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Do you travel for business watch out because the IRS -- local and state governments they're watching you.
Once you stepped foot in another state you may be liable for tax on the income you earned there.
So what are the important things to remember with us now -- to -- from diversified financial consultants.
-- I have to tell you I have never heard of this.
And I was shocked to find out that if you're traveling on this -- you may have to give some of your income to the state you're doing business sins are you kidding me.
-- -- As so we're dealing wit and this is actually the problem we -- multiple states each one of these states has its own taxing authority and each one of these states wants their share of the -- So in the past we've spoken about the IRS we've spoken about the tax code.
But that's one the uniform tax cut matter where you live in a country the rules are all the same.
But today if you are new -- like myself -- I.
Go to a state didn't visit a client in transact business in neckline.
That that states as you -- party very -- in our borders and therefore you always a portion of the ground that you learned well.
Okay now that you've explained it I guess it makes sense I'm not happy about it but it makes sense.
So are they strict about enforcing that's.
It's really complicated because again we're not dealing with a single uniform code and really it's very difficult for state to figure I've been in that in their border or -- actually earned income in that order.
So for a larger companies -- -- sales force admits sending out an individual has a territory that's three -- -- spends you know.
Ten days in this -- great case in that state.
They can actually track -- -- a fortune 500 company and they try to do a good job about their stable even called.
The W two of that employee.
Or -- 1099 occurred outside contractor.
But the average individual really doesn't have a clue and I went through -- personal experience this myself.
Where I had no idea that that particular state was looking for mighty calm and in fact I got one of those notices in the mail wow so crews were setting -- -- the states.
Is really after people way -- high rates of taxation.
-- this is not a shocker -- by reputation only New York is probably one of the most difficult states at least they say if you came into the -- one day and more to that one day in the state.
He's back you should be filing a non resident tax return.
On approach -- states like Florida where there's those -- and also you don't have to worry about it I come down here we have a very large client base no thought.
No thought processes at all and that could plan and had a problem -- is trying to figure out in each individual stage.
Where do you should or shouldn't file whether there's -- leeway period of five days where it's less or more.
And the promise is a non compliance because you simply don't know.
If I -- -- Taxes to the state of New Jersey.
I actually take a credit on my New York State tax return for that so it's got a tax -- problem it's I just don't know what the rules of the game.
You know what I can see though I have to tell you Dominic having watched these states what they've done over the last couple years as they may ratchet up compliance efforts on this because it's a way just to get more revenue.
But that's exactly the problem -- past you know we're Condit was under the radar -- need be if you -- did it by accident.
But states clearly are -- that literally turning over rocks looking for Nickels and arms and what's better than a non resident -- -- Have -- in you know revenue your state you know act that he -- to worry about getting reelected so -- starting to look big of an app.
Athlete who goes to multiple states.
A musician who plays -- multiple states.
A lecturer who goes to five different states two to promote their book -- or seminar.
These people are gonna be targeted again the higher network the higher revenue people they're going to be targeted India more public figures are going to be targeted.
And -- Our share of the pie -- a musician doesn't know anything about most about filing tax returns -- spending up to -- -- professional.
To go over their agenda their timeline their work history and figure out how many days he spent in each state.
Well at around Greg thanks for telling us about it and now that we know now that we have the information we have to act on it thanks a lot Africa I think if that's good luck with back up had a great day have a great weekend -- thank you thank you --
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