Covid-19 has put much of the world into a tailspin. Quarantine orders are happening, businesses are shuttering, and there is still so much unknown looming on the horizon. These occurrences give us all good reason to feel anxious about not just our health, but also about our finances.
Feeling stressed about money is completely understandable, given the fact that maintaining income is necessary for survival. Not only does everyone need to pay their bills, but if you have been unable to make ends meet, you may find yourself facing tax debt, as well. Tax help is available and filing deadlines have been extended in some cases. In addition, with the recent elections, tax relief may be on the horizon. In the meantime, here are our top 4 ways to protect your finances now and in the future after the Covid-19 pandemic.
We want everyone to stay healthy during the pandemic, simply because being sick is no fun, especially with a virus as serious as Covid-19. However, this illness has the potential to cause serious, long-term health complications. This could mean you being out of work for weeks or longer. Being out of work due to illness means not only lost income, but also medical bills piling up. Keeping you and your family healthy helps to eliminate this risk.
Individuals are not the only ones struggling financially during the pandemic. Uncertainty in the stock market due to the virus and elections, as well as many being out of work has caused rocky times for businesses of all types. Do some searching and you may find many businesses from retailers to insurance companies are offering discounts to help you and to help them make up for pandemic related losses. It’s a win-win for everyone.
If you have lost your job or had your hours cut back due to the pandemic, you are surely stressing about paying your bills. Whatever you do, do not avoid contacting your lenders, utilities, and the IRS. Being honest about your situation will give you leverage to extend payment deadlines. Most lenders are happy to make payment plan arrangements with you. If you have back tax debt, there may be tax relief available. Contact the IRS via writing or phone to make arrangements to pay back taxes. It can also be a great idea to get tax help from a firm like Ideal Tax Solution to make sure that everything is in order to get you the relief you need.
Go Easy on Your Savings
Perhaps you had a giant nest egg in the bank before the pandemic hit or maybe your savings was more meager. Whatever your personal situation is, if the pandemic has made money tight, you will want to adjust your lifestyle to leave as much money in the bank as possible to protect your finances now and moving forward into the future.
We hope these tips help you stay financially healthy during these trying times. If you need assistance getting back on your financial feet, reach out to Ideal Tax Solution for help. Our tax specialists are here to help you in every way we can with these five steps and more.
We provide professional guidance to people whose lives have been affected by tax problems. To evaluate your specific tax issue and determine if you qualify for tax relief, please contact us for a free consultation. We are COVID-19 prepared, we will work with you over the phone and via e-mail.
The content of this post does not replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your circumstances.