This owner-operator came to us with a not uncommon situation of not having filed taxes for some time. And by not filing taxes on the business, it parlaid them into not filing taxes personally.
Each year that passed that had not been addressed for this reason had put each year of a burden on that owner-operator’s head. It was at the point of them being concerned with not only the cost of not filing and penalties of not filing, but really about “Am I gonna lose my house? Am I going to lose my family? Am I going to jail?” This owner-operator was terrified.
Each year that passed that had not been addressed for this reason had put each year of a burden on that owner-operator’s head. It was at the point of them being concerned with not only the cost of not filing and penalties of not filing, but really about “Am I gonna lose my house? Am I going to lose my family? Am I going to jail?” This owner-operator was terrified.
The thing about this operator that was amazing is that they allowed Profit Solutions to come in and slowly walk through each step of how to address this back tax issue. With the help of our tax professional, we were able to create a plan, we were able to go back in time and create a book as necessary to prepare to file for the business and for the personal. Every step closer to the filing this owner became more and more strengthened and more and more relieved. And when we finally did file the taxes and created a plan of payment with the government, that has now been accepted, this owner-operator now has become much more focused on the business, focused on his life, and focused on going forward.
The burden of the back tax issue was crushing this owner-operator, and unfortunately at that time, he had a very good business going, so that was actually in his favor, but he was not taking advantage of it because he was so hard-pressed about how to resolve the tax issue. That’s all he could think of every day when he woke up was “How do I get off of this?”
When we met this owner-operator, aside from letting him know that there would be someone with him as he went through the process, we also were able to use the model to show them how to use what they have, which is a very good business. We were able to identify some re-allocations of resources towards fulfillment. We were able to identify what fulfillment actually meant for this client. And that business is thriving now and will continue to thrive if they don’t sell it because now it has become very attractive to buyers.
So this client’s success story has made a long-term client for Profit Solutions. More importantly though, I think we relieved pressure from the owner-operator so not only could he focus on the business, he could now focus on his family and enjoy life overall. So Profit Solutions really did help these people get back on their feet.
