Nevada living not only provides excellent access to year-round activities but also numerous tax benefits such as no income tax and no inheritance tax, leaving retirees with more money to enjoy. If you are considering a Nevada residence to maximize these benefits, come in to see this development.
We can also set you up with a list of qualified local accountants to provide information on this exciting potentially tax saving opportunity!
Establishing Nevada Residency and Multi-State Taxation
One of the factors motivating many individuals and businesses to establish Nevada residency is the hospitable income tax climate which prevails in the state. Nevada imposes no income tax whatsoever on individuals or on business entities. Ashley Quinn, CPAs and Consultants, Ltd. is particularly experienced in the tax rules and planning aspects of relocation from California to Nevada and can help you evaluate your potential for state income tax savings by claiming Nevada residency. Ashley Quinn has also successfully represented many clients in state residency audits.
Revenue and Taxation Code Section 17014(a) defines “resident” to include (1) “Every individual who is in California for other than a temporary or transitory purpose”; and (2) “Every individual who is domiciled in California who is outside the state for a temporary or transitory purpose.” Conversely, any individual who is not a California resident is a “nonresident.” Becoming a nonresident of California is dependent on the facts and circumstances of each taxpayer’s specific situation. Maintaining a domicile (primary residence) and becoming a resident of Nevada can greatly reduce state tax burdens even if taxpayers continue to have specific items of income sourced to taxable states. The Tax Cuts and Jobs Act of 2017 has made the advantage of living in Nevada even more pronounced by limiting the federal itemized deduction for state and local taxes to $10,000 per year.
- Courtesy of Ashley Quinn, CPAs and Consultants, Ltd.
Nevada Tax Structure
Nevada's tax structure continues to be one of the least burdensome in the country, allowing both business and employees to flourish.
Nevada has NO:
- Corporate Income Tax
- Unitary Tax
- Inventory Tax
- Estate and/or Gift Tax
- Personal Income Tax
- Franchise Tax
- Inheritance Tax
- Special Intangible Tax
Additional Advantages of Doing Business in Nevada:
- Stockholders, directors and officers need not live or hold meetings Nevada
- Directors need not be stockholders
- Officers and directors of a Nevada Corporation can be protected from personal liability for lawful acts of the corporation
- Nevada corporation may purchase, hold, sell or transfer shares of its own stock
Best States for Doing Business:
State of Nevada ranked #9 Chief Executives' annual survey asked over 600 CEOS to grade each state on the following criteria:
- Taxation & Regulation
- Workforce Quality
- Living Environment
- Courtesy of Economic Development Authority of Western Nevada
Contact: Marla Hardy, Realtor®
MarlaHardyRealty@gmail.com | 105 State Route 28, Crystal Bay, NV 89402
Berkshire Hathaway HomeServices Drysdale Properties
Residential / Commercial / Luxury Properties
Brokerage: 925 Tahoe Blvd. #101, Incline Village, NV 89451
An independently owned and operated member of BHHS Affiliates, LLC. Equal Housing Opportunity. *Pricing and other information subject to change. Owner makes no representations or guarantees that the community, or any amenities will be built out as currently planned. Prices, included features, floor plans, and available locations are subject to change without notice. Stated dimensions and square footage are approximate and should not be used as representation of any unit's precise or actual size. Please see actual purchase agreement for additional information, disclosures and disclaimers relating to each unit and its features.