Date: December 1, 2021
Inflation is at its Highest in 30 Years
The U.S. Bureau of Labor Statistics released data recently that shows the U.S dollar losing close to 1% in value every 30 days. Inflation is currently at its highest since 1990. The Bureau also reports that prices have increased to a jaw dropping 6.2 percent from last year, making this one of the largest annual increases in over 30 years! Business owners and consumers have felt these effects dramatically.
With food prices rising to an increase of 5.3% just during October, people are no doubt suffering financially from the aftermath, especially with the holidays upon us. Huge spikes for the cost of used vehicles, gasoline, energy, and shelter have also been concerning – to the tune of 6.1 percent now versus 1.2 in September. Everyone can feel the stress of this inflation in their pocketbooks. In fact, I’d be surprised if you haven’t noticed how the market is tending to ‘hold onto their money’ while there is economic uncertainty in the future.
Experts did expect the inflation would worsen before it got better – but they did not think it would get as bad as it is right now. On a positive note, it is still forecasted that the inflation will come back down early to mid 2022 (fingers crossed). As a small business owner, what can you do to combat this inflation to not only survive, but thrive during these times? You can plan a strategy for next year, but it is not too late to get a tax plan in place THIS YEAR and implement some strategies that will save you money on taxes so you can put those funds to good use. Click here for a complimentary session with our tax strategist to see how you can still save this year and plan for next year.