Nevada Corporation Tax Laws - An Important Factor In Your Decision
Nevada Taxes - One Can't Go Lower Than Zero
January 8, 2005
By Tom SeFack
The Nevada tax laws are relatively easy to understand
and do not put unnecessary burden on the businesses.
The source for Nevada corporation tax laws
is Nevada Tax Notes, a quarterly newsletter by Nevada
Department of Taxation, written in an easy to understand
language with taxpayers in mind. It is available on
the department's web page in PDF format.
They also publish sales and use tax publications
and charts for all counties, various other tax publications,
reports and statistics, all accessible in PDF, excel
or word formats. The Department of Taxation is headed
by the Nevada Tax Commission, consisting of eight
citizens appointed by the Governor on a four-year
term.
The Nevada tax laws are unparalleled in most other U.S. states.
As the Nevada Secretary of State puts it straightly on his internet
website: no corporate income tax, no taxes on corporate shares,
no franchise tax, no personal income tax, no inventory tax (especially
advantageous for warehousing and service fulfillment businesses),
no I.R.S. information sharing agreement, nominal annual fees, minimal
reporting and disclosure requirements, stockholders are not public
record.
The fact that Nevada is the only state in the U.S. that does not
share information with the IRS or with any other state is speaking
on its own.
Huge tax benefits are only working in favor of those owning a Nevada
corporation or doing a major part of their business in Nevada.
Do not forget there are still Nevada taxes that must be paid. Property,
unemployment and sales taxes are main source of tax income of the
state and a replacement for missing income streams from non-existing
income and profit taxes. The Nevada Sales and Use tax is actually
several taxes combined (sales tax, local school support tax, basic
and supplemental city-county relief tax, and optional, special and
miscellaneous taxes), based out of several Nevada Revised Statutes.
Please note that federal tax laws are still applicable. When in
doubt, it is best to consult with your tax advisor, lawyer or accountant.
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