MBA742 Q&A Weekends: Should I add tax to my prices or absorb it in the asking price?

The $100 MBA Show

Omar Zenhom

Marketing, Entrepreneurship, Careers, Business

4.9 • 1.2K Ratings

🗓️ 10 September 2016

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's the weekend, and that means Q&A! Today, we field a very specific question about tax policy: is it better to fold applicable taxes into the original asking price, or to itemize taxes at checkout as a separate charge? The answer is complicated to say the least, depending on location and the type of product. But with a little research (and maybe a little help), you can figure out what the right choice is for your business. Click play to learn more!

Transcript

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0:00.0	Hey, welcome to the $100 MBA show and today is a Q&A weekends episode where we answer your question right here on the show
0:17.0	If you have a question you want to ask just email us over at support at business republic net
0:21.5	We would love to answer your question or you can send me a
0:24.5	tweet on Twitter. My handle is the Omar Zenholm. That's Z-N-H-O-M. As always, I'm your
0:30.9	host, your coach, your teacher, Omar and home.
0:33.6	I'm also the co-founder of the $100 MBA.net.
0:39.2	Don't forget, we have free guides for you to download to get started with your business, guides on how to
0:44.0	brand your business, how to create an online course, how to teach and present and a
0:48.1	whole lot more. Today's question comes from Melicon Q from Twitter.
0:52.5	And Melicon asks, should I add tax to my prices
0:56.5	or absorb it in the asking price?
0:59.2	A very specific and good question from Melicon,
1:01.4	I'm going to give you my personal advice on how to handle this situation.
1:05.0	Because depending on your business, how you handle tax may or may not be your choice.
1:10.0	Whether that's adding tax to the checkoutout page or to the checkout process
1:14.1	or just adding the taxed amount right into the total price
1:17.7	so the price they see is a price they have to pay.
1:20.7	We'll get into all the details in today's episode so let's get
1:24.6	down to business.
1:27.0	Today's episode of the hundred dollarB show is sponsored by TopT.
1:35.0	If you're finding trouble finding developers, TopTil is a network of elite pre-vetted software
1:40.7	developers. You tell TopTow what you're looking for and they'll
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