A few lessons from the oil crash

The date of April 20, 2020, will go down in history as the 1st time the price of a barrel of oil crashed below zero. The price war between Saudi Arabia and Russia, compounded by the unexpected impacts of coronavirus, sent the value of oil spiraling in mid-February.

What does all this mean for small and medium-sized businesses? 

* If, as a small or medium-sized business, you’re heavily invested in oil-related industries, now is a good time to diversify your portfolio.

* Consumer and business prices for oil-related products aren’t determined by the base price of a barrel of oil. There are other costs involved, including refining, distribution, packaging, etc. While slightly lower prices are likely, you shouldn’t count on pumping stations offering petrol for free just yet.

* Taxpayer-Backed Loans for SMBs Went to the Fossil Fuel Industry

Result:

Good financial management is essential to small and medium businesses. Many companies will shut down as a result of what’s happened over the last few months. And an even greater number will struggle to get back on their feet. That's why it's important to cut costs with no upfront fees at  BusinessRefund.com

Business Income Deduction

Business Income Deduction

With only two days left to file taxes, you should know that the Tax Cuts and Jobs Act drastically cut the corporate tax rate and it also introduced the qualified business income (QBI) deduction. The QBI offers a way to lower the effective tax rate on the profits of owners of pass-through entities. These include sole proprietorships (including independent contractors), partnerships, limited liability companies, and S corporations.

It's time for you or your CPA to see those deductions in seconds at BusinessRefund.com

Are you ready for the July 15 tax deadline?

                       

It may have paid to procrastinate this year, as the IRS touts accrued interest on refunds and waives penalties for Americans that owe. 

If you are a business owner in the US, you still have time to capture your tax benefits before filing. 

See your benefits in seconds at BusinessRefund.com

Small Business Jobs Added

According to the June 2020 ADP Small Business Report, small businesses added 937,000 jobs to the American economy from May to June.

The most jobs gains came from the smallest businesses, those with 19 or less employees. Those companies added 574,000 jobs from May to June. Companies with slightly more employees added 363,000 jobs in that time.

Goods-producing small businesses added the other 208,000 jobs in that time.

Customer Communication During the Pandemic.

Most businesses will benefit by interacting  with their customers more not less. In the process, your customers will have more questions about your service and any issues they face now will be even more time sensitive.

One of the biggest challenges in communicating effectively with customers is that now they can contact your business in so many ways.

The solution a company implements will depend on the demographics of its customers and how they want to communicate. It is recommended to use online chat and text messaging since this can reduce interaction costs and increase service levels.

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Unused Assets Cost American Companies $55 Billion in March and April

New data shows unused business assets - like empty offices or company vehicles that don't move - in March and April totaled $55 billion.

Business assets, such as office space, company-owned vehicles, and mobile phones become costly expenses when companies are not in the position to use them.

Now, when the Covid-19 has interrupted cash incoming for most small businesses, you should try to find ways to lower overhead and increase liquidity with no upfront fees for these refunds.

Business owners reckon with costly stop and starts as states close them down again!

Governors in Texas, Michigan, Florida, California, Colorado and Arizona are closing thousands of bars, again!

This is causing confusion and anger from bar owners, who say that all bars should not be punished for those who have not enforced social distancing. 

Some bar owners criticized the decision to treat bars and restaurants differently, even though many restaurants also serve alcohol to customers.