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COVID vs Income, Expenses and Taxes for Q3 Q4 2020 - how is it going to proceed and end

by Andy Flagg, Publication Date: Thursday, July 2, 2020
View Count: 201, Keywords: 2020, COVID, Income, Expenses, Taxes, Hashtags: #2020 #COVID #Income #Expenses #Taxes



How will Q2 and Q3 2020 proceed with COVID hanging over everyone's income, expenses and taxes?
 
I would say half of the country is not affected in their income. They are somewhere in an industry that is either surging or remaining stable. Any industry that requires a crowd of customers and clients on a daily basis, probably not doing so good.
 
Do we have a group at all levels who really can be ethical on all these challenges in our face?
 
What about expenses? Those are down considerably in terms of business projects and other capital items unless fully covered by the PPE tax fund for renovation to address client and patient safety.
 
What about taxes? Well, our government has delayed income tax reporting and completion for a few months and now coming due for personal mid July and the same goes for businesses etc.
 
As far as city, county, and state inbound taxes to cover payroll for government workers - that is not being addressed aggressively enough. Some are seeing shortfalls in tax income due to an economy that has shrunk considerably - any product and service with an associated local state or federal tax has shrunk and continues to shrink -- sales taxes revenue has dropped, hotel/motel taxes down to nearly 0, payroll taxes revenue has fallen off the cliff with cutbacks and rifs, and associated insurances related to people and payroll.
 
What does government do - city, county, state and the feds? Act like they are trying or take the pain like the public at large, and just cut to the bone. Do they ask for a bail out from taxpayers, and tax the citizens to the max to pay for it, or just raise taxes on their constituents to pay for too much and too big of government? The latter would be catastrophic and maybe necessary yet what do we do?
 
How will 2020 end with all the tourist activities and events shut completely down and cancelled for the rest of the year.
 
It is still going to get worse. Paying mortgages, rents, leases, and all those capital expenditures, loans, debts, college tuitions, payroll - food water shelter - all of this is going to be killer to our life for the near, short, and long term.
 
more to come...

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