Importance of Tax Professionals during COVID-19
The COVID-19 pandemic has affected us all. So many of us are struggling with our finances as our work hours dwindle, our furloughs persist, and we’re left wondering how to stay afloat.
In times of crisis, we may not think of tax professionals as essential to our lives, but they are, and if you own a small business, a tax professional – if you don’t already have one – can be a lifeline.
Tax professionals can and do:
- Help you figure it all out — tax professionals can help determine your next move how much by looking at what you have versus what you need. They can tell you what programs you’re eligible for, and which options might make the most sense.
- Help you focus – if your business qualifies for and applies for a loan with the Small Business Association, an tax professional will be able to help you compile all the data you need to submit, e.g., ledgers, profit and loss statements and sales records, as well as any follow-up required, freeing you up to tackle other critical issues that need your full attention.
- Manage what you have left – by helping you adjust your costs and keeping your books in order; optimize your cash flow by identifying what is and isn’t working right now; renegotiate your contracts.
- Help you keep your employees – by suggesting things that prevent layoffs or furloughs, managerial and Human Resources concerns like drafting new policies that protect your workers.
Everyone needs help at some point, and experienced advisors like tax professionals and bookkeepers can help get you through the tough times.