Date: October 26, 2021
How To Protect Your Business from the Aftermath of COVID
Business economists are readjusting their forecasts down even further due to the Delta Variant, prices on used cars and other goods have gone up as well as travel costs. Many industries have suffered from this unexpected pandemic and now rising inflation. The economists are hopeful that the inflation should only be temporary, but planning is still needed in order to avoid feeling like your budget has been outpaced by rising costs of living!
It’s more important now than ever before to look at your tax planning; freeing cash flow by reducing tax burdens can be a great way to offset some of the rising costs in times of high inflation. When costs go up, finding ways to regain cash flow without impacting customers who are also being impacted by rising costs can make the difference between surviving and thriving.
What does this mean for you as a business owner? It means that now is the time to take action, proactively before the increasing costs eat up your profit margins. You should be working with an accountant every year to minimize your tax exposure, if you are not the chances that you are overpaying in taxes is surprisingly high. We work with our clients to find proactive strategies that will allow them to keep more money in their business and in their personal accounts instead of paying more in tax than they legally have to. There is so much uncertainty in the economy right now, it’s always better to plan for the worst, and hope for the best.
If you need help planning on how to reduce your tax exposure, we can help! Click here to schedule a call with one of our tax strategists.