DecaMillionaire Decoded The 11 Different Taxes a Small Business Owner Could Pay
In episode 128 of Financially Simple, Justin goes over the numerous taxes that Business Owners can face.
Nothing can be said to be certain except death and taxes, and in the case of a business, a lot of taxes. Justin lists and explains the most common Business Taxes that can apply depending on the type of industry and location of your business.
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ARTICLE TRANSCRIPT: BLOG: "Missing" Taxes Checklist for Small Business Owners
TIME INDEX:
00:26 - The 11 Different Taxes a Small Business Owner Could Pay
01:47 - Income Taxes
04:15 - Estimate Tax
04:50 - Sales Tax on Products and Services Sold
05:32 - Property Tax on Business Property
05:52 - Excise Taxes on Use and Consumption
06:14 - Self-Employment Tax on the Owner’s Share of Business Income
08:01 - Employment or Payroll Taxes
09:57 - Gross Receipt Tax on Businesses
10:29 - Franchise Taxes
10:59 - Sales Tax
12:04 - Real Estate Taxes
12:18 - (12) Professional Privilege Tax
12:37 - Wrap Up
USEFUL LINKS:
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Sales Tax on Products and Services
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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