Clint Maxwell, an Independent out of Texas, find that one of the most challenging things about doing business is the varied tax rates that counties and municipalities levy. Maxwell uses colored stickers to designate the local and county taxes which he attaches to all of his inventory. When he quotes a customer a price, it always includes the taxes.
Tagging the inventory with stickers and managing the books with Excel spreadsheets takes a lot of time. But Maxwell has found that paying his taxes monthly allows him to feel in control of his business. It helps him stay current on his receivables. He also gets a 1 percent bonus from the state for paying taxes monthly.
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