How does no state income tax sound? To many, over the years, it has sounded like a good 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.
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 is not a tax attorney or CPA, we strongly recommend that you consult your tax advisor for all the details and to address your specific situation.