The future is uncertain. COVID proves that.
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Not only that, this election year is filled with unpredictability, especially for owners of small and midsize businesses. We are simultaneously navigating the uncertain waters of the Paycheck Protection Program as well as planning for possible changes in the business tax code.
2020 has been particularly brutal. According to MarketWatch, 55% of Yelp-listed businesses that closed due to COVID will stay closed permanently.
It's easy to see why many would assume a wait-and-see approach. Let's see who gets elected and how the tax code will change. Let's see how COVID stimulus is going to play out.
If you've found yourself saying things like this, let me be clear: This is anything but the moment to wait. I'm telling my clients that not only is it the right time to plan at least two years into the future, it's the right time to think big and consider whether an even bigger move makes sense.
Here's what you need to know to start making those plans:
Business taxes
Small and midsize businesses should be building contingency plans now for whoever ends up winning the White House, as well as which party controls the House and Senate. Yes, it will take time before any legislation is passed regarding business taxes, but as COVID-19 has taught us, building those plans now and thinking at least two years ahead will set your business up for success regardless of the outcome on election night.
First, let's think about the most drastic scenario: a Democratic president and Senate. This is where I'd expect
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