Oy vey.
I filed my first sales tax report a month ago. I found out that I had dramatically overstated my tax liability so a day or two later, I amended the return and now I’m waiting on a refund of $700+. Texas hasn’t stirred itself to refund the money it owes me. Imagine that. So, this is just part of the learning curve of my sales tax life. The good news is that TX isn’t charging interest and penalties on the liability. The bad news is, I can’t buy inventory or equipment that I need with money I don’t have. Education can be painful.
I filed for my Colorado sales tax license and finally received it. And shortly afterwards I received a bill for $7,000. The good news is, that’s just a made up number that CO decided to send my way and the amount I actually owe is quite a lot less. The bad news is, I have to file the last two years of sales tax return in the next thirty days.