Cincinnati Tax Resolution - June 2020

JUNE/JULY 2020 VOLUME 4, ISSUE 6

T O P H ’ S TAX RESOLUT ION T I M E S

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Adapting to Change

These are interesting times. We’re all dealing with a lot of changes. Some people are working from home, some are continuing to work but are dealing with severely reduced income, and some have been laid off. It’s tough. Normally, spring is a busy time for me. In the days leading up to Tax Day, which is traditionally April 15, I’m working long hours to make sure all my clients are taken care of. This year, it feels like everything has been flipped upside down. While I’m still working, which I am thankful for, things are certainly very different. With tax season extended to July 15, people have been reevaluating their situation. I’ve been on the phone with clients communicating the status of their case or answering any and all questions they may have. I’ve been walking people through various resources that have been made available by the federal government and helping them navigate newfound hardship. For instance, I’m helping them figure out the new government stimulus and Small Business Administration (SBA) loans. One big thing you may be dealing with, as many of my clients are, is reduced cash flow. With reduced cash flow, many small-business owners and self-employed folks are wondering how they’re going to deal with their taxes, even with the deadline. In answering these kinds of questions and helping clients navigate the coronavirus crisis, at least as it applies to their business or tax situation, I’ve been doing a lot of work I normally would never do during tax season. Just like everyone else, my cash flow is down, but I want to make sure we make it through this. On the personal side of things, I’ve been spending a lot more time with the family. Ashley has been home along with our four kids. And because we have been unable to hire a babysitter or call in the grandparents for help due to shelter-in-place rules, I’ve been helping out as much as I can while still balancing work. I was hoping to take some “paternity leave” once tax season had wrapped up in April, but that’s another change I’ve had to adapt to. With the tax season extension, those plans have changed. Maybe we’ll do something in the coming months after the “new” tax season has come to an end.

Ashley was planning on expanding her role with the business after tax season as well. But, like many things, we’ve put that on hold. She’s been spending a lot more time with the kids and we aren’t sure how her other part-time role in the health care field will play out as of this writing. At the end of the day, we’re doing what we can to make things work. I’d say we’ve been able to adapt fairly well, and we’ve been able to make a few changes for the better. One thing I’m focusing on with the business is efficiency. I’ve been working to schedule more phone calls in advance, rather than relying too heavily on emails or text messages with clients. This keeps me on top of all of my communication with clients so that nothing slips through the cracks. As challenging as it has been over the past few months, it is important to look at things with optimism. It can be hard, but it can be a source of reassurance to know that despite the challenges, there are silver linings. Remember to take it one day at a time, and as always, stay safe out there.

–Toph Sheldon

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WHEN THE IRS COMES KNOCKIN’ ... LET US ANSWER THE DOOR!

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