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Your Nevada Connection
Many individuals and businesses are motivated to relocate to the "Silver State" by the fact that Nevada does not impose a state income tax. Is relocation an option you should consider?

Ashley Quinn CPAs and Consultants can help you evaluate your potential for Nevada state income tax savings.

Benefits to Individuals
Individuals who are "domiciled" in Nevada and become Nevada residents will generally escape state taxation of their income, except for income arising from sources within another state.

Even taxpayers who may continue to be required to "source" one or more items of their income to a taxable state may still enjoy a significant reduction in their overall state tax burden.

Benefits to Corporations
A corporation organized and domiciled in Nevada could significantly reduce its state tax burden. States generally tax corporate business income based on the corporation's level of activity within and outside that state. Therefore, shifting at least part of the corporation's business activities to Nevada will generally result in a reduction of state tax.

In addition, being organized and domiciled in Nevada will eliminate state taxation of the corporation's non-business income.

Benefits to Trusts
Likewise, trusts with Nevada fiduciaries can gain a significant tax advantage. In California, for example, trusts with a California fiduciary are taxed on income retained in the trust, even if all beneficiaries are California non-residents.

With a Nevada fiduciary, non-California source income, distributed to non-California beneficiaries or retained and taxable in the trust, will escape California taxation.

 

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