As we post this, the biggest story is COVID-19. We decided it was a good idea to share some help with bookkeeping for the Coronavirus. Times have changed and your finances may need to do so as well.
1. Know the Coronavirus Statistics
Depending on what you take in, you are most likely being told to panic or take it easy. We aren’t telling you either. What we do recommend is knowing the actual numbers so you can make your own choices. Here are a few stats for your information.
As of today March 13, 2020, here are the numbers:
- There are a total of 1,268 confirmed cases of Coronavirus in the United States according to Johns Hopkins University of Medicine.
- A total of 33 deaths from COVID-19 have been reported in the U.S. Over 30 of them were in Washington State.
- The state of Texas has only 28 reported cases of Coronavirus.
- No one in Texas has died from Coronavirus.
- The top 15 countries have with Corona virus cases has been listed. The United States came in at number 8, even though we have an elevated population compared to many of the other countries.
- The leading countries are China, Italy, Iran, South Korea, and Spain.
Those of you reading this after March 13, 2020 may click here for the latest Coronavirus numbers from the Centers for Disease Control and Prevention.
2. Tax File Delay
As of now, the 2020 deadline to file your 2019 taxes is still April 15th. However, it has been reported that “the Trump administration is likely to delay the tax filing deadline.” Those of you who haven’t filed yet should still get all your documents together. You should file your taxes as soon as possible if you are expecting a refund. We can’t confirm, but there may be a delay in sending the checks out.
3. Shopping for the Coronavirus
You should still go shopping as you usually do but shop smart. Certain items will be missing from your local stores shelves. However, there are alternatives. For example, use a traditional bar of soap instead of bottled sanitizer. You may also use liquid soap, body wash, and even dish detergent such as Palmolive as an alternative. Feel free to stock up (but not clean the store out of) a few of your favorite canned goods and other non-perishables. Remember, even second place Italy still has open grocery stores despite most other stores being closed.
4. Don’t Sell Your Stocks Yet
Finally, stockholders are tending to panic with all the latest dips in the market. Only you can decide what’s best for your family, business, etc. Look at the patterns of other similar diseases to get a good perspective of what you can expect the market to do. A great source can be found here. It shows and predicts how the Coronavirus will turn out and is updated regularly.
Houston Bookkeeping for the Coronavirus
Feel free to contact us if you need help with the books and live in the Houston area.