If you’re planning to or already starting to do business across states, you’ve got to know what’s going on from an income tax perspective. A multistate income tax is different from a sales tax. And a multistate income tax can have a lot of different names attached to it depending on the state.  

Joining us today once again is Chris Mahler, CPA who is also part of our TBL family strategic partner and compliance consultant. We dive into multistate income tax – what is it and how do we get prepared for it?

A multistate income tax can be complex but it should not make you pay too much more in overall additional taxes. You're just going to be moving around what you pay to different states. There are a few caveats too that we'll discuss. The good news is there's always help out there as you navigate through all the potential pitfalls that are out there.

In this episode, you will hear:

• Understanding the franchise tax and the factor nexus
• The three types of nexus
• The thresholds for multistate income tax
• The minimum requirements for different states
• Things to consider when you’re a service provider
• The need for protective language in all your agreements

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Supporting Resources:

The Bottom Line CPA

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Inflation is here – and it's here to stay for a bit. Obviously, we have to deal with it, but how? In today’s episode, we discuss some things you have to think through to shield yourself from inflation, or at least mitigate its impact.

Hindsight is a good teacher. And so, if you can capture those lessons and put them in your plans for your future, you're going to be better prepared when the next cycle comes around because there will be another cycle.

Hopefully, you will also learn to figure out what specific information will help strengthen your ability to predict as a leader so you can steer clear of those blind curves in your business. We are all in the middle of the same hurricane. But there is hope. Inflation is going to come down and things will get better. Just do the things you need to do to get through it!

In this episode, you will hear:

• Looking at your cash flow
• What to do with your savings, retirements, and investments
• Why compartmentalization is both a blessing and a curse
• Managing asset and debt issues
• The value of getting a plus-one
• Things to consider when it comes to taxes – before tax time!
• Reassessing your life and disability insurance coverages

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

The best profit decisions are happening with your time, energy, and money, which means more pay, play, and profit in your business and life. And a huge part of that is understanding your financials. 

Your financials are three-dimensional – profit, tax, and cash flow. You also need to think about direct costs versus expenses in all these three dimensions. “Direct cost” refers to the cost directly tied to your sales. You incur them directly with your sales. “Expense” refers to the operation cost. These are the things you do and spend money on that are not directly tied to the sales. Everything you spend obviously supports the sales but they're not directly tied to the sale. Now, the IRS has a very defined structure on how they want to see your costs and expenses filed on the tax return. This is part of the tax compliance. 

Today, we're going to dive into direct costs versus expenses, and why you should care about knowing the difference. And as a small business owner, you should definitely care!

Now, you have to get the foundation in place first, because if you don't understand the foundation of direct cost versus expenses, it's hard for you to navigate the three-dimensional conversation.

In this episode, you will hear:

• The difference between direct cost vs. expenses

• Why you should care about the difference

• The importance of having a relationship with your tax accountant

• Why you shouldn’t do miscellaneous expenses or general expenses

• Why your profitability and cash flow are not improving

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.