A $170K tax nightmare almost destroyed my business, but it taught me lessons I’ll never forget. 💸 In this video, I share how a city audit uncovered a massive oversight in my tax filings, leading to years of compounded interest, penalties, and stress. From understanding TPT (Transaction Privilege Tax) to navigating complex tax systems across multiple locations, I was blindsided by an issue that so many small business owners unknowingly face.
This is my story of resilience, risk-taking, and personal growth as I fought to keep my business alive. If you've ever questioned how to manage taxes for a growing business, especially across multiple locations, or how to stay mentally strong under financial pressure, this video is for you.
**Key Takeaways:**
- The importance of understanding TPT and how city-specific tax laws can impact your business.
- How to avoid the common tax mistakes that put small businesses on the radar for audits.
- Why working with the right CPA is critical for staying compliant and avoiding costly penalties.
- The mental toll of financial hardship and how staying consistent can help you overcome challenges.
- Tips for small business owners to proactively manage taxes and prepare for growth.
Taxes can feel overwhelming, but knowledge and preparation are the ultimate tools to protect your business and peace of mind. Don’t let a mistake like mine set you back—watch now and learn how to stay ahead!
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 - Intro
01:35 - What is TPT (Teachers Pay Teachers)
04:26 - How Did You Figure This Out? (Learning Process)
06:16 - Did You Get a Mentor? (Mentorship Importance)
07:50 - What to Do If You're in This Situation (Overcoming Challenges)
09:42 - What Kept You Going During This Time (Motivation Strategies)
11:06 - Advice for Your Past Self (Reflective Guidance)