Tuesday, June 16, 2009

Best Reasons to Do Business in Nevada - Part 5

Tax Benefits of Incorporating in Nevada

Furthermore, Nevada has no (1) inventory tax (2) estate tax (3) inheritance or gift tax or (4) state tax on corporate shares. [1] In addition, to the above tax benefits Nevada enjoys both competitive sales and property tax rates. Further, sales tax is only applicable to transactions within the State of Nevada. Businesses in Nevada also enjoy a minimal payroll tax equal to .7% of gross wages with deductions for employer paid health insurance. [2] Nevada corporations do not have to file state tax returns.[3] However, in order to determine the specific tax incentives and/or ramifications for your business entity it is important to consult with your CPA or accountant.
[1] http://www.whynevada.com/commercialrecordings/taxadvantages.asp

[2] http://www.whynevada.com/lowtaxclimate/.

[3] http://tax.state.nv.us/documents/No%20Nevada%20Income%20Tax%2003%2011%2009.pdf

Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.

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