Empowering Healthy Business Podcast Episode 7: Navigating State and Local Taxes
State and local tax compliance can be one of the most confusing and costly areas for small business owners. In this episode of the Empowering Healthy Business Podcast, host Cal Wilder speaks with Greg Reed, CPA at SmartBooks Tax & Advisory. Together, they explain how business owners can meet their obligations and avoid common tax pitfalls.
Why State and Local Tax Compliance Matters
Understanding your state and local tax obligations is critical when your business operates in more than one state. Too often, small business owners are surprised by nexus rules, tax registration deadlines, or complex sales tax rules across jurisdictions. Greg Reed breaks down the most frequent mistakes and how to avoid them—from failing to register in a new state to applying sales tax incorrectly on digital products. Being proactive with tax compliance helps avoid penalties, limits your audit risk, and builds long-term stability for your business.
Tips to Stay Compliant with State and Local Tax Laws
Greg offers practical steps to stay compliant with state and local tax requirements. For example, perform regular nexus reviews to check where your business may owe taxes. Monitor sales tax thresholds, especially in states with economic nexus rules. Use cloud-based tools to manage filings and revenue by state.
Cal emphasizes how building a simple compliance checklist for each new state can help you stay ahead. Working closely with a CPA or advisor ensures your business remains compliant as you expand. By staying informed and organized, small business owners can confidently manage state and local tax compliance and focus on growing their business.
About the Empowering Healthy Business Podcast
The Empowering Healthy Business Podcast helps small business owners build profitable, scalable companies without sacrificing peace of mind. From financial systems to tax strategy and leadership advice, we share tools to help you thrive in business and life.
Check us out at www.empoweringhealthybusiness.com.