Nevada Tax Advantages

Tax Advantages of Living In Reno Nevada

Nevada Residency

If you are domiciled in Nevada and become a Nevada resident, you will generally escape state income taxes, except for income that arises from sources within another state.

How does no state income tax sound? To many, over the years, it has sounded like a great reason to make Nevada home.

The requirements are simple, and the benefits can be quite impressive.
The chief qualifier for this tax "hospitality" is to make Nevada your principal place of residence. This doesn't mean you can't do business or even have residences in other states, just that Nevada is the state with which you have the closest ties.
If you are domiciled in Nevada and become a Nevada resident, you will generally escape state income taxes, except for income that arises from sources within another state.
Even if you are required to "source" part of your income from a state that has an income tax, you may still enjoy a significant reduction in your overall tax burden.
Below are a few reasons why you should consider Nevada for your home and business:
Here are some reasons why you should consider Nevada for your home and business:
No personal income tax
No corporate income tax
No gross receipts tax
No franchise 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 transfer of shares
No succession or inheritance with IRS
No sharing of information with IRS
Simple annual requirements
Protection for Directors and Officers
No initial or minimum capital requirements
Anonymity of owners-total Privacy
Low property taxes
Business friendly environment
*Brooke Sullivan, Monica Gore and Rob Wonhof are not tax attorneys or CPAs. We strongly recommend that you consult your tax advisor for all the details and to address your specific situation.