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Online Tax Preparation
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Should You Form a Nevada LLC?
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Nevada LLC * 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.
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So Many Of Us In The Confused Tax Bracket - Washington Post
BBC NewsSo Many of Us in the Confused Tax BracketWashington Post, United States - 3 hours agoBy Michelle Singletary What lessons can we learn from the high-profile tax cases of newly installed...
A Misuse Of Maryland Tax Revenue - Washington Post
A Misuse of Maryland Tax RevenueWashington Post, United States - 28 minutes agoGiving a bulging goody bag to horse racing is indefensible when the governor has correctly insisted that taxpayers...
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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.
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Taxation In The United States - Wikipedia, The Free Encyclopedia
Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes. The first federal statutes imposing the legal ...
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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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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
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Online Tax Preparation General Articles about Taxes
Getting a Tax Credit for Your Kids
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As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
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Business Tax Articles of Interest
LLC vs S Corporation: Which is Better?
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"S Corporation or LLC?" is a common question for new business owners. I have several people call me each week asking this.I always tell them the question is impossible to answer. And here's why. An LLC...
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CenterPoint-Solutions, LLC Partners With Greystone.Net, Inc.
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CenterPoint-Solutions, LLC is pleased to announce the firms alliance with Greysone.Net, Inc. of Georgia, an organization that provides Internet and World Wide Web solutions and services for healthcare...
Can Your LLC Elect S Corporation Tax Status
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Yes, an LLC can be taxed similar to an S corporation. You may be wondering, why would you even want this type of tax treament? Read on and I'll explain.Owners or members of an LLC have the option to choose...
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