My Worst Tax Horror Story

Tax is something that everyone has to pay, no matter whether you are employed, self employed or a business owner. Of course a lot of people don't like paying tax, simply because there are so many things that could go wrong, including miscalculation of taxes owed and IRS audits. If you know someone who has had issues with their tax then you will know how stressful it can be.

I have experienced this stress first hand, and I can tell you that I do not want to experience anything like it again. Although my problem was relatively small it was still very trying. I began questioning myself and my business, even though deep down I knew the error was a simple mistake. What happened to me was that I had underpaid my business tax, and I was told I had to pay more than a few hundred dollars to make up for my shortfall in tax payments.

Although I have heard that this is common, I was totally unaware of how easily it can happen even to the most unsuspecting of tax payers. I have never underpaid tax in my life, so you can imagine how shocked and stunned I was when a tax demand showed up on at my front door. To make matters worse I was even more shocked that my accountant had let this happen to me. What had gone wrong?

After contacting my accountant I decided to tackle the problem head on and focus on getting it sorted. My tax needed paying, and when it comes down to it I should have double checked my accountant, since they didn't know my business as well as I did.

I contacted the IRS and paid my debt there and then, even though I really could not afford to. I did not want it hanging over me. The solution to the problem was easy, in hindsight, but to be honest it should have never happened. I should have never placed so much trust in an accountant. From this experience I have learned many valuable lessons, including take responsibility for yourself and your own actions.

Although my experience with the IRS was not as bad as some horror stories I have heard, I still felt awful, as it was a tax mistake that should not have happened. The whole experience, even though very short was very stressful, so I can only imagine how stressed and annoyed people and businesses that are having audits would be.

From my mistakes with tax and the IRS I think everyone can learn to check out how much tax they are paying and find out if this is the right amount. I was negligent in thinking that my business books and finances were in good hands with an accountant who I was just a number too.

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