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Side Hustle School

#2211 - Failure Friday: “The client was shocked by the amount of taxes they owed…”

Side Hustle School

Chris Guillebeau

Small Business, Entrepreneurship,, Entrepreneurship, Careers, Side Hustle, Business

4.73.3K Ratings

🗓️ 20 January 2023

⏱️ 6 minutes

🧾️ Download transcript

Summary

In this week’s Failure Friday segment, we hear from a new bookkeeper who makes a big mistake: she overstates the income on a client’s return. Yikes!

Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.

Show notes: SideHustleSchool.com

Email: team@sidehustleschool.com

Be on the show: SideHustleSchool.com/questions

Connect on Twitter: @chrisguillebeau

Connect on Instagram: @193countries

Visit Chris's main site: ChrisGuillebeau.com

If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 

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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.


Show notes: SideHustleSchool.com

Email: team@sidehustleschool.com

Be on the show: SideHustleSchool.com/questions

Connect on Instagram: @193countries

Visit Chris's main site: ChrisGuillebeau.com

Read A Year of Mental Health: yearofmentalhealth.com


If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 


Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0

This episode is brought to you by Slack. With Slack, you can bring all your people and

0:05.9

tools together in one place. It's your digital HQ where you can increase productivity,

0:11.1

enable flexibility and automate workflows. Plus, Slack is full of game-changing features

0:16.7

like huddles for quick check-ins or Slack Connect, which helps you connect with partners

0:20.9

inside and outside of your company. Slack, where the future works. Get started at

0:26.9

Slack.com slash DHQ.

0:39.9

Hey, what's up, Chris Gillabo here. Your host of Side Usal School, the daily podcast about making

0:45.5

extra money without quitting your job. Of course, daily podcast means seven days a week. Every

0:50.4

day we have a new episode featuring questions and answers, case studies, archival reports,

0:55.7

field reports, not sure what the difference is there, but basically reports from people

1:01.1

on the front lines with their success stories. And sometimes, in fact, every Friday, a report

1:06.6

of something that doesn't go so well. We call this failure Friday. It is about mistakes,

1:11.4

missteps, disasters, and of course, failure. You get to hear directly from a Side Usal

1:14.9

who has struggled to get something off the ground or otherwise had one of those big mistakes

1:18.9

or disasters. Okay, so today kind of falls into both categories. Mistake and disaster, at least

1:24.5

it's a big mistake. This short story features Sherry. So Sherry is a new freelance bookkeeper.

1:30.7

She's excited about her new business. She is recruiting clients, just trying to scale

1:35.0

up a bit. And she makes a big mistake, speaking of scale. She makes a mistake that is quite

1:40.6

scaled, I guess. Well, basically what she does is she overstates the income on a client's

1:45.2

return, a client's tax return. So this is a big problem, right? Because if you say somebody

1:49.9

makes a lot more money than they did, then they're going to owe a lot more tax than they

1:53.3

expected. So not a good thing to experience as a small business owner or as the bookkeeper

...

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