust. The most disturbing is that they prey on groups of individuals who are most likely to fall for these scams, individuals who rely on their social security to live on. They can, and they do, attack almost anyone they can, but they are starting to focus more and more on groups of individuals who are unaware of this type of crime and who are the most unfamiliar with technology.

One of the largest groups being attacked are the elderly and retired. Scammers go right to the source calling direct personal home or cell phone numbers. These criminals pretend to be IRS, other government, or bank employees and are looking to bait their callers into giving them what they want or backing them into a corner and threatening them until they do. So what do these scams look like? They usually come in the form of a phone call or an email. Usually, it is a pre-recorded message stating that your social security account has been compromised or frozen. They can also threaten that there has been an issue with your taxes and filing them. Which during this time of year, is very believable. They will say that you either have to pay a certain amount of money to unlock or save the account, pay to prevent legal action, or pay to prevent the police from showing up and arresting you.

If a scammer calls you in real-time, they make the same accusations. Sometimes they go as far as giving you a case number and know just enough information about you or the family member they are trying to scam, that their case seems very legitimate. They then might begin asking for very personal information, like the last digits of your social security number or the bank account number you use when filing your taxes. If you put up any kind of fight or question these claims or refuse to answer questions, that's when it could start getting ugly. Threats could be thrown out that legal action will be taken, that the police will show up, or other harm could come to you and your family. That's when the baiting starts to happen. Once they begin to make threats, they will say the only way to protect your social security account or to fix these issues is to pay them in cash, to wire cash to them, pay them in gift cards, digital currency like bitcoin, or other strange ways.

When it comes to emails, the scammers can create emails that look official. They will create logos to place within the email, write a very convincing message that looks very professional, and create an email address that looks legitimate. The message will be very similar to that of the above-mentioned phone calls, and the only way to protect or stop these actions is to pay them in similarly strange ways and provide them with very personal information. If you receive any kind of phone call or email like this, hang up immediately and pay no mind to the email. Know right now, that if the IRS or the Government needed to get in touch with you, this is not how the process would go at ALL. You can now report these phone calls and emails online to the Office of the Inspector General of the Social Security Administration. The administration is cracking down on these kinds of daily attacks, and are working hard to eliminate this threat.

All of that being said, know that your social security number cannot be suspended, revoked, blocked, or frozen. Personal information should, and would be, in front of or available to an actual government official if they needed it. They don't need it from you. If the social security offices do call or email you, you have the option of withholding answering anything until you physically call the office back and make sure that it is the social security office that you're dealing with and that there is a real issue. Call them at 800-772-1213 and go from there. Please make note that phone numbers can be spoofed to look as convincing as possible, so don't fall for any phone number. No actual government employee would ever ask you to wire money, send or pay in cash, or to buy them a gift card as a form of payment EVER. If you are ever threatened with arrest or legal action, this is not the government you are talking to, this is a scammer.

These phone calls and emails can be very scary and very convincing. Because these criminals are getting smarter by the day, they know exactly how to get just enough information and say all the right things to scare whoever they're talking to. If it does happen that you do become victim to a situation like this, do not be embarrassed and try to handle it yourself. Report it right away. Visit the website for the Office of the Inspector General (below), the IRS website, or your local police. Your local police will be able to direct you to the proper authorities to deal with these situations. Also, help your loved ones in these situations. Tell them about the possibilities of getting these types of calls and attacks. Prepare them for the situation, and walk them through how to handle it best. Keep them aware of these kinds of situations. Keep communication open about this situation, and keep your loved ones safe.

Tax season is already a stressful time. Add on some very convincing criminals, and some real damage could be done. Stay alert, stay aware, and protect yourself. We have included the website to report any phone calls or emails at the bottom of this blog. You can help stop these criminals and keep yourself safe. While tax season is coming to an end, remember that we are your premier service in Goose Creek to help you prepare and get through every tax season. You don't have anything to fear this season if you work with us. You're going to be in good hands.

Report any kind of abuse or potential scam to this website IMMEDIATELY! 
https://oig.ssa.gov/?utm_medium=email&utm_source=govdelivery

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