Many families are calling Nevada HOME and that is for many reasons!
One main reason we see visitors becoming locals is that Nevada has no state income tax!
The major justification for receiving this tax benefit is that Nevada must be listed as your primary residence. You are still permitted to conduct business outside of Nevada and even maintain residences there; Nevada need only be the state with which you are most closely connected. Except for income derived from sources located in another state, if you are domiciled in Nevada and then become a resident of Nevada, you will often be exempt from paying state income taxes. Even if you must “source” a portion of your income from a state that levies income taxes, you might still gain from the substantial decrease in your overall tax liability.
Nevada offers a plethora of tax advantages for relocating home and business owners alike, including:
- No personal state 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 for 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.
