Business Spotlight: Marty Davis Bookkeeping
As we usher in the final quarter of what I affectionately refer to as “The Craziest Year” in my lifetime I am wondering how many businesses suffered a death due to the Covid19 pandemic. I personally know of a handful of businesses who are trying to survive through PPP funding and EDIL funding (if they got their applications in on time), borrowing from family or from a 401k, cleaning out their life savings and with no real end in sight. It was during this downtime (and probably as a result of having a lot of time spent at home, self quarantined with nothing better to do but think about all the things we could be doing or could have done or could do better) that I realized just how fragile we really are. Our businesses can change in the blink of an eye. Things that we thought were necessary, solid, important… have been stripped to the bone like gyms and movie theatres and bowling alleys. State Fairs, concerts, sporting events, business grand openings , networking mixers golf tournaments , business expos, charity and fundraising events, Halloween trunk n treats all gone! Maybe not forever, but all forever changed. What or who is next? But more importantly I asked Am I NEXT? What can I do to help myself and help others too that is meaningful, relevant and doesn’t require me to reinvent the wheel or discover fire??
Tax Planning is not a new concept but one that many people (myself included) who were swept up in the busyness of our businesses and daily lives have ignored the need for proper planning, examination, evaluation and many other “tion’s” that can make our business and wealth stronger, easier, smarter. Talk to your tax advisor, tax planner, wealth advisor about what you are doing now and or what you could be doing. If you are in business and don’t have at least one person like this in your life. FIND ONE. Find a good one. If they can’t find any way to save you money in taxes find a different one. (I am taking a limited number of new clients and whether I think I can help you or not.) There is still time to do some tax lowering measures for 2020 that don’t involve contributions to a tax deferred account (401K, IRS’s ) Plus things you can and should do to protect your business and personal assets to survive this pandemic and even thrive during and after. Meanwhile, do your part Mask Up, wash your hands and practice social distancing. And if you’re anything like me….find a way to laugh as much as possible every day. Bring joy and hand it out generously every chance you get. Join the virtual meetings even if you feel silly in front of the web cam. We all feel weird in front of the camera at first. Nobody is judging you. I am happy just to see another face!
Support your local businesses , Chamber of Commerce’s, clubs, groups , charities by staying involved and engaged. Even if we can't be together we are all in this together.