Small Business Tax Savings Podcast
Business:Entrepreneurship
Sales Tax Simplified: 3 Key Questions to Unravel Your Small Business Tax Obligations
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Expert Danny Wright from Peisner Johnson discusses the intricacies of sales tax and how it applies to business owners. Core concepts are discussed including determining if a business is subject to sales tax, identifying 'nexus' states where sales tax may be applicable, and understanding which products or services are taxable. Danny highlights the impact of accidental non-compliance, discussing the pitfalls of not remitting the sales tax charged to customers. He also notes complications caused by remote workers or drop-shipping in different states and explains the responsibilities under new marketplace facilitator laws. Finally, Danny explains how their firm offers free consultations to help businesses understand their unique responsibilities and potential liabilities.
[00:00 - 09:24] Introduction to Sales Tax for Business Owners
[09:24 - 20:30] The Impact of Sales Tax Nexus on Business Operations
[20:54 - 33:55] Invoicing and Pricing in Taxation
Quotes:
"It's super important to pay attention to [sales tax] because it doesn't care about profitability... it really is something that can get you in trouble in a hurry in the future if you don't get an
"Once you hit [an economic nexus] threshold, that is when your responsibility begins... a lot of the states offer a grace period... that's part of what you can pay attention to when you're reviewing your nexus." - Danny Wright
"If you collect tax from a customer, it's not yours. And never keep it because you're going to be dealing with questions around fraud in the future." - Danny Wright
Connect with Danny!
Email: dannyw@pj.tax
Website: https://peisnerjohnson.com
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
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