Taxes

[AgentWillN]

Stupid question perhaps, but I am thinking of expanding into other States.
Does that mean that I have to pay another set of Taxes in each additional State, where Policies are sold?

 

[myevpllc]

It would depend on the State and how they setup their tax. What state are you looking at and I can let you know.

 

[AgentWillN]

It would depend on the State and how they setup their tax. What state are you looking at and I can let you know.

Currently Licensed in California, but looking to sell in Utah, Nevada, and Texas.

 

[myevpllc]

All three state require you to collect taxes and pay a premium tax on your gross receipts. The rates depend on the type of policies.

 

[NinjaNic]

No, you don't have to pay tax there if you don't have property or presence there. We do business in all 50 states and have to basically fight each state on those grounds. We win every time. You do not have to pay state income tax if you sell a case in UT and reside in CA. You just pay your state income tax in CA. You need a CPA to advise you on this...one that knows cross state commerce. We pay ours dearly...

 

[AgentWillN]

No, you don't have to pay tax there if you don't have property or presence there. We do business in all 50 states and have to basically fight each state on those grounds. We win every time. You do not have to pay state income tax if you sell a case in UT and reside in CA. You just pay your state income tax in CA. You need a CPA to advise you on this...one that knows cross state commerce. We pay ours dearly...

Thank You much Sir.
Meeting my CPA next Week, so I will make sure to note this.