Starting a business comes with challenges, but nothing prepared me for the $140K tax mistake that almost broke me. 💸 In this episode, I share the raw, unfiltered story of how an overlooked sales tax law turned my dream into a nightmare. From the shock of receiving an audit notice to the overwhelming process of navigating TPT requirements, this journey taught me lessons about risk-taking, resilience, and personal growth that I’ll never forget.
For five years, I unknowingly failed to collect sales tax on every single product I sold, leaving me with a staggering $140,000 bill. I thought I was doing everything right—hiring CPAs, filing my taxes—but I missed a critical piece of the puzzle. This video isn’t just about a financial blunder; it’s about what happens when bold moves meet unforeseen obstacles, and how mental health and determination play a role in overcoming the fallout.
🔑 **Key Takeaways:**
- Why understanding local tax laws is crucial for every entrepreneur.
- The importance of self-reporting and staying proactive with financial obligations.
- How risk-taking in business sometimes leads to hard but valuable lessons.
- The power of resilience and maintaining your mental health in times of crisis.
If you’ve ever taken a leap of faith in your career, struggled with unexpected setbacks, or are navigating the ups and downs of entrepreneurship, this story is for you. Let’s talk about the real side of building a business—because the road to success isn’t always smooth, but it’s always worth it. Join me as I share how I turned this $140K mistake into a lesson in growth, grit, and gratitude.
Watch the full video here: https://www.youtube.com/watch?v=UVafodhy-Vo
Also check out:
https://www.cutieslemonade.com
https://www.boldmovespodcastaz.com
CHAPTERS:
00:00 - Starting a Business, Taxes Basics
00:52 - Back Taxes, IRS Debt, Financial Consequences
01:55 - IRS Audit Process, Tax Compliance, What to Expect