The COVID-19 crisis has seen everyone getting back to the basics. While the crisis continues to squeeze many in terms of finances, everyone has more than enough time on their hands to learn to DIY a variety of things as a way to save expenses and set-aside an emergency budget. The best way to survive the crisis and emerge unscathed is to invest more time into shoring up your finances. The Law Offices of Nick Nemeth stand ready to help you with IRS problems pertaining to issues such as IRS appeals and IRS tax investigations. Let’s look at some simple financial adjustments that can help you get through the COVID-19 crisis.
Take stock of your financial position
There has never been a better time to take account of every aspect of your financial life. The best place to start is taking a hard look at your net worth in terms of your debt and avenues that you can explore to bring in cash. Take stock of your portfolio even when experiencing a tough time collecting from your debtors. It is important to appreciate that while collecting may be tough during this time, it doesn’t imply that defaulters are bad debtors as you will collect someday soon. Consider opting for things such as a health savings account or cash-back credit cards.
Set aside an emergency fund
The uncertainty characterizing life during the COVID-19 crisis demands the setting aside of an emergency fund. Everywhere you look, people are getting pay cuts and reduced hours, which is why you need to take action in time in the event you also find yourself in the same situation. Go through a list of your expenses and identify entries that represent stuff that you can forego in the meantime or add to the DIY list. Activate your emergency budget or craft one in case you don’t have any.
When it comes to handling IRS tax problems, it is always best to seek help from an experienced tax attorney. The Law Offices of Nick Nemeth has a team of seasoned tax attorneys in Dallas that are always ready to help with IRS issues. Whether you have unfiled returns or are facing an IRS tax investigation, we are here to help. Call (972) 627-4580 or email us at jamie@myIRSteam.com.