Happy Wednesday, and more importantly, happy April 15th! Or, as it’s known in our industry: The Dreaded Day.
That’s right, it’s Tax Day. The one day of the year where the entire country collectively stares at their bank accounts and wonders if moving to a remote island with no Wi-Fi is a viable career move.
Whether you are a Sole Prop just starting out or a seasoned LLC veteran, the “April Surprise” is a rite of passage. If you’re an S-Corp, you hopefully survived your March deadline. If you’re a pro, you’re paying quarterly (honestly, the best plan for keeping your sanity). But for the rest of us? Today is the day the piper must be paid. Whatever you do, the Tax Man must be paid!
The Silver Lining (Yes, There Is One!)
As merchant services sales reps, we live for the “High Five” moments—closing that big retail chain or finally flipping that high-volume restaurant. But here is the funny thing about success: The more you make, the more the Tax Man wants.
It feels like a punch to the gut, but look at it this way: a massive tax bill is actually a trophy. It’s proof that you crushed it last year. You didn’t just survive; you thrived! Plus, the more you make, the more you might be able to deduct.
That fancy ergonomic chair? Deduction. That “prospecting” dinner that was 90% laughing and 10% business? Deduction. The thousands of miles you racked up driving to leads? Deduction. We are the kings and queens of finding the “business purpose” in almost everything.
A FUNISH WHAT WOULD YOU DO? (The Scenario)
You’re sitting at your desk, staring at the final amount you owe Uncle Sam. It’s… significant. Just as you’re about to click “Pay,” your phone rings. It’s a high-volume prospect you’ve been chasing for six months. They are ready to sign, but they want you to come over right now to finalize the paperwork.
However, your accountant just emailed saying they found a discrepancy and need you to hop on a Zoom call immediately or you’ll miss the filing deadline and face a penalty.
WWYD?
- A) Ignore the accountant. The residuals from this new deal will more than cover the late penalty. Get that signature!
- B) Tell the merchant you’ll be there in an hour, hop on the 10-minute Zoom, and pray the merchant doesn’t get cold feet.
- C) Tell the accountant to “fix it and bill me,” then speed to the merchant’s office.
- D) Cry into your 1099s. (Most Popular)
Drop your answer in the remains of your bank account (or the comments below)!
THE VERY IMPORTANT “PLEASE DON’T SUE ME” PART:
Ahem. Please listen closely: I’m just a payment professional like you, NOT a financial advisor, CPA, or tax professional. I barely know how to read my tax returns. My “tax advice” is about as reliable as a lead from 2014. Please, please, please seek out a competent CPA, accountant, or tax professional. Don’t wing it—your future self (and your bank account) will thank you!
Now get out there and close some deals so you can pay for next year!
Happy Selling,
David
