It’s in the details,” says CPA Dave Nagy, a Wilmington, Delaware business owner who discovered a hidden treasure for small business owners and created a free analysis for clients who want to unlock the vault.
“Take a look at your gross receipts tax,” says Nagy. “You might find that you’re paying too much in Delaware (https://www.grossreceiptsdelaware.com).” Known as Delaware’s “sales tax,” the gross receipts tax is an assessed tax on most businesses with sales exceeding $100,000 per month. When the business grows, so does the tax. “While most business owners see this as a fee they must pay, there are many checks and balances often overlooked by busy small business owners that lead to overpayment.”
In one case, Nagy reviewed a tech services company’s payments and deductions and discovered that the overpayment of gross receipts totaled more than $100,000 annually. “That was a good day for the company’s cash flow,” says Nagy.
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