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Five tax strategies to help your business survive the COVID-19 slump

September 11, 2020 Article 5 min read
Kurt Piwko
As COVID-19 persists, even businesses unprepared for an economic downturn have avenues to better weather the storm. Kurt Piwko shares five ways to maximize the tax benefits of losses and deductions via Entrepreneur.
Woman sitting at a kitchen table reading documents

Economic times had been good for so long, it was hard to foresee a downturn. Now that it’s arrived faster and deeper than expected, the ability for some businesses to survive will partly depend on how they can leverage tax strategies to raise or at least preserve cash.

Ideally, companies take a proactive approach during good times, testing their tax situation against an imaginary downturn and taking steps to minimize any potential future financial pain.

But even businesses that were less prepared still have options to reduce their tax burden, especially now that they have greater visibility into their operations for 2020 and any future disruption.

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