HOODS TAX
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Quickbooks Services
  • 2024 Tax Prep Checklist
  • Contact
  • Blog
  • Login
  • Home
  • The Hoods Family
  • Services
    • Tax Preparation
    • Quickbooks Services
  • 2024 Tax Prep Checklist
  • Contact
  • Blog
  • Login

​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 Financial Recovery and Savings After 2020

6/2/2021

0 Comments

 
Picture
Now that we've made it through two very intense and unique tax seasons, we wanted to talk a little bit about saving money so when the next tax season comes around, it won't be such a shock to you or your bank account! We will also be talking about how to begin recovering financially from the whole of 2020! 

While many of our readers and some of us at Hoods are still reeling from the after-effects of these past two tax seasons, we can all take a deep breath and say "we did it"! We've learned a lot about the tax environment and the changes in tax law thanks to these past two tax seasons and thanks to these blogs, and we hope that all of our readers take each and every one of these lessons to heart! For many, one of the trends that we saw throughout these strange and unknown tax seasons is the fact that those tax bills have been a little shocking and unexpected. Of course, due to the pandemic, those tax bills did hit a little harder and were a little more unexpected than most have been in the past! After last year, we should all know that anything could happen when we least expect it to, and now is the time to be as financially prepared as possible. Now that we are on the other side of things and with these ideas in mind, we wanted to dive into some tips, suggestions, and ideas on how to help you save money better than you have ever before, to help prepare you for the next tax season, and to recover from the aftermath of 2020. 

After last year, and after many savings accounts, 401(k)s, and IRAs were dipped into, saving money, we're sure, is one of your top priorities right now. Getting back into your flow of saving money will help make up for what you need to do financially to stay afloat, and will also help you begin paying back what you took out of these saving accounts and to get you back on track and help you feel a little more secure financially for the first time in a long time! While no one can specifically say when we will all be back on our feet financially, we do know that there are steps you can take to get back on the right path again. One of the biggest parts towards recovering your finances and getting back on track is simply starting. Make a plan and get going! Make a plan that works for you and get started one step at a time!

If you did take money from your retirement plan or contribute to a retirement account, your decisions about how you're going to move forward from last year are going to make the biggest differences in your financial future and will help you solidify it once again. It is in your best interest to stay cool, calm, and collected right now, and to get focused. Outside of some of the tips that we are going to be sharing with you today, it is in your best interest to get back into the habit, if you haven't already, of contributing to your retirement program and your overall savings account. You don't have to start back up at the amount you were paying into either before the pandemic, but getting back into the habit of saving as you can, even with smaller amounts, can make a big difference! With all of this in mind, let's get right down to some of the best ways you can start saving money and begin to recover financially from 2020 and to be prepared for next year's tax season! 
  • Online shopping became an even larger part of our daily lives last year out of need and safety. Now, you can turn it around and make it work for you! Are you looking to go shopping for any extra items or a big-ticket item you've had your eye on for a while now? Hop back online and shop smart by doing some price comparison between the items you're interested in. Never let a good deal pass you by, you have too many tools at your disposal not to! You can save a lot of money with the use of online digital codes and promotions, too. 
  • While this isn't a new or groundbreaking idea, it's one you will continue to hear about because it's still such a hard and fast rule that always works! Begin budgeting better by cutting back on unnecessary expenses. We know this might be extra difficult right now as more and more things begin to open back up and (hopefully) you're working again at almost, if not full, capacity! While it's going to be very tempting to get out there and feel like normal again, take your time to ease back into normal spending until you've recovered financially. Even then, your best bet is to remain financially diligent for a while and to continue these habits throughout your life. One of the best ways to get a better idea of your money is to really understand where it's going and track it as best you can. There are a ton of excellent and helpful apps that can help you do just that! 
  • While you're working to recover in multiple ways financially and beyond, part of that recovery is planning for what could come in the future. No one saw 2020 coming, and without being too cryptic, we don't know what else could be coming our way! With last year still fresh in our minds, it would be wise to start working on building an emergency fund so you won't be hurting again or in a tight spot if another year like 2020 happens again! 
  • One of the best things you can do is to make a plan of how you're going to pay off all of your debt, and set real and attainable goals to do so. We do urge you to be as realistic about these goals as you can be, and to give yourself time and patience! It will take time to see the end of your debt, but it will happen and it will be worth all of your hard work! 
  • Automation can be a real life saver! Choose automatic payments for as much as you can, and do it for more than just paying your bills. You can choose to have money taken out and put into your savings, retirement fund, and much more. Automated payments can make sure you don't accrue any late fees, don't spend anything rent money by accident, and can come with a few perks if you choose to go paperless and turn on automated payments with your bank and other saving establishments. 
  • Try matching your savings to how much you spend every week, if not more. If anything try to match your savings and spending dollar per dollar! 
  • Get creative on how you spend your free time! Look for fun and free things to do right now in your city, as it is becoming safer to do so and the weather is so wonderful! Since it is almost officially summertime in the Lowcountry, there are so many amazing things to do for free right outside your front door! Also, try and cut down on eating out! While this may not have been part of your 2020, it can be tempting to get out as much as possible now. Save for when it's a special occasion, and start cooking at home as much as you can. 
  • Continue with the popular trend that 2020 rushed in with DIY projects and doing work around your home yourself. All the projects, cleaning, and yard work that you can do with no problem, keep doing them! This can be a huge money saver! 
  • While traveling does sound very tempting after the year we've had and the prices for plane tickets are looking very appealing, pump the breaks before you book ten trips back to back this summer! Continue to be smart about your overall budget and let that include your travel budget too. 
  • Don't just save because you want to save. While we always recommend having an excellent savings account and financial plan, go one step further. Sit down and understand what you're saving for. A nest egg? Emergencies? College? Vacation? Your dream home? All of this and more? Whatever it might be, understand exactly what you want. Visualizing it can make saving money a lot easier. You can see and say exactly why you're putting this money away, not just because you know it's the right thing to do! 

While this list of the ways to save money and ways to begin repairing your fiances after 2020 is just a small one in comparison to all the savings options out there for you, it is a great place to get started! You need to find what works for you, financially, and commit to it! If you have any questions, comments, or would like to discuss your financial options of how we can help you, please never 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!
0 Comments



Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    May 2017

    Categories

    All
    1040
    1040-sr
    2019 Taxes
    2020 Tax Bill
    2020 Taxes
    2020 Tax Extension
    2020 Tax Return
    2020 Tax Season
    2021 Taxes
    2021 Tax Season
    2022 Tax Day
    401(k)
    529
    529 College Account
    529 Saving Plan
    Accountant
    Accounting
    Accounting Goose Creek
    Accounting Principles
    Accounting Services Goose Creek
    Agoraplaus
    April 15 2021
    April 15th
    Asama
    ATM
    Back To School
    Bankruptcy
    Basecamp
    Basics Of Accounting
    Black Shopping Alternatives
    Bookkeeping
    Bookkeeping Basics
    Bookkeeping Goose Creek
    Bookkeeping Goose Creek Sc
    Budgeting
    Buffer
    Building A Business
    Business
    Business Consulting Goose Creek
    CARES Act
    CARES Act 2020
    College Loans
    College Planning
    College Saving
    Common Questions
    Common Tax Mistakes
    Consulting Goose Creek
    Contact Hoods Tax And Accounting Goose Creek Sc
    Contact Hoods Tax Goose Creek Sc
    Coronavirus
    COVID 19
    COVID-19
    Cryptocurrency
    Cutting Costs
    Cutting Costs At Thanksgiving
    Cybersecurity
    Debt
    Deductions
    Digital Currency
    Documenting Your Taxes
    Donations To Your 401(K)
    Economic Impact Payment
    Effects Of A Global Pandemic
    Estate Taxes
    Evernote
    Expense Tracking
    Facebook Creator Studio
    Fake Covid Scams
    Fake Emails
    Fake Phone Calls
    Fake Text Messages
    FASFA
    Filing Taxes
    Financial Aid
    Financial Preparedness
    Financial Recovery
    First Time Tax Payer
    Getting Ready For Tax Season
    Gift Taxes
    GoDaddy
    Google
    Goose Creek
    Grants
    Hidden Tax Write Off
    Hidden Tax Write-off
    Home Owner
    Home Ownership
    Hoods Tax & Accounting
    Hoods Tax And Accounting Service
    HootSuite
    How To Claim Unpaid Stimulus Money On Your 2020 Tax Return
    How To Save Money At Thanksgiving
    How To Spend Your Tax Return
    How To Stay Safe At Thanksgiving 2020
    How To Stay Safe This Thanksgiving
    Hurricane
    Hurricane Fund
    Hurricane Plan
    Important Dates
    Important Documents
    Impulse Spending
    Income
    IRS
    Itemized Tax Deduction
    Jumpstart Your Day
    Last Minute Tax Deductions
    Last Will And Testament
    Lowcountry
    Lowering Your Tax Bill
    MailChimp
    Make Donations To Your HSA Account
    May 17th Tax Extension
    Medical Expenses
    National Podcast Day
    Online Scams
    Organization
    Owning A Business
    Pandemic
    Paying Your Tax Bill
    Payroll Services Goose Creek Sc
    Pension
    Phishing Scams
    Phishing Schemes
    Phone Call Scams
    Podcast
    Preparing For 2020 Taxes
    Preparing For Your 2020 Taxes
    Preparing For Your Taxes
    Productivity
    Productivity Tools
    Protecting Yourself From Stimulus Fraud
    Protecting Yourself From Tax Fraud
    Quickbooks
    Quickbooks Services Goose Creek Sc
    Quickbooks Small Business
    Quickbooks Training Goose Creek
    Quickbooks Training Goose Creek Sc
    Recovery Rebate Credit
    ResueTime
    Retirment Taxes
    Save Money
    Saving For College
    Saving Money
    Saving Money For Thanksgiving 2020
    Savings
    SC
    Scam Emails
    Scams
    Scam Text Messages
    Scholarships
    School Shopping
    Security
    Senior Taxes
    Senior Tax Filer
    Senior Tax Payer
    Small Business
    Small Businesses
    Social Security
    Social Security Administration
    Social Security Scam
    Spending Your Tax Return
    Squarespace
    SSI Benefits
    Standard Tax Deduction
    Stimulus Check
    Stimulus Payments
    Stiumuls Scams
    Strained Finances
    Student Loans
    Summer
    Tax Brackets
    Tax Credit
    Tax Day
    Tax Deductible
    Taxes
    Tax Extension
    Tax Fraud
    Tax Implications
    Tax Info
    Tax Payer
    Taxpayer
    Tax Paying Citizens
    Tax Planning
    Tax Preparation
    Tax Preparation Goose Cree
    Tax Preparation Goose Creek
    Tax Professional
    Tax Refund
    Tax Return
    Tax Season
    Tax Season 2020
    Taxtaxes
    Tax Tips
    Tax Write Off
    Thanksgiving
    Thanksgiving 2020
    The Dangers Of Stiumuls Scams
    Third-party Reporting
    Tips
    Tips For Financial Recovery
    Tips For Saving Money
    Todist
    Toggl
    Trello
    Tsheets
    Unable To Pay Tax Bill
    Unable To Pay Your Taxes
    Unemployment
    Unemployment Tips
    Unknown Tax Facts
    What Not To Spend Your Tax Return On
    What To Spend Your Tax Return On
    Will
    Will And Testament
    WordPress
    Working From Home
    Wunderlist

    RSS Feed

Hoods Tax & Accounting Service, LLC.
​105 Etling Ave, Goose Creek, SC 29445

Phone: 
(843) 797-5153
Email: [email protected]
Site created by Creative Consulting
Site powered by
MadeSimply
quickbooks desktop certified proadvisor logo
online quickbooks certified proadvisor logo
Hoods Tax and Accounting service logo
Hoods Tax & Accounting Service, LLC.