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Financially Simple - Small Business Support

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Feb 7, 2019

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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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



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Income Taxes

Net Income vs Profit

Sales Tax on Products and Services

Common Questions on Sales Tax

Business Property Tax

Excise Taxes

Self-Employment Tax

Employment Taxes

Gross Receipts Tax

Franchise Taxes

State Tax Refunds


Financially Simple podcasts are recorded on:

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Yeti Blue Microphone:



Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.