Keep the Tax man Happy

I wrote a blog awhile back, about building a transcription business, and what it takes to start it, build it, and maintain it; some of the key strategies that I used to accomplish this - an ongoing process indeed.

Keep the tax man happy

One of the key strategies I used (after ignoring and overlooking what was needful):

Keep the tax man happy

I treated IRD like they were the enemy, and I probably was their enemy because I got in over my head and neglected what was most needful. I put ALL my cards on the table and implored their assistance to “make things right”. It took a real nose-dive before I realized how deep I was.

Suffice to say, they are not the enemy - we are our own worst, at that! They bent over backwards to help me and made me bend over backwards many more times, to get things right.

Ever since then, we have a good relationship in terms of my duties and in terms of theirs.

I rang them yesterday to get an exact amount of my final provisional tax instalment - as much as people hate them, they keep you afloat and save you from sinking when you don’t need to at the “appointed time”! The gentleman was most helpful, put me on hold, and came back to me to say something like:

“Ms. Millar, it appears you have a credit balance here…”

Eh?!

“You have been overpaying us! You have been selecting the wrong year when paying, and then paying it again into the right account, once we notified you.”

My brain is scrambling trying to understand what he was saying. All I could hear was “credit balance”, and “wrong account, right account”. I translated it into one word: “lotto” - lol! He went on to say:

“Your original payment was for x amount of dollars (several thousand); and you have a credit balance here of $3,500.00! We can transfer that to your current balance due, if you would like.”

“Yes please, go for it!” I was stoked, that was a huge relief and reduction from my payment due next month. I paid it right away.

What a cool feeling, being right with IRD, and having taxes all paid and up to date (regardless of what you think of taxes and where it goes). It was a reminder of what they did for me in the earlier stages of my business. So,

Whatever your work is, your business, your company, your employees, sub-cons, whatever; remember to keep the tax man happy. He might just surprise you one day!

Success in business and remember: stay in the right lane with IRD or else they will fast-track all lanes and come after you! We can't have that now:)

Lenna K. Millar (Director)
Audio Transcription & Secretarial Services (ATS)

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