Today’s not the most exciting topic, but it’s an important one! Do we coaches need to collect (and remit!) sales tax? Josh and Amelie discuss!
Top takeaways:
- Some states charge sales tax on products, some charge sales tax on services…it’s important to figure out what your state policies are.
- Go straight to the state website to get information, not blogs etc.
- Make sure you ALSO check city and county taxes!
- If your client is in a different state than you, then “economic nexus” applies which depends on how much business you do in that state.
- If you have a legal, governmental license, you fall into the Professional Services category; if you are not licensed, you would fall into Personal Services.
- Once you start approaching 50-60 transactions in a single state, make sure you start investigating tax rules in that state.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
