Tips to Help Business Continuity During a Pandemic

COVID—19 has successfully turned our lives upside down. No walk of life remains untouched by it, yet small businesses and freelance workers have been severely thrashed by the pandemic. Nonetheless, the government has made tremendous efforts to make it easier for small businesses and freelance workers to make it through the pandemic. It is up to entrepreneurs to make the best use of available assistance and resources at their disposal. The following is a list of tips by accountant consultants for freelance workers to help small scale businesses to continue as a going concern, as the pandemic pushes on. Read on, plunge into the details.

                                

Do a Business Impact Analysis

Before you can fix a problem, it is important to understand the intensity of the impact that, in this case, the COVID-19 has made on your business. Once you get the facts, you will be able to see the big picture more clearly and, after, you can start to deal with the concerns on hand.

Do Business Modeling

Business modeling is a great way to determine your plan of action in order to get yourself out of this mess. Create models of the various possible outcomes your business could consider.

                                   

Risk Analysis and Mapping

Once you are through with modeling your possible courses of action, move on to risk analysis in order to determine if your selected plan is good for your business or not.

The current times are extremely tough for freelance workers and small businesses, yet don’t have the misconception that this is “as bad as it gets.” If you do not get a hold of your business now, then things might catastrophically get out of hand sooner than later. That said, please make use of the abovementioned tips from accountant consultants for freelance workers in order to establish firm, steady ground for your business’ comeback.

Tax Benefits & Write-Offs for Freelance Workers that You never Knew About

Freelancing can be a tedious job because you need to take care of everything on your own, whether it is business planning, finances, serving clients, etc. Nonetheless, the government has bestowed upon freelance workers numerous tax benefits and deductions. Filing income taxes for freelance workers could never get any easier than what it is today! Yet, it is people’s negligence, truly, that keeps them from getting these benefits. If you are a freelance worker, it is essential that you be well-informed about everything concerning your income taxes. The following is a list of pointers explaining tax benefits and deductions for freelance workers that you might have never known about. Read on, plunge into the details.

● The Home Office Deduction

Most freelance workers work from home, which enables them to deduct part of their rent or mortgage payment, within the parameters of the home office deduction. In order to get yourself qualified for this deduction, it is essential you designate a particular space of your home as a ‘home office.’ The IRS requires that it be used exclusively and consistently for business purposes.

● Office Supply Deductions

The cost of office supplies is deductible, whether it is as minimal as paper, pens, staplers or printer cartridges.

● Travel Expenses 

Your travel expenses can also be deemed deductible if you travel solely for business purposes. Many people do not know this, but you can write off travel expenses to the extent a mixed-purpose trip has a clear and identifiable business element to it.

                 

If you are a freelance worker and if managing your accounting seems overwhelming to you, then it is highly recommended you reach out to an online CPA platform in order to file your taxes and save money with tax benefits and deductions. Agro Accounting CPA has an online platform that strives to present its clients with a dedicated team of professional tax preparers to assist with tax preparation for entrepreneurs. Visit the official website agroaccounting.com to find out more.