 Even though the curve hasn't flattened as much as we'd like, and we've spent a lot of time focusing on staying safe at the moment, it's time to start thinking about the future. Your company is going to overcome all of this, and we are going to talk about how!
April was gone in a flash wasn't it, Summerville? Time has a very strange and unique way of passing. It's been hard keeping the days in order. Thankfully, working from home or with a small staff in our offices has helped us keep track. Can you believe that tax day came and went with so little attention this year? That's right! Tax day has officially been moved to July 15th! If you haven't paid and filed your taxes yet, that's ok! You still have time to do so. But, we do recommend filing your taxes sooner rather than later. This will help with refunds, getting your stimulus checks, and possibly speeding your small business loan applications up. Do what you can for your small business now to help your company in the coming months. Although things are still unknown in the current market and our personal lives, it's time to start thinking ahead. We've spent our last few blogs sharing tips and suggestions on how to keep your employees safe, how the pandemic might affect your small business, the realities of your stimulus checks, but now it's time to start preparing for the beyond. It's a heavy truth that life as we've known it could be very different after all of this settles. But, we still want your company and the future of your company to be strong and prosperous. So, let's be hopeful and work towards that, together. As the best tax accountant in Summerville, we hope these tips and suggestions help you as we move forward in this very strange and uncharted time. All of the financial help and small business loans that have been created and promises may or may not come through for your company. Some companies have received these benefits, while some might never see a cent of help. It's constantly changing, and we aren't sure what these new changes could or couldn't mean. We are following the news just as closely for these updates. Hang in there. This pandemic has affected every industry, and the best way to get through this is to stand strong and to support one another. We are here for you, Summerville. Take these tips to heart, they could help you in the long run.
We understand your concerns and worries. We hope this list inspires you to keep working and to keep your hopes up. We will get through this and will continue to work hard together. Also don't forget, if you're looking for the best tax accountant in Summerville, the best tax services in Summerville, the best Quickbooks services in Summerville, the best IT services in Summerville, and the best payroll services in Summerville, we are still here for you. Tax season may be over for some and just starting for others, and we will be here for you no matter what!
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 During one of the worst times in recent history, scams should be the last thing we should be worrying about. But, the truth of the matter is that new scams surrounding the stimulus checks and government bailout programs for small businesses are starting to come to life daily, and are more powerful than ever before.
Almost all of us have been anxiously awaiting the financial relief checks since the approval of the COVID-19 Relief Bill was passed. When will they get here? Who will receive them? How much will you get? On top of all these questions its a sad fact to share that during this terrifying time when we should all be standing together, stronger parties are trying to take advantage of those who have been the most affected by this devastating pandemic. Following in the footsteps of our recent blog about social security scams, we wanted to do a followup blog on the very real reality and the possibility of scams and frauds appearing right now. They could look like the relief checks, the key to getting your check quicker, small business loans, loans to help out larger companies, and even promising the cure for the pandemic all in exchange for your personal information. Waking up every day to the news right now is difficult. The unknowns are overwhelming and the lines to get toilet paper are still ridiculous. In this time that has brought so many of us together, it is almost impossible to think that yet another attack could be upon us. While many are still working or now working from home, the hauntingly large numbers of those who are now facing unemployment due to the coronavirus are staggering. This is leaving thousands upon thousands of people without a paycheck, unable to provide for their families or even pay their simple bills. Businesses, even if they are still operating on a very small level or have been forced to close or made the conscious decision to close, are also losing money by the day. When the news came that the stimulus package had been approved and relief checks would soon be on their way, a collective sigh of relief was felt among all of us. New small business loans and other relief options for companies are now in place as well. We all will slowly be getting back on our feet, in very small steps one way or another. But, while we wait for these checks, scammers could be and are now rearing their very ugly heads saying that they have your funds and to receive them you must supply them with very personal and private information. Let us stop you right now, and say that is NOT how the stimulus checks will be handled. You, the American citizen, don't have to do anything or file any kind of paperwork or to receive your stimulus check. The economic impact payment will automatically be deposited into your bank account that was connected to your 2018 and 2019 tax returns. Even if you have received your tax returns in the past as a paper check, the IRS will still deposit the funds into the account they have on file for you automatically. They will also calculate the amount you need based on your income over your 2018 and 2019 tax returns and your personal need. You won't have to do any calculations or send in any kind of paperwork. The IRS will not be contacting you in any way. The IRS did just announce that they will be releasing a brand new website that will allow you to see the status of your stimulus check when it will arrive, and it will also allow you to check the bank account or it is headed to. If there is a problem with the bank account number, you will need to change that right away on the IRS website. The IRS is making updates to their website almost daily, so if you have any questions make sure you visit their website.
We hate that these scams and schemes are very real right now. Since they are, we wanted to make sure that you are on high alert. All of these warnings also apply to small businesses and companies receiving financial support during this time. Please take comfort in the fact that the Department of Justice is forming a legal and integrative response to deal with these frauds. The US Attorney General's office has also developed a special task force along with appointed COVID-19 fraud coordinators to help deal with this situation. Here in the Lowcountry and throughout the state of South Carolina, our District US Attorney Peter M. McCoy Jr has also stated that his office and the department of justice are making this type of fraud a priority. Scary times can become scarier. But, we are here to help all of you through it. Stay alert, stay safe, and stay home. We will get through this Summerville, we know it!  It is so easy to start a new year with a power-packed list of resolutions, that come February will find itself in the bottom of your trash can. For you and for your small business, create a list of financial resolutions that you can really stick to. Let this list make 2020 be your most successful year yet!
Let's shake up the beginning of this new year with a set of resolutions that you can really and truly stick to. New Year's resolutions aren't just for dieting and working out. They can be utilized to give your finances a boost. It's a new decade and it's an exciting time for you and your small business. This new year doesn't have to be a burden for you or your company. Take 2020 and turn it on its head by beating it to the finish line with resolutions you can be proud of! Keep in mind too, that even though these resolutions have been specifically picked for your company to thrive, you can also apply them to your personal life. Let's get going!
This won't be the easiest list of resolutions to follow, but the important ones never are. We can guarantee that each one of these is worth sticking to and the will help you and your company in the long run! Cheers to 2020! When teenagers start to have interest in earning their own money, it’s best to start them off on the right foot. Here are some tips to help you get started:
I remember it like it was yesterday.
After the recession hit and some bad real estate investments sapped our emergency fund, my wife Holly and I had to start rebuilding our finances from scratch. That meant coming up with some cash, fast. I sold my beloved golf clubs at a garage sale. That hurt . . . a lot! I also took some part-time jobs: delivering phone books, driving semi-trucks during the summer, and doing interior painting until midnight before waking up and going to work the next day. It was a rough time for our family, but God sustained us and blessed our effort.We’re on the other side now, and we’re actually closer as a couple because of the experience. Praise Jesus. Maybe you’re there now. If you are, I promise it’s possible to claw your way out. Like Holly and I did, the first step to taking control of your money is quickly establishing a starter emergency fund of $1,000 (or $500 if you make less than $20,000 a year). I know. When you’re just beginning, the very first Baby Step can feel more like a giant leap. But it’s an important leap! That $1,000 will allow you to rely on cash when minor emergencies pop up rather than going further into debt by borrowing more money. The Bible encourages this sort of behavior. Proverbs 21:20 says, “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has” (NIV). So take your wisdom from Proverbs. Establish your starter emergency fund now. Here are three great methods I used myself to do just that. 1. Get a Second JobA short-term, part-time job never killed anybody. Sure, you may be working 12-hour days seven days a week, but it’s only temporary. You’ll survive! Besides just bringing home more cash, the extra effort also generates a healthy sense of accomplishment that propels you toward your goals faster. 2. Have a Garage SaleI’m going to take a wild guess and say you have some junk lying around that you don’t need or use anymore. Get rid of it all by selling it at a garage sale or through online classifieds. Bonus: Eliminating all that clutter from your life will be freeing all on its own. (Unless they’re your beloved golf clubs. Man, getting rid of them still kills me.) 3. Cut ExpensesLittle changes can make a big difference. Consider canceling subscriptions, adjusting your thermostat, and eliminating activities that require lots of gas money. Maybe you can even sacrifice some luxuries like your weekly car washes or lawn service. You might be able to do some of these yourself or hire a neighborhood kid to do the work for less than you were paying the pro. A $1,000 starter emergency fund isn’t out of reach for anyone. It may take some hard work to fund it quickly, but you’ll be amazed how much better you sleep at night when you know that you’re prepared for those curveballs life is bound to throw your way. Chris Brown is a nationally syndicated radio talk show host, pastor, and dynamic speaker carrying the message of stewardship and intentional living nationwide. Available on radio stations across the country, Chris Brown’s True Stewardshipprovides biblical solutions and sound advice for questions on life and money. You can follow Chris online at www.stewardship.com, on Twitter at @ChrisBrownOnAir, or at www.facebook.com/ChrisBrownOnAir. |
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September 2020
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