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>> ACCOUNTANT Latest News

JUL 31, 2013 - Inc Magazine

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The Mistake That Almost Cost Us Our Business

We thought reinvesting our profits back into the business was a good thing. Until tax man came calling.A few years after opening our Truckee, California yarn shop, I made a mistake that almost cost us our business. It was 2005 and the height of the yarn bubble (you didn’t realize there was such a thing, did you?). We had two retail locations and were closing in on $1 million in sales. Life was good… until April of the following year. Tax time. Our accountant called to tell us that our tax bill was significantly greater than the cash flow generated by the business that year. ... Read More

Tags: The Mistake That Almost Cost Us Our Business,  Accountant Latest News