How to handle tax stress in the COVID-19 time? - Accounts NextGen

How to handle tax stress in the COVID-19 time?

How to handle tax stress in the COVID-19 time?

2020 was the year that every business of the world had planned for expansion, profitability, and stability. However, it gifted anxiety, fear, and challenges to individuals as well as to business houses. With Covid-19 overshadowing lives, jobs, businesses, etc., it would probably be marked as the worst year for centuries. At the individual level, safeguarding our health from the deadly virus became our priority. Simultaneously, people in businesses ran in the need to stabilize their mental health with the taxation period on the verge.

Preventive measures turned out to be the only solution for every individual, and likewise, CPAs came for the rescue of businesses. Covid-19 pandemic has increased uncertainty, and the task to maintain stability and accomplish official formalities is beyond the word called difficult. CPAs are the only clouds that could drizzle a bit and provide the pacifying cooling effect in the hot storm of dust and heat in the form of Covid-19.

Those owning an accounting practice are versed with the degree of stress involved in it. With pandemic hampering everything around, the anxiety has got deepened with financial and psychological aches. Overcoming or battling with such high intensity of stress may not be easy, but it isn’t impossible to cope with ideal tools and approaches. Ironically, clients look for their accountant as a tool for stability, control, and support.

It is noticed that many accounting businesses have undergone a handsome revenue drop up to 40 % or above. Many CPAs are devoting this phase on mere establishing relationships by providing services either at nominal prices or free of cost. It is quite evident that stress is showing an upward trend on the graph with income scaling downwards.

Dr. Grant Blashki, a renowned clinical adviser, states that people in business are strictly required to need to maintain their health, happiness, and mental wellbeing. A widespread prescription stores its solution like regular exercise, proper and fruitful intake of diet, adequate sleep, sticking to a healthy routine and socializing with friends and family. It is also essential to stay attuned with the virtual tools and use them in the best and advantageous way, establishing and allocating the time for WFH and family life. It is advised not to allow problems to elevate beyond your control.

Overruling the wheel of stress

Disrupted sleep and constant worry about lethargy and low energy are some of the alarming symptoms of stress. However, staying disconnected from colleagues, friends, and family leads to negativity and drops the performance. It is time to go for professional help if any individual quickly identifies these.

For those on a WFH or work from home mission, it is crucial to structure a routine, have the zeal to stick to it, and be in touch with colleagues. Avoid working late or staying awake late or sleeping when the sun shines in the sky. One should emphasize on refreshing and refocusing

Meditation is undoubtedly fruitful, and doing things that exhilarate you should be focussed. The main motive should be breaking the cycle of stress. Take out time from your schedule when only you and positivity rendezvous with negativity far off.  You may even try to form a gratitude list to distract yourself from problems and have a sheer focus on positive things in your life.

Few tips to drop down stress and pressure

Dr. Blashki states that his organization, Beyond Blue, has crafted a website referred to as Heads Up, which contains videos, articles, blogs, and interviews, especially targeting folks in businesses. In short, all the above content has the message and guidance of modes to stabilize business advisors’ mental health. It also offers tips on how they can aid others to come out of blues. It creates an opportunity in a way to strengthen the relationship with clients. With uncertainty all around in business, clients look for all-round support and advice from advisors. Extending support beyond fiscal issues would be valued more during this phase.

Another way out is to conduct workshops for clients to build mental peace and tips for managing the business in the rough patch. Helping others is highly effective in reducing problems and stress. You may find your problem almost negligible in front of others, and the peace obtained from helping others is incomparable. It imparts a great sense of achievement.

We all are dependent on each other, and a small effort in helping others in business or at a personal level can be a massive contribution to the community.

Some tips for tackling

  • Take time off from your business problems and drain your stress during it.
  • Be close and connected with family and friends.
  • Strike balance between work and home realms.
  • Reach out to the accessible resources for your mental stability.
  • Be aware of warning signs, such as fatigue and social withdrawal.

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