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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. ​

Saving a Penny, Sharing a Turkey

11/25/2020

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

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

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

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

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

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

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

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

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

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

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

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How to Start Saving for College; Even When The Sky Is Falling (Part One)

10/28/2020

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Even though the school year has started, it's never too early to start saving for college! With how strange this year has been, give yourself and your fiances something to look forward to!

Hello, Goose Creek! We hope you're doing well. From our family to yours, we continue to be so thankful for your love and support during this crazy year, after tax time, and while the world is still a little strange. We are always here to help you and your family prepare financially for whatever goals or challenges you might be wanting to reach or overcome. 2020 has taught us to prepare for the unexpected, and we are here to continue facing this year head-on with you. It's not over yet, so who knows what it could bring!

In our last two blogs, we talked about saving money when it comes to buying school supplies and other necessary things for the school year. Saving as much as you can right now, we understand, is very important to all of our Goose Creek friends and families. While finances might be a little more secure than they were six or seven months ago, we are all aware that this could change in an instant. We hope our last two blogs helped calm you a little and prepare you for this current school year, or even the next. In this two-part blog, we are going to go a step beyond. For many parents and students, our last blog might have been outdated because many of them are planning on heading to college next year. Some of our adult readers might be thinking about going back to college or have the time time to finally go to college, too. While everything is so unknown, education is still an important expense and one that shouldn't be taken lightly. So, we wanted to dedicate this blog to all of our readers and their family members who are thinking about college or are finally taking the steps to go back to college! These are some of the top tips and suggestions on how to save money to pay for your college tuition.

There is so much that goes into applying and getting into college that can make the process very overwhelming and daunting. We don't want money to be one of them. We at least want to take that heavy burden off of you as best we can. You or your children have worked hard to get to the day where you submit your applications, and you deserve the best ways to make your dreams possible, not be prevented due to financial burden. Think about it, according to Forbes, the average cost per year for tuition ranges between $10,000 to $22,000 for public state schools, while private universities can range between $36,000 to $55,000 and more every year. Add on all of your textbooks, living expenses, and possible travel expenses, and this can become quite a hefty bill. For our parents, you need to make sure that your financial standings and responsibilities are in place before turning your attention to a college savings fund. This can help you get the loans you need and be financially prepared while still being able to care for and provide for your family. If you are paying for school on your own, this all still rings true.

TIP ONE: Start Saving!
You can begin saving for your child's higher education from the moment they're born or from the moment you decide it's time to go back to college. According to the New York Times, one of the best savings accounts to use is a 529. It's a simple plan to use and to understand. You take the simple steps of opening one up and then you decide how your money is going to be invested. You can contribute as much taxed income as you'd like to this account over as many years as you'd like. What is really appealing is that your investment will grow tax-free and can be withdrawn without capital gain, as long as the money is used to pay for higher education. Also, a 529 can give you a state tax benefit on all the contributions you make to the plan in 34 states, according to the New York Times. You can begin automated payments to the account once it's open, you can ask friends and family members to contribute, you can ask your employers to match your contributions as part of your contract, and you can even earn cash for your plan by spending money. Certain credit card companies will pay into your 529 when you spend certain amounts on their card or reward you with cashback options into your 529! Starting to save is always a great starting place, and there are many ways to do so. You just have to find the plan that works best for you.

TIP TWO: Scholarships & Grants
The burden of saving for college doesn't have to be on your shoulders alone as a part or as an individual. You support and push your child to succeed in school, have them participate in after school activities, and have them give back to the community. All of these attributes can pay them back in the form of scholarships and grants. Also, have them take AP or International Baccalaureate classes to help them get larger scholarships and grants based on their GPAs, college credits so you have less time at school to pay for, and the opportunity to go to a better school more affordably. You can also do the research together and see what scholarships and grants are available to your child. There might be more out there than you think. You can even go outside the box of the internet and talk to your child's guidance counselor. They are more than happy to add their help to the mix. If you're an adult heading back to school or going to college for the first time, don't think you are excluded from these options. Do your research, you will be surprised at the number of potential scholarships and grants that are just out there waiting to give you money. You just have to put the effort into looking for them.

According to Capital One Bank, more than 80% of students who go to college receive some kind of grant, aid, or scholarship. This can help the money you've saved stretch even further. Plus, leaving your child with as little debt or loans to pay back after they graduate allows them to have a healthy and successful opportunity to grow and build their finances as an adult.

TIP THREE: Reasonable Challenge
No matter when you start saving for college, you honestly don't know how much you'll end up owing until you have to sign on the dotted line. When sitting down with your budget and savings plan, make an honest and reasonable goal for how much you and your family can save and how much you want to save by the time you or your child is ready to go to school. You will still need to pay for everything in between now and then, and it's important to make the most of your life before, during, and after you or your child goes to college. Don't beat yourself up if you need to slow down your contributions for an emergency or two. You can pick up from where you left off. Just don't give up on saving once you've hit a bump or challenge.

How is your saving process going so far? Have you started to consider saving or having you already been saving? Are these new ideas to you or are they going to help the road you're already on? We'd love to hear from you about that in the comments below. If you have any questions or comments about saving for college between now and the second part of this blog, please don't hesitate to reach out. We are here to help you and your family be as financially prepared as possible. 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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Choosing Necessary Payments During A Pandemic

9/15/2020

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

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

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

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

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

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

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

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

We know the last thing you want to hear right now is that you have to sacrifice more than you already have just to hang on. You've given up so much already, changed plans, and lost out on promised opportunities. The truth is, you can keep going. If you continue to make these hard decisions to save your finances and protect your family, the light at the end of the tunnel will become much brighter. If you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!

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The Top Ten Best and Worst Things to Spend Your Tax Return On

5/1/2020

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It's tempting to use your tax return to buy something fun and exciting. It's also such a relief when those funds show up in your bank account. But, in a world that is very unsure and uneasy, it might be time to think practically when it comes to your tax return this year! 

Hello Goose Creek! How are you? We hope you and your family are doing well, and we hope you know we miss you! Know that through everything we are here for you, and if there is anything we can do to help you, please don't hesitate to reach out to us! It was a much different April than any of us expected or could have imagined. Tax day came and went without much attention. For the first time since 1955, when April 15th officially became tax day, we didn't have to pay our taxes on that day. It was also the first time since 1955 that tax day was moved, this time to July 15th. It was very strange for us, of course. But, we know that for many families in Goose Creek, this might have been a huge relief! Did this help you and your family? If you still haven't paid your taxes, you do have time to do so. But, we do recommend that you do so as quickly as you can. This way you can receive your tax return quicker and possibly your stimulus check too if you haven't already! 

Regardless, for every accounting service in Goose Creek and tax preparation in Goose Creek, this was a very strange April. Thankfully there are still plenty of great things to look forward to on the horizon. One of those great things being the appearance of our tax returns in our bank accounts or mailboxes. For many families, the appearance of this money comes with a lot of relief, bills being paid, and sometimes something very fun for the whole family. But, as we mentioned before, this April and the whole of 2020 has created quite a different dynamic for our everyday lives. As much as we love surprising the family with a new TV, A new car, or a family vacation, now might be the time to look at your tax return in ways you never have before. Being the best tax preparation service in Goose Creek, we wanted to share some of the best and worst ways you can spend your tax return. By doing so, we hope to help bring awareness to what is important right now, and what isn't. Please note, we are a family company. We love our town and want each of you to rise to the best of your abilities. We respect the freedom of your decisions but want to help you through these difficult times as best we can. 

WHAT NOT TO SPEND YOUR RETURN ON! 
  • The stock market has been tumultuous these past few months. Some view this as a great sign, while others are avoiding it like the plague. The market as a whole has been in a very unique and interesting flux. Some are calling this a buyers market and pressing people to buy now. Your tax return might be burning a hole in your pocket right now while you're sitting at home, but your tax return is not what you should be using to make a quick and hasty investment. Always make sure you research the investments you want to make and how to properly do so. Making a poor investment can lead to losing your whole tax return, and then some. 
  • The decision to not spend your tax return and just let it sit in your bank account might seem like a wise decision right now. But let us convince you otherwise. Just letting it sit there can tempt you to spend it on all kinds of fun or unneeded items, helping it disappear before you know it. Delegate where your tax return is the most useful to your budget and your needs right now. Put some in your savings, get ahead on your bills, bulk up your emergency fund, and plan out your grocery trips based on this money. This way you're using your refund where you need it right now, and don't wind up in an even more difficult position than before. 
  • One of the most obvious things not to spend your return on right now, and one that we've been hinting at, is a big splurge or big-ticket item. Think about it, most of these items or trips can't be enjoyed or used right now. A new car, unless it is needed, can add on a very expensive insurance policy you can't afford right now. Also, tax returns, just like a normal paycheck, don't last forever. As much as differing bills and payments have been helping right now, those bills aren't going away forever. Neither are your grocery bills, utilities, expenses, and gas expenses. A splurge can be very exciting for a short period, but it doesn't last forever. 
  • We are online more and more every day for work, school, and play. Some of us are looking for a way to supplement lost income, get a new job, or ease our boredom. The world might have shut down, but there are still so many get rich quick scams out there waiting to pounce on you and your tax return, promising to double your money overnight. If it sounds too good to be true, it is. Avoid buying into these companies regularly, but avoid them now even more in particular. 
  • Expanding on the idea of those 'get rich quick' ideas, avoid gambling online or other pay to play games online. It might be a fun and exciting thing to do while we're all at home, but it's just as easy to lose it all from the comfort of your living room as it would be in Las Vegas. Also, avoid spending your return on scratch-off lotto tickets and the state lottery in general. 

WHAT TO SPEND YOUR RETURN ON!
  • Buy groceries and other essential items. Hoarding these items is not helpful or necessary right now. But, buying a larger quantity of groceries and important household items than you normally would can help limit the number of trips you're making outside of your home. This can help keep you and your family members healthier and safer. 
  • Catch up on your bills and try and pay ahead. Like we mentioned above, these funds won't last forever, while your bills will. Help yourself by getting ahead as much as you can, and stay prepared. 
  • Like we have mentioned in our past few blogs, keeping up with paying into your retirement fund and leaving it alone right now is very important. If you haven't been able to do so because of the change in your financial situation, take the opportunity to do so now! 
  • Everything is so unknown right now, the job market is very unsteady, and hurricane season is right around the corner. Using this money to bulk up your emergency fund can help you make it through these unknown times now, and once hurricane season shows it's ugly face. 
  • Now is a great time to invest in yourself and your home. Thanks to online education, you can still sign up to finally finish your degree or start the new degree you've been dreaming of. We also offer Quickbooks training and services, which is a great investment for your personal and small business finances. Thanks to online shopping, you can still order those appliances you've been needing to replace or those materials you need to finish up all of your home makeover projects. It is also the perfect time to support local companies! Hire small companies to do all those repairs you've wanted that are just beyond your skill sets. Support local businesses of all kinds if you can, you're investing in your community and helping it stay strong and united. 

Money can be a difficult and tricky topic, but it doesn't have to be. We hope these tips help you and your family through this difficult time. 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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Managing Your Money Now

4/17/2020

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Money for many of us is tighter in new ways than we could ever have imagined. How can you make life a little easier while you adapt to the changing world around you? 

It seems strange that while the world is turned on its head and we are living differently than we ever have before, there are still bills to pay, groceries and important items to buy, and other possible expenses heading our way. Before your tax return shows up and the stimulus check appears in your bank account, money might be very tight at the moment. For those of you who have been put on furlough or have been laid off from your job and you're now depending on an unemployment check or your savings, these times are even scarier. For those who don't have unemployment or savings, these times could be very dire. We understand, and we sympathize with you. With these changing times, we wanted to share a few tips and pieces of advice to help manage your money while the world is on hold. We hope these tips and suggestions help while you wait on your tax return, your stimulus checks, and to head back to work. 
  • Pause every streaming service, monthly subscription, and monthly subscription box that you don't need right now. If you're streaming on Netflix, Prime, Hulu, Disney Plus, HBO, Apple TV, and beyond try and pair it down to one or two. Share an account with someone and split the price. Those fun little things in the mail and those services you don't use every day can add up, cutting back on a few or all of them can put some much needed money back into your pocket. 
  • Call all of your credit card and loan companies and explain your situation to them, and see if they can help you in any way. Many companies have already jumped at the opportunity to help their clients. Some are not charging interest through the months that have seen shutdowns, stay at home orders, and closures. Others are working case by case. They could offer you more time to pay back what you owe so debt doesn't begin to pile up and your credit score doesn't start to plunge. It might take some time to get through to talk to someone on the phone since so many people are dealing with handling this situation. But, it's worth the wait. You're home right now anyway! Not paying your bills and not contacting the people you owe money to isn't a choice. Call them and they can and will more than likely want to help you as best they can. 
  • As much as we adore supporting local companies and whole heartily support you doing the same, pick and choose how often you're eating out. Although many apps are eliminating delivery fees, some of our favorite restaurants can still cost a pretty penny when we get our takeout and delivery meals. That includes your fancy coffee drinks that you might still be getting too. We understand that these treats are needed to make you feel a sense of normalcy, but be smart about it. Try and cook most of your meals at home. This will save you money and help you follow social distancing and the work or home orders even better! 
  • That being said, if you are financially able to without any issues or worries of being strapped for money down the line, we do suggest supporting local businesses. Keeping the economy as flush as possible will help the return to normal business. This will also help a ton of people who still need help paying their bills. There are some restaurants and businesses that are offering perks if you buy gift cards from them while they are currently shut down. You might not be able to use the gift cards right now or enjoy their services, but some of the perks that come with the purchase can be special.
  • You're working from home right now, right? You now have a designated part of your home that is your office, and you are using your phone and internet to help workers throughout the day. Do you know what that means? Tax write-offs! Be very vigilant in keeping track of all of your business expenses while you're working from home. It might not help you right away, but it could be a big payoff for next year's taxes! 
  • If you haven't already, file your taxes sooner rather than later. As we have discussed in recent blogs, tax day has been officially moved from April 15th to July 15th. Although that might be a relief to you so you don't have to pay what you owe right now, getting your taxes in sooner means getting your refund quicker. This will help boost your bank account for a bit in between receiving your stimulus checks, and your unemployment money, or even your current salary. If your income from 2019 is lower than that of 2018, you could be receiving a larger amount in your stimulus check, too! 
  • Always be prepared. None of us are sure when this will all end and when our finances will return to normal. If at all possible, keep adding to your emergency fund and don't touch it until you have to. Also, keep saving for your retirement. We know that might be the last thing on your mind right now, but just like staying up to date on your bill payments, paying into your retirement needs to remain just as important. You don't want your future finances to be destroyed by what you're going through right now if you can help it. 
  • It has also be recommended to leave your stock portfolio alone. The rise and fall of the stock market has been intense to watch recently, and for many, it has been very tempting to cash out now for fear of what could happen net. But, try and hold onto it! When we get back to business, can you imagine how the stock market will rise and prosper? It could very well be in your best interest to hang on. 
  • Try and avoid touching your IRA or any other retirement savings. It is very hard to think about your finances in the years to come right now. But, even though you might need the money now, you don't want to put yourself in a difficult position later down the line. There are other options. Avoid touching this money until you have to. Your future self will appreciate it. 
  • We have all felt the need to rush out and stock up and stockpile everything we think we need to get us through whatever else could be next. There is some merit to stocking up, but overbuying out of panic can put you in a financial pinch. Overbuying can lead to a lot of food going bad, and flushing money down the toilet. This can put a huge strain on the budget you're working with. Be smart when making your grocery trips and be mindful of what you need. 
  • We are saving so much money on not getting our hair and nails done, not going shopping, not buying gas, or even eating out as often. Put all of that extra money into your emergency fund!
  • Retail therapy will be very tempting. We are all at home on our phones or computers killing time or working, and those advertisements for our favorite products will continue to pop up. It will be so easy to shop online even more now, but try and curb those cravings. 

At the end of the day, the biggest thing you need to focus on is to not panic and to make wise decisions. Panicking can lead to some very drastic decisions, especially when it comes to your money. Please remember we are all going through this together. We are here to answer any questions you might have or to advise you during this difficult time. We are still here to offer everyone in Goose Creek the best tax services too. Please don't be a stranger. Give us a call or email us, we will figure out your next best step, together! 

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Saving Pennies for Turkeys!

11/19/2019

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It's so easy to splurge during the holidays, but don't forget that Thanksgiving is just one of many festive activities on your list over the next few weeks and months. You also might want to still have a few dollars left in the bank once the new years begins. So enjoy these tips on how to save a few dollars as you approach the holiday season. 

I'm not sure about you, but Thanksgiving has always been one of my favorite holidays! Sitting around with your loved ones, celebrating the things you have to be thankful for, all topped off with an amazing plate (or two) stuffed full of amazing food, all ending with a nap? That sounds pretty perfect to me. It's so easy to want to buy the best foods, the best decorations, and the best little extra things to make these days special. But remember, you can still make Thanksgiving and every holiday special without breaking the bank. Just in time to start buying all of your favorite items to kick off the holiday season, here are a few tips on how to take care of your bank account while still celebrating the holidays in style! 

  • Don't overbuy or buy expensive items. Everyone loves to eat extra food on thanksgiving but plan on feeding the actual number of guests that will be attending your dinner, and not planning for the entire neighborhood. Maybe plan a little extra for those days after Thanksgiving sandwiches too, but go easy on yourself. This also means less cooking and stress for you too! 
  • Don't splurge on everything. Not every item has to be the most expensive or the very best. Pick an item or two that you'd like to be the special centerpiece of the meal, and the rest can be regular store-bought items or even discounted. 
  • You don't have to buy and make everything on the menu. If you're hosting, have your guest bring items to share. If you are in charge of the turkey and a few other staples, have your guests bring the rest. They can even bring cups, plates, and other paper items to cut down on clean up time and expense! 
  • As much as we all love specialty grocery stores, they are also the most expensive to shop in. Shop at your local chain grocery stores to save money. You will find everything much cheaper, and the quality is still fine. 
  • Check your fridge and pantry before you go shopping. You might already have a lot of ingredients and items you need to get cooking. Don't waste money on buying a duplicate of something you already have! 
  • It's hard not to decorate every room of your home like Martha Stewart, with a top-dollar budget to make it Hallmark ready. Remember, decorative items can add up quickly too. See what you already own and get creative. The amount of adorable DIY projects out there are amazing. You'll be surprised at what you can find. Also, invest in what's growing in your garden! The last bit of seasonal flowers, greenery, squash, pumpkins, and other garland are PERFECT for holiday decorations! 
  • Your turkey can easily be the big-ticket item on your shopping list. But if you get your turkey at a chain supermarket, this is the easiest place to save money. You will find that turkeys are much cheaper there.  
  • Research what will be cheaper to buy pre-made and what will be cheaper to make from scratch. This might surprise you! 
  • If you are hosting a large Thanksgiving this year, use stories like Costco or Sam's Club to your advantage. Buy in bulk and save. At some Costco's you can even buy wine and other alcohol in bulk very inexpensively! 
  • If you are traveling for the holidays, try and travel with just a carry-on. Thanksgiving trips usually are shorter than most, and you don't need any extra room for gifts just yet. 
  • If you're flying for the holidays, start thinking about buying your tickets in advance. A lot of experts recommend you start looking and purchasing as early as September if you can. Fly on days where it will be cheaper. Use popular apps and websites that are designed to help find the cheapest flights for you. 
  • If you're visiting family and friends, try and stay with them instead of renting a hotel room! If that isn't an option, try looking into Air B&B instead. You will get a homey feeling for a much better price. 
  • Pick and choose which holidays you're going to travel for, don't travel for all of them. Have family come to you, or celebrate locally with friends. Use Skype, Video Chat, and a good old fashion phone call to check in on your family if you decide to stay home for Thanksgiving. 
  • Use coupon saving apps and websites, and save up any kind of grocery store points and rewards for the holidays. These will go a long way. You can also apply this to fuel points and other offers for the holidays as well! 

The holidays can be overwhelming and expensive. But if you take the time to do a little extra research and planning, they certainly don't have to be. Use this list to help enjoy your holiday, let it be a little less stressful, and save some money while you're at it! 




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Being Financially Prepared for a Hurricane

9/22/2019

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You've made the runs to the grocery store for the bottles of water, bread, and PB&J. But when it comes to natural disasters, you need to consider your financial preparedness as well. 

It's not new news that hurricane season is here. The weather channel, our weather apps, and friends up North have made sure we don't forget. But hurricane season isn't just about being prepared by storing up on non-perishable foods, batteries, bottles of water, and having an evacuation plan. You financially need to be prepared and ready for a hurricane, especially here in the Lowcountry. Now that we have had a taste of our first hurricane of 2019, we need to remember that one could be on its heels. Hurricane season isn't over until November. So, you still have time to get prepared. 
It goes without saying that yes, you need to make sure that your home and family are safe and prepared for anything. Make sure your home is stocked with what you'll need to get through a storm if you're going to stay. Follow all of the safety precautions laid out by local officials and police, and make sure you make informed and safe decisions. Your safety and the safety of your loved ones and pets are the first things that need your attention. 
But these precautions need to be taken care of even before the hint of the first hurricane appears. Taking care of your financial needs ahead of time will help eliminate stress, worry, and truly help you when a storm does arrive. Here in the Lowcountry, it's not a question of if, it's when. 
  • Make sure you understand all of your insurance policies, your deductions, and know what is covered and what will not be covered. 
  • Make sure you have all the correct forms of insurance. Some forms of homeowners insurance DO NOT include flood insurance. If you live in a flood zone, make sure that you have flood insurance included or have flood insurance. 
  • Have your car and home service and inspected ahead of time. You need to have a safe and reliable car to help evacuate at a moment's notice, and paying for repairs on the road during an evacuation can be a nightmare or not even a possibility. Paying for your home to be serviced and repaired ahead of time can help prevent damage and help save you money. 
  • Consider having a credit card used ONLY for hurricane needs. Build up the credit line when you first get the card so you can cover any unknowns that a hurricane could cause. From getting a hotel room, extra groceries, or home repairs, you will know you can cover these needs no matter what happens. 
  • Make sure all of your important financial documents are stored in plastic bags and even wrapped in plastic to add another protective layer. Consider a fireproof box that can be carried out of your home with you to travel with or in a state of emergency. 
  • Just in case the worst does happen, always have and carry with you copies of your most important documents. These documents include: 
    • Drivers license, your SSN card, birth certificates, copies of your children's identification, deed to your home, property tax information, car ownership, will and living will, estate info, power of attorney, lease for your rented properties and vehicles, proof of pet ownership, insurance papers, and any other important financial and tax document. 
  • Make sure your banks and any other business you pay a monthly amount to are aware of the situation at hand. More often than not, these establishments will be willing to work with you in these situations as long as you alerted them ahead of time. 
  • Have an emergency fund or savings account for times like these. 
Go beyond a hurricane fund or credit card. Have a budget in mind. With your everyday budget and salary in consideration with this, make a plan for the amount that you will need to spend on essentials. This includes the stocking up and hunkering down of your home and also if you do plan on evacuating. That will include hotels, travel expenses, and food. Depending on the outcome of a storm, you might be away from home longer than expected. Be financially able to support that! 
Last but very not least, keep cash handy! ATMs might be down or unavailable after a storm. You might not be able to get cashback at a store or even get to the inside of your bank. Make sure to have a safe stash with you or ready to go when you evacuate. Most plan for at least 72 hours worth of lodging, food, and travel expense. So start with that amount, and go from there. 
We hope this information is helpful for this year's storms and for many storms to come. Now that we've had the taste of our first one you have time to get prepared for the next hurricane. But as you do so, don't panic. If do just a few of these main points, you will be ahead of the game. Please stay smart, safe, and prepared this hurricane season! 
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