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State sales taxes can be extremely high. In fact, they can be as high as 7% depending on the state. For large purchases, such as vehicle purchases, high sales taxes can be a tremendous burden. Some people try to avoid state sales taxes by setting up an LLC in Montana and using the Montana LLC loophole.
In this video, Karlton Dennis breaks down the Montana LLC loophole. He goes over what this loophole is, why it exists, how it works, and how you can use it. Importantly, he also covers the potential legal risks of using this loophole. Not every state allows the Montana loophole to be used.
Considering the fact that many business owners purchase their vehicles through their LLCs, the Montana LLC loophole could potentially benefit many people. This loophole used to not be widely known or used. However, its use has picked up in recent years. Now, some states are fighting back against it.
Timecodes
0:00 Video Overview
0:26 What is a Montana LLC?
0:43 Benefits of Owning a Montana LLC
3:35 Can You Own a Montana LLC without Residency?
5:50 How to Setup a Montana LLC
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc