Nevada Tax Advantages

How does no state income tax sound? It's one of the many great reasons to make the Silver State home.

The chief qualifier for this tax "hospitality" is to establish Nevada as your principal place of residence. This doesn't exclude you from doing business out-of-state, or even enjoying residences in other states;  Nevada must simply be 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 benefit from a significant reduction to your overall tax burden.

Nevada offers an abundance of tax advantages for relocating home and business owners alike, including:

  • 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
  • No initial or minimum capital requirements
  • Simple annual requirements
  • Protection for Directors and Officers
  • Anonymity of owners - total privacy
  • Low property  taxes
  • Business-friendly environment

 

 

*Brooke Sullivan, Rob Wonhof and Monica Gore 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.