THE BEST STATES YOU WANT TO BE IN TO REDUCE YOUR TAXES
If you live in the following 3 States: Washington, Oregon, and Utah consider yourself extremely lucky.
You are in the top 3 friendliest states to operate your ecom business out of along with low tax rates.
In this video we are going over the criterias you should be looking at when you setup your eCom business.
Let’s face it, ecom and online businesses are taking over. According to Digital Commerce 360, Consumers spent $861.12 billion online with U.S. merchants in 2020, up an incredible 44.0% year over year, That’s the highest annual U.S. ecommerce growth in at least two decades.
It’s also nearly triple the 15.1% jump in 2019.
That means the opportunity is definitely there for the problem-solvers of the world who want to jump in and make their impact and fortune here. One of the best things about ecom and online business is the flexibility and how location free you can be.
You can literally be located anywhere, in the US or even operate your business on a remote island (as long as you have high speed internet that is).
With that said, our #1 advice for those people that can relocate to find the perfect mix of business friendly environment and tax-saings, is definitely take advantage of this geo-location strategy.
In this video we are going to cover our top 3 recommended states to operate your ecom and online business out of.
There are also several incredible “tax-haven” international markets you can explore, if anyone is interested in those feel free to comment and let us know and we can possibly make a video just for that.
So without further ado, let’s just into…the top 3 states you should be running your ecom business out of to maximize your tax savings and business strategies.
The state’s average household income is higher than the national average, and there’s no personal or corporate income tax. The state famous for Amazon, Microsoft, Intel, and many more tech companies has an impressive broadband-internet service span.
Benefits Of Washington:
- No State Income Tax, this is a big W already!
- Incredible networking opportunities as there are tons of successful entrepreneurs in the state
- Booming growth so if you do decide to hire out it wouldn’t be difficult to find talented people
- Vibrant startup activity
- 81% of startups survive their 1st year, better than US average
- Excellent growth in working age population, up 6.3% in 5 years, can find talented people if you need to hire in house
- Has nice vineyards if you like wine
- Has lots of nature and greenery
Benefits Of Oregon
- No State Sales tax (1 of 5 states)…which is huge if you are an eCom business and you choose this as your headquarters.
- Very high 5 years survival rate for businesses
- Startup boom, lots of other entrepreneurs
- Thriving outdoors, arts, music and craft brewing scenes
- Access to broadband internet as it it dubbed ‘Silicon Forest’
- Remote Transactions Parity Act exempts businesses with sales of <$10m in revenue for state audits during the 1st year. In the years that follow, the exemption gradually drops each year, disappearing altogether by the 4th year
Benefits of Utah:
- Flat 5% personal and corporate tax rate, one of the lowest in the country
- Low stable tax rate is good for predictable small business growth
- Working age population increased by 9% from 2013 to 2018
- A lot venture capital money flowing into the state, with 101 companies receiving $1.16 billion in funding, equivalent to a little over $11.5 million per company