Take advantage of the following benefits if you live in and run a business in Nevada:
- Low property taxes
- No personal income tax
- No Corporate income tax
- No gross receipts tax
- No inventory tax
- No tax on issuance of corporate shares
- No requirements of shareholders & directors to live in Nevada
- No tax on sale or transfers of stock
- Simple annual requirements
- Protection for Directors and Officers
- No initial or minimum capital requirements
- Anonymity of owners – total privacy
- No succession or inheritance tax with IRS
- No sharing of information with the IRS
- Business-friendly environment
How to take advantage of being a Nevada resident:
There are two ways to reap Nevada’s freedom from taxes.
- First is to start a corporation for your business’ tax relief. Consult a Nevada CPA or legal professional for more detailed information on incorporating your business in Nevada.
- As an individual, you will need to become a resident of the state. Individuals who are Nevada residents will generally avoid state taxation of their income, except for income arising from sources within another state. Check with your financial professional on income derived in other states. Even if part of your income has to be taxed in other states, you may still see a reduction in your overall tax liability.
Whether you’re looking for more information on 1031 advantages or tax advantages of living in Nevada, contact me for more information.