Home Sales Went Up This Week
Good news is beginning to surface about our economy.
This week we have seen more small businesses begin opening their doors all across the nation.
Some states opening up faster than others with many small business owners and consumers ready to restart the buying and selling engines.
Now that we are all working to establish our footing in the “New Norm” a re-emerging economy appears to be on the horizon.
So, as this week comes to a close this is how things are shaping up:
- Home sales were up 1% in April after experts predicted a 22% decline
- Mortgage applications are up
- Stocks continue to rally on hopes of a Coronavirus vaccination
- Unemployment numbers are shrinking despite the fact that 2.1 more million unemployment claims were filed
“That decline in continuing claims “suggests that the reopening of states is pushing businesses to rehire some of the people let go when the virus hit,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics”
-CNBC
While life may operate differently for the long haul, a new innovative entrepreneurial spirit is rising.
Small businesses are finding new ways to use technological advancements to their advantage. In fact, many Real Estate Brokers and Agents are now embracing new virtual methods to market homes to buyers.
As we shift gears into the new economy many small businesses should also freshen up their financial tax plans. With all that has changes, forgoing new tax plans as we re-open could be detrimental to your business in the long haul.
Will the coronavirus spike again?
We don’t know, but if it does, you'll need to figure out how to stay in the game now rather than taking a wait and see approach. And, it's not going to be enough to just adapt the sales side of your business.
As all this uncertainty abounds successful small businesses need to institute solid financial plans that fit their revenue goals.
Tax Planning is the best method for achieving real financial increase. However, most Real Estate Professionals we’ve spoken with have never sat down with a tax expert to put a real Tax Plan in place.
Instead, most Realtors only focus on selling, selling, selling. When tax deadlines roll around a CPA prepares and files your taxes, you pay a high tax bill, and move right back into selling - losing 20% to 50% of all your increase to the IRS.
And now more than ever, every real estate transaction that closes needs to produce higher Net Revenue for you. One sure fire way to achieve this is early implementation of tax strategies that can better increase your tax savings through deductions and incentives that really pay off.
This is why we always tell small businesses to work with a Tax Expert vs working with a Tax Preparer.
We have been helping small business professionals with tax planning for more than a decade now. But right now as our nation begins opening up this is more important than ever before.
Make sure as we open up our nation that your thriving Real Estate Business is successful in uptimes and downtimes.
I hope this article helps you as life and success begin to once again emerge. If you have any questions or comments feel free to reach out to me here on LinkedIn and make sure to check us out at The Tax Planning Pros.?