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(SAVING TAXES on LLC) What State to register your business for the LEAST TAXES - YouTube
Channel: Beau Crabill
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what is going on Amazon sellers or
hopefully soon-to-be Amazon sellers my
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name is Beau Crabill and in today's
video I'll be discussing about taxes and
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what state are you able to register
business in to pay the least amount of
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taxes
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now keep in mind with this video and
there may be some possibilities where
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you're not able to register in business
in these states because you don't live
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there or you're not getting mail there
so definitely check with a tax attorney
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or a lawyer or a financial adviser in
regards to this to make sure it's
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actually able for you to go do that
however in this video I'll be discussing
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about federal corporate taxes for
businesses also be talking about state
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corporate taxes then also some
miscellaneous B&O and gross receipts
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taxes that may happen in the business
that you're in right now so if you own a
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business in the United States you're
going to be taxed at the corporate
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federal levels every single business
doesn't matter what state you're in and
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that corporate federal level is 21% as
of 2018 it's 21% it used to be 35% this
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year a new bill was put in place so
that's great another great reason to
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start selling on Amazon or have a
business online is 2018 the taxes went
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down by quite a bit for corporations
businesses however 44 states are also
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going to be taxed at the state level so
as right there we can cross out those 44
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states say well probably don't want to
register business there because on the
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low end you can tax an additional 3% and
that's going to be in North Carolina and
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on the high end there's going to be 12
percent which is Iowa so now with me
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there's six other states that have zero
percent of state tax levels now it
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does that mean they're going to be the
best to register in some yes some no and
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now I'm going to lead to those six
states that have zero state corporate
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taxes so those six are Nevada Washington
state Ohio Texas South Dakota and
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Wyoming
now with Washington Nevada Ohio and
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Texas there's going to be a thing called
be B&O or gross receipts taxes now what
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that pretty much means and some
economists will actually say that gross
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receipts taxes are actually worse for
businesses it definitely depends what
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state you're in etc
however pretty much what it is you're getting
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tax at the gross revenues or gross
profits depending what state you're in
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for that so for example in the state of
Washington you're getting taxed at its
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point zero four of a percent per quarter
so point four of a percent per quarter
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off those taxes so if you do one hundred
thousand dollars a year I believe it
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turns out to be about thirteen thousand
or something along those lines like per
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quarter however you're not getting the
corporate state levels so those four
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states yes they're still getting taxes
on there and it may be better to
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register in a state that has the state
corporation levels like the low ends
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North Carolina however the two states
that were leftover right now South
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Dakota and Wyoming they have one no
state corporate levels and then also
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they don't have any that gross receipts
taxes as well so in regards to what
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state you can pay the least amount of
taxes in it would be South Dakota and
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Wyoming right however then you do have
to think about are you able to actually
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register business they're the reason I'm
actually bringing up this video is
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because my business is ran on wine so I
really I'm traveling all the time of
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visiting suppliers and I don't need to
be in a central location so if I was
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able to register a business in Wyoming
or South Dakota and somehow make it
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legit where I could accept mail there
and everything that would be the ideal
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situation I'm going to save you the
least amount of taxes for that however
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then there's also a thing that comes in
play with personal estate income tax so
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let's say you do have a business and
paying yourself keep in mind that some
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states will actually have state income
tax for personal levels I know
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Washington state Nevada Florida Wyoming
and South Dakota also do not so there's
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also something to keep in mind as well
so now we're going to this video is
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about its kind of researching for
yourself so if you're trying to think
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about how much tax is that you're paying
in regards to your state I would
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definitely try to research yourself on
what is the current state income level
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on paying for taxes right Iowa it's 12%
do you have a business that's right now
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is in Iowa or are you in North Carolina
where it's 3% are you in Washington
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State right now and you realize that the
gross receipts tax is not for every
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single states only four than the
entire United States so just think about
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that now again I'm not a tax expert and
actually at some of my mastermind events
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I will be having it
expert there so just because you're
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registering your business in South
Dakota Wyoming does not necessarily
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always mean you're gonna be paying the
least amount of taxes there's other ways
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to set up your LLC's and corporations
and other ways to pay your employees off
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of that deductions and definitely the
tax expert all be having in my mastermind
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events we'll be able to go cover that to
for people on however that is all what
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I wanted to mention in this video
there's a great value to you and now you
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understand more about taxes
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