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- čas přidán 31. 07. 2024
- Today, we're talking about the difference in taxes living in Oregon vs. Washington state!
0:00 - Intro
0:21 - Intro to Taxes
1:22 - State Income Tax
3:05 - Sales Tax
4:36 - Property Tax
6:14 - Property Sale Excise Tax
7:34 - Closing Thoughts
𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬:
Oregon State Income Tax - investomatica.com/income-tax-...
Oregon State Income Tax - www.forbes.com/advisor/taxes/...
WA State Capital Gains Tax - dor.wa.gov/taxes-rates/other-...
WA Sales Tax - dor.wa.gov/sites/default/file...
WA Sales Tax Exemptions - dor.wa.gov/taxes-rates/retail...
Clark County, WA Property Tax Rates - clark.wa.gov/treasurer/tax-rates
PLEASE CONSULT A TAX PROFESSIONAL!
𝘿𝙤𝙬𝙣𝙡𝙤𝙖𝙙 𝙩𝙝𝙚 𝙂𝙪𝙞𝙙𝙚 for Visiting Vancouver/Camas, WA - bit.ly/VisitingClarkCountyGuide
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𝐀𝐛𝐨𝐮𝐭 𝐂𝐚𝐦𝐚𝐬, 𝐕𝐚𝐧𝐜𝐨𝐮𝐯𝐞𝐫, & 𝐂𝐥𝐚𝐫𝐤 𝐂𝐨𝐮𝐧𝐭𝐲:
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Washington Licensed Realtor
Hannah Dubyne
#20117079
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More Resources: DubyneRealtyGroup.com
I will sign up! We are looking to move to the area Spring/Summer 2023.
@@Miz-Newsy Awesome! Thanks for watching. Please feel free to reach out sometime in the next few months, fall would be a good time for us to touch base! The best way is via email or DM on Instagram initially.
Some details about Oregon’s income tax.
1. Most Oregon residents fall into the 8.75% marginal tax bracket
2. Social Security is not included, and is subtracted from your federal AGI when assessing Oregon Income Tax.
3. Capital gains are taxed at your marginal state income tax rate. That means no one pays 0% on capital gains, and if you get long term capital gains at a 15% federal rate, you’re probably paying a combined 23.75% to the fed and the state.
Thank you for commenting and watching!
Literally needed this video today, thank you!
Awesome! Thanks for watching
To be fair, I had friends that owned businesses, Washington and they told me that they still get taxed there for their business. And they were surprised because they said they originally thought that there was no state income tax. But I did research it turns out yes, there is no state income taxes but that’s more for employees and self-employed. But if you’re an employer that have an actual physical business or big corp business That you still get taxed for business taxes and it’s a lot similar to California. Even the living expenses is similar. Which a lot of people who owns businesses ended up leaving Washington too and moved to Texas, Nevada, Florida or Tennessee because those four states have no state income taxes and no business taxes. And those are the states that are business friendly. Weather is a big business or a small mom and Pop business. In my opinion, Washington is a good place to live there if you were only self-employed alone or a regular employee. But if you want to own a mom-and-pop building, or you want to expand bigger, it’s not a good place to live. Based on the law.
Thank you for commenting and watching. As someone who has employees I can say yes to this, because I pay some of those business taxes 🥴 The reason they're not included in this video is because 1. Most people watching this channel don't have massive businesses with payrolls 2. They vary so widely depending on industry, and that is out of my scope of expertise.
All things considered, I have a hard time believing WA is as expensive as CA, but I get what you're saying
Great videos. Thanks.
Thanks for watching
Excellent video; thank you for researching this 👍
My pleasure! This is just a baseline, don't forget to do your own research too 😜
@@LivingInVancouverCamasWash That’s true-I know what you mean. 👍🏻👍🏻
Great presentation, very helpful.
@@Miz-Newsy Thanks for watching
Thank you for your informative video. For the self employed, there is also a B & O tax which is on gross revenue, not net income. Not sure about this particular tax for those who are self employed in Oregon. I understand this tax doesn't affect everyone which is possibly why it wasn't included. The info about the tax on home owners in WA who are selling their home is an eye opener. As property values have increased the tax you stated post home sale will be quite a hit. Thanks again.
Thank you for this information, this is good to know! I’m curious if you have a link for this B&O tax so I can send it to people in the future and check out more details? Let me know
Taxes en Washinton y nada de taxes en Oregon, que interesante … Mejor Oregon entonces que Washinton, gracias por la información ... Thanks for video 💯👌🙏
Thank you for watching and commenting as always!
I'm debating about moving across the river from Beaverton Oregon. Thanks for this video.
Thanks for watching. Feel free to reach out if you want to chat or have questions :)
@@LivingInVancouverCamasWash That is so sweet and thank you for the offer. I really appreciate that. This stuff is very interesting to me. Being single and as I am maxing out my 401K, IRA, contributions and after the tax I am pocketing only 50% of my income. So sad to watch. I wonder how much I would pocket if I live in WA. Subscribed.
@@sopauljauck4163 I do too! Perhaps talk to a financial advisor. I find that most people can get around a 10% raise by moving from OR to WA. Thanks for the sub!
@@LivingInVancouverCamasWash Thank you! Ooooh that 10% is enough for car payment. I'm also interested in buying a home anywhere in the U.S. Did I hear it right that your company can connect me with an agent that can help me do so?
@@sopauljauck4163 Nice, everyone loves a new car! Correct, if you're considering relolcating elsewhere (outside of Clark County WA) shoot my an email or text and I will personally connect you with my top pick agent in that area :)
Hello, what would you say if my business is inventory based. is there a way to make purchasing products for sale a tax exempt venture in Washington? Great video, Thank you!
I'm pretty sure, yes. I am not an inventory based business so I would advise doing your own research!
I live in Yakima and I’m planning on shopping for a riding lawnmower within the next 2 months. I want to purchase it in store from Oregon and transport myself to avoid the sales tax. My wife swears up and down that Oregon retailers will charge WA sales tax on big purchases made by WA residents. I used to buy my laptops from Oregon and never got charged the sales tax, but it doesn’t hurt to ask if the rules have changed since then. I found out recently when we purchased our bed-set from a furniture store in Tigard that WA sales tax is applied when delivery into WA was involved, hence me wanting to buy in-store and pick it up myself. I figure if I’m going to spend $2K-5K, what I’m saving in sales tax more than makes up for how much in gas I will spend round trip from Yakima whether I shop in Hermiston, Pendleton, The Dalles, Hood River, or Portland areas.
If you deliver into WA, yes you will have sales tax. I bought a laptop many years ago in OR and two this last year and it wasnt an issue. Not sure about a riding mower...I've never bought one of those before 🤣 I guess if the 10% you save is more than the gas cost than it's worth it but if not, then it's not worth the trip.
@@LivingInVancouverCamasWash if I buy a riding mower in Hermiston for example then the drive will be worth it. Driving 100 miles vs 200 miles in a pickup to transport myself should make it the more the merrier in savings. It’s just a matter of shopping for what’s available in store.
Every Washington resident has to pay sales tax on everything they buy outside of WA State if they use the product in WA. That is the law. The WA resident is supposed to send the State of WA a check for the sales tax.
In reality, Oregon stores don't collect a sales tax for WA unless the purchased product is delivered into WA State or the product is registered in the State of WA (cars, boats, planes, etc). The Oregon store has no way of knowing how you will use the product you carry out of their Oregon store. Will the product go back to WA or will you take the product and deliver it to your Mother who lives in Oregon? They don't know....and don't care.
@@RH-cv1rg This is correct as far as my knowledge goes. Thank you for commenting.
Hi Hanna! Sorry if I missed this. But if my employer is in CA, but I reside in WA doing work from home, would I be able to write off the income tax since I'm not physically going to CA to work?
Thank you for asking. In most cases, yes, you only pay state income tax if you live or work in the state. If your place of work is exclusively from your home in WA, you should not pay CA state tax.
You said the only exemption on sales tax you know of is fresh produce. I want to make it very clear that the majority of spending is exempted. All grocery is exempt. Food has to be prepared for it to be taxed. All major bills are exempt. So no tax on rent, utilities, insurance, or healthcare. A 2 bedroom apartment at 1600, groceries at 500, and other main bills adding another 500+ would be taxed in Oregon at around the same 8% from income making them over $200 more expensive per month just from taxes. That is free in washington. At low income levels that amounts to almost all income being untaxed by the state. So what does it apply to? Cars will be the biggest one as it will be added to any loan making them more expensive by that 8+%. Otherwise it is essentially for luxuries. Video games, clothes, decor, basically anything retail will be taxed. Alcohol and cigarettes are taxed as well which tends to make it more expensive than portland but not always. So in summary with a higher minimum wage, and no state income tax, money goes significantly farther in washington than in oregon.
Thank you for adding in, appreciate it! It seems like the nitty gritty of taxes is always changing.
2 bedroom apartment for $1600? Lol
@@jdizzle22396 idk what's funny. That's the going rate in vancouver as of 2024.
Let's say , I live in Washington, have office in Portland , physically present in Oregon office only once a week ,other days are work from home in Washington only. So , how will be my state taxes calculated?
Not sure, please consult a tax professional! I would guess 20% of your income would be subject to tax. Thanks for watching!
I paid 14K in Oregon state taxes this past year as a work from home employee. Ugh! However, we only paid $15 a month in family health insurance through my wife's public school employer. If we were to move to Vancouver, we would have to pay ~$1K a month in health insurance through a Vancouver public school employer of my wife (or my employer). This is pretty much the same amount as I pay in taxes so it's a wash. Another ugh! But then we would have an added 8.5% sales tax. Triple Ugh! I still like Vancouver much better than Salem, Oregon.
Hi, thank you for commenting and watching! This is interesting to hear how taxes play out for you, thanks for sharing. I'm sorry to hear about the predicament with the health insurance, you are very blessed to have access to a program that's only $15. Vancouver is a very enjoyable place to live in my opinion :)
Having a hard time deciding where to become a resident (moving from ca) to become a truck driver owner operator
Are taxes what will be the deciding factor for you?
Living in Vancouver WA is a good choice for doing remote jobs.
It is one of the affordable cities in WA(no state income tax, less expensive than Seattle) with mild climate(compared to east WA). Also it is close to an metropolitan area which has no sales tax and lower your shopping expenses.
I agree!
Precisely what I do :). Be sure to utilize the Amazon Hub Locker's in OR when using Amazon. No sales tax when shipping to an Amazon Hub Locker in OR. I saved about $200 on my recent PC build doing this.
@@dre32pitt very nice!
What about dividends?
Not sure, please consult a tax specialist for an accurate answer.
thanks ! this is really good informations to me i want a c u someday ,,approciate it
Glad it could be helpful, Ken
what about if i am to rent out a property?
If you are going to be a renter, you do not pay property tax directly, the owner pays it with proceeds from your rent indirectly. Does that answer your question?
@@LivingInVancouverCamasWash sorry I was asking if there are taxes for me as a landlord, I might rent a property in the future.
Your income as a landlord would likely be taxed as ordinary income. There is no special tax for rental income that I know of. Hope that helps!@@rtrasphalt9963
Can one live in Washington state and buy stuff in Portland?
Yes, nothing prohibits you from buying items in Portland.
@@LivingInVancouverCamasWash That would be a better solution....
If you want to starve Washington retailers.
You have to pay sales tax on vehicles you purchase in OR as a WA resident.. If it's a dealer, they'll handle it for you (you can finance it), but if it's private party (craigslist, fb marketplace) then you pay the taxes on the purchase price or value (whichever is higher) at the WA DMV when you go to register it..
If you buy stuff on amazon, you can have items shipped to amazon lockers in OR and not pay sales tax.. that's a 8.25% savings (Clark County WA).. Adds up over time.
Oh and smaller tidbit.. OR will automatically charge you the 10c per glass bottle.. So if you buy a 20pk of your favorite microbrew at Costco in OR, you'll pay the 2.00 (10c per bottle) at the register.. Depending on the price of the 20pk, should be less than the 8.25% Clark County WA sales tax. And if you're keen on redeeming the 10c per bottle, you'll get that all back..
I do that all the time on Black Fridays and whenever I wanna shop for clothes: there is an outlet in Oregon where you can get things for 60% off plus no tax which is good for us Washingtonians.
Do you have to live and work in Washington ? or just work in Washington for the No state income tax?
If you either live or work in Oregon, you will be subject to their state income tax to some degree. I hope that helps.
@@LivingInVancouverCamasWash yes it did, thank you !
WOW I MOVE IN
Love it!
Yeah, save that $ to give it back when you sell a property. Wtf, the power to destroy.
If you do the math on an average family household income, the tax savings from no state income tax far outweigh what the excise tax when selling is, assuming they're also living in an average priced home.
IMHO and after years of experience, talking about specific taxes doesn't really matter much because state/county governments need money to provide social services that you rely upon every day. And in order to do that they will get their money in other creative ways. You know those little taxes she's not talking about. Those are the ones. So don't move somewhere just for low taxes. Most often low taxes equals low or lack of county services like poor/nonexistent infrastructure, police, fire, clean water & sewer service as well as livability factors like grocery stores, farmer's markets, parks, community and artistic events, etc. You know the kind of community that would make your home/community attractive to buyers if/when that time comes. Search out the whole of the community not just the tax rate. You might be paying the lowest tax rate in the country but be miserable in a town not suited for you. Not worth it.
Thank you for commenting. It is definitely best to do your due diligence when you move on ALL things involved, and I would encourage everyone to do that. Our videos are for basic informational purposes only.
There's crappy infrastructure even in the states with state tax. Like, Texas for example. It's on us to do our due diligence.
HOW LONG DO I NEED TO STAY IN WA TO FILE TAXES THERE ?
Pretty sure it needs to be 12 months before you're considered a WA resident, but please consult a Tax Professional for the proper answer.