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Tax and Tax Information * Income Tax
Should You Form a Nevada LLC? Simon Maher
The short answer is yes...if your business is located in Nevada. Otherwise, your best bet is to form your business entity in the state where your business operates. There many myths about forming Nevada LLCs and corporations. One such myth is that you can avoid paying federal income tax by incorporating in Nevada. That's completely untrue. There is no way to avoid federal income taxes other than not making money or leaving the country (and even then they can levy an expatriation tax). You can't even avoid state income taxes with a Nevada LLC. While Nevada has no state income tax, if the state that you're a resident in does, then when you draw a salary or profits from your Nevada LLC, you'll be liable to your home state for income tax. To avoid those high state taxes, you'll have to move. Another myth is that you can hide your assets from your creditors (including ex-spouses and bankruptcy trustees) by forming a Nevada corporation and handing bearer shares in the corporation to an accomplice. Needless to say, these techniques don't work. Bad things happen when you try to cheat the IRS or a bankruptcy judge. And actually, it's unnecessary. Most people, if they used the tax rules to their fullest, would save more money than they do already. It is not necessary to cheat to lower your tax bill. The bottom line is that you should form your LLC in the state where your business is located.
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Rally To Push For Hike To Georgia Cigarette Tax (AP Via Yahoo! Finance)
Anti-smoking advocates say they know a way to help fill Georgia's $1 billion budget shortfall: hike the tax on cigarettes by $1.
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Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.
New York Mayor Bloomberg Presses For Tax On Soda (Reuters Via Yahoo! News)
New York City Mayor Michael Bloomberg urged state legislators to levy a tax on soda, saying the money raised would help plug the state's shortfalls in health care and education funding.
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---------------------------------------------------------------- Simon Maher is a contributor for LLC Made Easy. Learn more about choosing and managing your business entity at LLC Made Easy. Find Articles of Organization for your state. Copyright 2006 Native Elements, LLC -----------------------
What Other Authors say about Taxes
Fraudulent Tax Shelters - KMPG Goes Down Hard
by Richard A. Chapo
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...
Personal Income Tax Returns
by Tony Robinson
Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913. Although we have experienced many changes to the system...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Doing Your Taxes
by Carl LaFresnaye
When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...
Sources Of Free Tax Help
by Carl LaFresnaye
Taxes are complicated! Everyone knows it – and most of us wish it were much more simple and easy to understand. But it isn't likely that the tax code will be simplified that much anytime soon – so we soldier...
Minister's Housing Allowance
by Alan D Campbell
Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....
Utilizing Tax Tips
by Carl LaFresnaye
Tax tips can be found from a variety of different sources, but individuals must be careful to determine whether those sources are professional and legitimate or if they are from average people who are...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
Fraudulent Tax Shelters - KMPG Goes Down Hard
by Richard A. Chapo
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars,...
Personal Income Tax Returns
by Tony Robinson
Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913. Although we have experienced many changes to the system...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Doing Your Taxes
by Carl LaFresnaye
When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...
Sources Of Free Tax Help
by Carl LaFresnaye
Taxes are complicated! Everyone knows it – and most of us wish it were much more simple and easy to understand. But it isn't likely that the tax code will be simplified that much anytime soon – so we soldier...
Minister's Housing Allowance
by Alan D Campbell
Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....
Utilizing Tax Tips
by Carl LaFresnaye
Tax tips can be found from a variety of different sources, but individuals must be careful to determine whether those sources are professional and legitimate or if they are from average people who are...
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