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 review the criteria you should look at when setting up your eCom business.
Let’s face it, com 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 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 com and online business is the flexibility and how location free you can be.
You can be located anywhere in the U.S. or even operate your business on a remote island (as long as you have high-speed internet).
With that said, our #1 advice for those who can relocate is to find the perfect mix of a business-friendly environment and tax-savings disadvantage of this geo-location strategy.
This video will cover our top 3 recommended states to operate your com and online business.
There are also several incredible “tax-haven” international markets you can explore; if anyone is interested, feel free to comment and let us know; we can video just for that.
So without further ado, let’s just go into…the top 3 states you should run 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 no personal or corporate income tax exists. 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 the U.S. average
- Excellent growth in working age population, up 6.3% in 5 years, can find talented people if you need to hire in house
- It has nice vineyards if you like wine
- It has lots of nature and greenery
Benefits Of Oregon
- No State Sales tax (1 of 5 states) is huge if you are an eCom business and 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 is 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
- The low stable tax rate is good for predictable small business growth
- Working age population increased by 9% from 2013 to 2018
- A lot of venture capital money flowed into the state, with 101 companies receiving $1.16 billion in funding, equivalent to a little over $11.5 million per company