What has been the hardest lesson you've learned about managing business taxes?

[smithbx]

Hey everyone, I hope you're having a fantastic day!

Taxes are necessary but they are no one's idea of fun, and they can be complicated to navigate — especially if you are just starting out.

We would love to know:

What has been the hardest lesson you've learned about managing business taxes?

What happened and how did you handle it? Share your experience, and any tips or advice with us!

P.S. We may have a small business certified public accountant (CPA) react to your tax situation in our newsletter! If your response is chosen to be featured, someone from the Seller Community team will contact you directly.

[MudFire_Dex]

LOL - we had a $10 million hold placed on our bank account for a sales tax mistake - the DOR does not mess around with you - luckily systems have moved online and are much easier to navigate than in 2009 🙂 - I screenshot the credit when it was fixed the next day.

[ATCWM]

It's almost embarrassing looking back at the mistakes we've made 🤦‍♂️.  After about a year and a half, we've realized we were overpaying for our quarterly sales tax (TPT).  We were calculating our tax rate based on TOTAL sales, instead of TAXABLE item sales.  So as you can imagine, we were stunned to see how much we overpaid for almost 2 years.  Of course dealing with the DOR, it has been a back and forth battle to get a credit applied for the overpaid amount, but it finally got taken care of.  This might be obvious to most business owners in this forum, but as a new business owner this has been one of the many lessons I've had to learn, especially managing business taxes myself.  We now have a third party business tax expert who has taken over.  Thanks everyone!   

Blessings,
Anthony
At the Crossroads Weight Management

[Michael_L]

Don't delay.

Old phrase: "If you can't get out of it, get in to it."  You can't avoid the tax collectors, so get it done and you'll have less stress.