The Rules of the Government.

Tim Hawkins – The Government can https://www.youtube.com/watch?v=LO2eh6f5Go0

Because we live in a society we are expected to pay taxes. It has and always will be that way. Even Jesus said to the people in his day. ” Render unto Caesar the things that are Caesar’s, and unto God the things that are God’s.” (Mathew 22:21)So when we have a business and involve ourselves in trade, we have to pay the government it’s share in taxes.

Depending on the state you live, those taxes can break you before you even break even.

According to Business Insider the best 5 states for small business are: Utah, Idaho, Texas, Virginia and Louisiana. My state of Oklahoma came in 7th which is not bad. This survey was based on how easy it is to get a license. The worst are, according to the Washington Post: Massachusetts, because of environmental regulations. Florida, because of overall support of business. New Jersey, for zoning regulations. New York, because it is really hard to start a new business there. Pensylvania, because of hiring and labor regualtions. Conneticut, because of the lack of overall support of small business.

Oklahoma is pretty friendly to business and especially the small town I live in, which supports local business.

The other thing we learned about, was the legal structure we should use to form our business. I chose, sole Proprietorship. It is a small business and I do not have the overhead to worry about loosing everything, even my house, if the business goes under. I have decided If I ever started a business which hired people, I would go for the LLC which has the same ease of start-up and taxes as a Sole Proprietorship, but offers the protection against liability of a Corporation.

One day I dream of a land where it is a simple thing to file your taxes. As Albert Einstein once said.

Albert Einstein
[on filing for tax returns] This is too difficult for a mathematician. It takes a philosopher.