How I Almost Lost EVERYTHING....
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
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Welcome back to another video, this week I open up about something pretty unfortunate that happened to me in my business a few years back. Ive made plenty of mistakes in my day but this one takes the cake. This is the worst mistake Ive ever made in my wedding film business. My house, my career, even my freedom all on the line because of this one mistake. If you like this video be sure to hit that like button and comment below some of your biggest mistakes!
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CHAPTERS
0:00 - Outsource with Uncut Gems
1:00 - My 30,000 Mistake
1:15 - What this channel is about
1:30 - The truth about getting started
2:35 - Mistake number one
4:25 - Mistake number two
7:15 - The mistake that Cost me $30,000
8:15 - The burden of sales tax
10:00 - How I made it to the other side
13:00 - I felt like a failure
15:00 - The silver lining
17:00 - Like and Subscribe :)
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Great video! Thanks for sharing your story. For anyone not aware, check with your state's Comptroller's office. Many states require you to collect and remit sales tax for taxable services, not just goods. Once you are registered with the comptroller (not before) you can advertise and collect sales tax as part of your business, or just build it into your pricing, but you have to report it to your state either way. Of course there are federal taxes too to consider. Be grown ups and do your research! Ignoring it can cause a big headache.
Man, I'm so sorry you had to go through this. I can't imagine the panic when you first read that letter/saw the bill. So thankful you had the courage and grit to keep going because your work is a serious blessing to so many people.
BRB headed to talk to my accountant because ya boy has been passing out intangible goods without Uncle Sam's knowledge.
I am happy that you didn’t give up because you are a great source of motivation for so many here on TH-cam. In my personal opinion it was horrible from your state to only allow full payment…but at the end of the day you grew even stronger through that life experience. As you said “failure only happens when you give up.”
Thanks so much for saying that friend! That means a ton seriously. It was such a horrible situation but you are right! Ive definitely grown from this experience and am a better business owner because of it :) Appreciate you!
So I started this year. I have insurance, contracts etc. Have not set up a LLC. BUT… I am small (1) and I have set aside the tax for all my gigs (2) in case the tax man says hello. This was my test year to see if this can be a real thing for me.
Next year is when I’ll go “fully legit” and pay all my taxes I have saved.
I had the EXACT impression about tangible goods too.
Thanks for being open about this! My gut sank for you when I heard the number.
And thanks for hanging in there! You’re super talented and seam like a really genuine dude.
Keep at it brother!
You are doing it right! Stoked for you in your first year and hope this next season brings you a ton of fulfillment and is the best year yet! Appreciate your support and kind words!
They make taxes so incredibly difficult, multiple CPAs I talked to couldn't even give me a straight answer on sales tax. Finally found one that helped me get squared away. I can't imagine what I would do in this case.
Seriously! And then by the time you figure out taxes and see how much money you owe it makes you rethink career decisions lol Working for yourself is rewarding but definitely comes with a lot more baggage than people realize. It was a rough year lol
Thank you for this! 🙏🏼
Thank you for sharing that story, sorry that you had to go through that but I'm sure you've come out the other side stronger! Your work is fantastic and you really deserve to be where you are today - making great films for awesome couples
Bro… such a good topic to go over! I think this will help so many people. Sorry for all you went through during that season, but you’re stronger and more talented and wiser than ever now!
Thanks so much man! It was one of the toughest seasons ever for me and im thankful I made it out the other side in one piece. Appreciate your kind words!
The way the squeeze every dollar out of small business is so annoying. Just got a letter about the same exact thing!
You can put a contract on it , but we have the law of the jungle , whoever is stronger wins , there is also occupation here and we live like in a ghetto,Legalizing your business is the first step for development, private business and freedom are the most expensive
Thank you for sharing. I don't charge the sales tax, but I do file at the end of the year on my side business. I hope that's good enough?
It depends on your state but I was also filing my state and federal taxes at the end of the year but didn’t pay out sales tax. If you are paying all of that in one lump sum that may be fine but I’m not sure since every states tax obligations differ. I file sales tax every month and pay state and federal first of the year.
I'm sorry this happened to you!
Appreciate that! It was pretty rough but thankful it all worked out.
What resource do you use for payment that will take out taxes automatically if any?
So right now i don’t have this automated. Every transaction that occurs I manually transfer the tax percentage into a separate bank account. My budget template helps me stay accurate with this as well.
I saw that you use Tave, how is it?
I love it! Simple and easy to use and has been an efficient platform/workflow for me and my business
This is not your mistake, but the country's, taxation is theft
Very weird, in Ohio, I don't charge sales tax because it's not considered a "tangible object", but a "service". I charged it for my first year, so I guess I just made more...
Yeah looks like Ohio wedding videographers get a pass unless you turn the videos into a tangible product (USB drive, Wedding Video Album, etc) then it looks like the entire amount could be subject to sales tax. All really confusing nonsense if you ask me lol
I love paying taxes :)