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Our News and Events

Working From Home Write-Offs: The Truth

8/18/2020

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Many of us are still working from home, and some have decided to work from home for good while the pandemic remains with us. For those new to this world, what kind of tax write-offs, if any, could we be looking at for 2020?

We've made it through this unique and very different tax season. So, what does that mean? We start looking ahead to next year! Many of our clients are friends are still working from home, while others have decided to work from home for good. If this year has taught you anything new about your professional life, its if you are a fan of working from home or not. We know and recognize that it's not for everyone, and we also understand the reason why so many companies are still having their employees work from home. If anything, we appreciate the safety of it and we are trying to find the silver lining. This year has meant saving money on gas, saving money on takeout, getting rid of that morning commute, more time in comfortable clothes, spending time with our families, and for some, it has meant a whole makeover of their homes, especially their backyards! For those who don't own their own small business and don't work from home regularly, when you did move home, one thing that might have made the transition less painful was the possibility of writing off your new expenses in your 2020 taxes. Will this be a possibility? Could there be an even bigger silver lining waiting at the end of all of this?

FROM HOME
There have been many silver linings to this experience than many of us have tried to focus on, but like it or not, it does cost extra to work from home. You're buying supplies, buying new office furniture, getting better wifi, and possibly paying a ton more in child care. Wouldn't it be nice to be able to write all of that off or at least a part of these expenses on 2020 taxes? Unfortunately, due to a tax reform in 2017, this opportunity was eliminated, according to Kiplinger and AccountingToday. Granted, this decision was made years before we knew what the coronavirus was and it was thought to be a good idea to eliminate this possibility. According to AccountingToday, the reasoning behind this change was that a "doubling of the standard deduction would help offset the pain of ending or cutting itemized deductions". That idea was nice at the time, but for all of us working from home and through the pandemic, it's not much help at all. Before this tax reform, you were able to write off your business expenses that were not paid back by your employer. These expenses included part of your home as an office, and much more. Sadly, if your company has sent you home during the pandemic, this will not be an option. With so many of us struggling with this reality, and with potentially limited funds as it is, what is the best way to recover from it? AccountingToday suggests the best route to go is to approach your company and try to negotiate with them. When it comes to federal taxes for your employers, tax code does allow them to reimburse their employees for certain costs during periods of disaster. The IRS has stated that is current pandemic does qualify. It will be up to our employer to choose what costs the will and will not cover, but if you approach them with a reasonable list of items, that can be a great place to start (i.e. wifi, child care, cost of buying new supplies).

SIDE HUSTLE
If you're working from home for your company, but also have a second job or a small side hustle, there might be a small tax break in there for you. According to Kipling, as long as you meet all the proper requirements, you will be allowed to claim deductions for your business expenses and your at-home business expenses for your own company.

WORK FROM HOME
If you are self-employed, this might be one of the greatest advantages for you right now. Those who are self-employed are still allowed to deduct business expenses with the Schedule C Form 1040 when filing. Your small business must be your only form of income, and the space you work in must only be used for work purposes, according to H&R Block. This means that your kitchen table won't count. If you do use a small corner of your home or a specific table just for work, then that will count. One of the biggest things you must do is keep meticulous notes and records of your expenses if you plan on writing these expenses off. Many self-employed individuals get flagged when they file and get stuck with an audit. Make sure you're reading to back up your deductions at a moment's notice. If you have a building outside of your home that you use only for work (like a barn, shed, garage), it can also be written off. Also, if you work outside of your home for your own business, but have been forced back to your home for safety reasons, you are allowed to write that off on your expenses too. According to H&R Block if you own your own business under a 1099, and you meet all the standards created by the IRS, you'll be allowed to write off all of your direct expenses for your small business. You will also be able to write off a portion of your indirect expenses too! But please take caution, you will still need to keep good records of everything.

CONCLUSION 
This year has brought its fair amount of challenges. Many of these challenges could reappear when filing your 2020 taxes. Make sure you speak with your company about your expenses before just assuming they won't help you. If you're self-employed or work under a 1099, make sure you keep excellent records and understand everything about your writeoffs to avoid an audit. Hang in there everyone! We know this is a personal and financially difficult time for all of you. We are always here to help. 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, 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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How To Successfully Work From Home With Your Spouse

6/29/2020

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In the beginning, working from home with your spouse can be exciting. Is that excitement going to last forever? Here are some tips on how to successfully work at home with your partner, to maintain your relationship and your career. 

We have all shared workspace in new ways in the last three months than many of us expected us to. Some with our whole families, some alone, and some with their spouses. Each situation comes with its pros and cons, adjustments, and excitement. We've spent time talking about how to set up your own home office and how to make the most of your space. But, what happens if that space is not entirely yours? Sharing a workspace with a spouse can be challenging, but thankfully if you put in the time and effort, it doesn't have to be. 

From the moment you entered the serious stages of your relationship, we're sure you started hearing the age-old saying that relationships, to be successful, take work. It's no surprise to any working professional that this saying applies to any relationship, personal or private. You need to cultivate and work hard for any connection to be a successful one. As many of us continue to work from home and to deal with this transition, we have to cultivate a healthy working relationship with our spouses. This might be something you never thought you'd have to do, but even with this new necessity, these tips and suggestions can make your professional and private lives equally as happy under the same roof. To make this a successful working relationship on top of your personal one, you need to make sure you're taking positive steps in this transition together. Acknowledge that this is going to be difficult, and could even get a lot harder. If you're both dedicated to making it work and supporting one another to make sure that each of you succeeds in your workday, it will work out. 
  • One of the very first things to remember to do is to communicate and communicate well. Talk about what your schedules will be like every day, when phone calls or video conference calls will be happening, when your work days end and begin, and what worked during the previous day and what didn't. If there are any issues, make sure to address them right away, and work on ways to fix it. Communication about your professional needs and what you need from one another is a must. Being able to structure your day so there isn't a fight about who uses the bathroom first, who takes care of the children or pets, when break times are lunch is happening, and when happy hour starts are also all very important. Giving structure to your new environment and schedule is a huge key to success while working at home together. 
  • If you're living in a studio apartment or a four-bedroom home, make sure to have designated and separate workspaces. As fun as it might have been in the beginning to work together, that might not last forever. Pick a space, if you can't be in separate rooms, where phone calls and video calls can happen without interruption. Investing in a part of noise-canceling headphones can be a lifesaver. Make sure that you both have the proper equipment that you need to be successful and don't have to worry about sharing. A printer is easy to share, but a laptop, computer, or iPad is not. Don't forget to stock up on pens, paper, and other supplies while you're nesting into your office. There will be no supply manager to speak to if there's an issue. 
  • Treat your time and your schedule as similarly as you would if you would be back in the office. Wake up at the same time, spend time getting reading, working out, and eating breakfast. Use what was once your commuting time to be productive; read, listen to a podcast, study up on something new. Give yourself time to be alone and to be away from your partner. Be just as respectful to your partner and give them their own time, too. If you can schedule breaks and lunchtimes together to still make your day special, do it! Don't forget to carve out time after your workday that is just for you and your spouse or you and the whole family where you don't talk about work. Personal hours and relaxation are just as important as your working hours. 
  • Communication is key, but there can be a limit to that. During working hours, work should be the topic of conversation. Leave personal issues at the doorway of the workday. Don't bring those into your work environment or put them on your spouse during work hours. Wait until the workday is over to handle any personal situations. 
  • Remember that your partner is not your coworker (unless they are!). While you're working together, don't assume it's a great or productive idea to take up their work time to chat about your coworkers, your frustrations, or have them help with every project. This isn't to say that you can't do this from time to time, but don't abuse that relationship between the two of you. 

We urge you both to recognize together that this is going to be a change, and it's going to be hard. But, you WILL get through it. Take the time to nurture your relationship together and apart. Work hard to cheer on one another and to support one another's careers. Let this be another important milestone in your career and your relationship, and push to come out strong. 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, 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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Preparing to Recover from a Pandemic

5/1/2020

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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.
  • Keep Working! While some of you have shut down, have had to put employees on furlough, or even let some employees go, keep marching on. For those who are working from home or waiting to head back to work, keep working on those leads and prospects. Almost everyone is at home, so why not take the time to follow your leads, stay in touch with prospective clients, and keep researching and learning about the market and demographic around you? It might seem like the time to abandon the leads and connections you were working on right before all of this happened, but keep thinking about the big picture. When we do get back to business, you'll want to be right in front of your prospect's mind. Sticking with them and being supportive during this time can help them depend on and choose you after this. 
  • Keep your clients in mind! Use this time to stay connected with your clients. Don't just use your social media and advertisement platforms to shove sales in their faces. Check in on them, support them, and appreciate them for sticking with you. They're the reason you've made it to where you are today. Also realize that just like you, their needs have drastically changed, as have their financial situations. Are there new ways your company can provide something new and exciting to them now? Can you change your products, make special offers, or even offer a few special free tips and services that they could benefit in the moment? Supporting and nurturing the relationships you have with your clients now can help guarantee their loyalty later down the line when this is all over. 
  • Change up your advertisement! We rely on social media, TV, radio, and print to keep our companies alive. But now, can you think outside the box to connect to your audience in new ways on these channels while we are all at home, missing our normal schedules and interactions? Are there new ways you can deliver your products and services? Can you deliver them right to your client's door? Can you offer a delivery service through popular apps like Postmates or DoorDash? Can you move your products and services online so they can still be accessed by your audience from the safety of their homes? This can keep your company open and running now, help to avoid debt and other financial difficulties in the future, and help keep your clients happy. These changes can help make all of us feel normal and connected to the world around us. 
  • Get stocked up! When this all does turn around, can you imagine how business will flourish? There are so many stores and services that have been marked nonessential or who have to shut down due to the effects of the situation. This could be very scary and devastating now, but it could lead to a boom in business once your doors open again. Your customers are just waiting for their lives to go back to normal, and to get the things they've been missing. Make sure you're going to be prepared for this huge push. Make sure you have a staff ready to help with this boom both online and off to help with this transition and the huge demand coming your way. Also, make sure you have enough product in stock. You want to make up for lost time and to not disappoint your customers. Plus, this will help keep you ahead of the game, ahead of your competition, and help get your finances under control. 
  • Look for that extra money! Make sure you do apply for the small business loans and assistance that is starting to pop up and become more and more prevalent from the federal and local governments. Please reach out to us if you need help doing so, or have questions about how best to do this. Look into Amazon's Neighborhood Small Business Relief Fund, or other locally-based foundations created to help businesses like yours. Use your social media platforms and set up a GoFundMe Small Business Relief Initiative or look into Facebook's Small Business Grants Program. All of these programs are set up to help you now and for the future of your company. There is nothing wrong with taking advantage of these opportunities, that's what they're for! 

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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