195 | Bookkeeping in the Fair Tax Era

The Ambitious Bookkeeper Podcast

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In this mini-episode, Serena shares her research on the Fair Tax Act and what it could mean for bookkeepers. She explains how this potential legislation would eliminate income tax and the IRS, replacing them with a national sales tax. Serena offers practical advice for bookkeepers to prepare for this potential shift and future-proof their businesses.

In this episode you’ll hear:

A breakdown of what the Fair Tax Act actually means (goodbye income tax, hello 23-30% national sales tax!)
How bookkeeping services would evolve rather than disappear in this new tax landscape
Three actionable steps to prepare your bookkeeping business for this potential change
Why this shift could actually be an opportunity for ambitious bookkeepers to expand their services

Resources mentioned in this episode:

Sales Tax Workshop: ambitiousbookkeeper.com/salestax
Elevate Program: ambitiousbookkeeper.com/elevate
The Accounting Podcast (formerly Cloud Accounting Podcast)
Avalara
Tax Jar
QBO
Xero

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Chapters

1. Avoiding the News (00:00:00)

2. The Fair Tax and Jobs Act (00:03:10)

3. Implications for Bookkeepers (00:04:04)

4. Future-Proofing Your Bookkeeping Business (00:07:28)

5. Final Thoughts (00:11:56)

211 episodes

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