How Do I Deduct My State Income Taxes?

So what you do as you take all your assets, ok, your operating assets of your business, and you actually contribute them to the new sea on in exchange for stock of that sea corporation. What does that do? It's magic. When you go to sell it, as long as you hold it for five years, it's tax free. You heard me write, it's a hundred % tax free. Now we're still going to pay our regular income tax rates on the salary we take out. So now we get to deduct our state income taxes within the corporation. They're still deductable in corporations, so we get to deducted the state income taxes, and we only pay 21