Relocate to no state income tax state

[DinarDiva007]

hey i have a question-- ok right now i work for a company after this thing rv's i plan on retireing-- don't you have to owna business to start a nevada corp. I do have plans on starting my own art studio. will this help me?

Yes that can be your business A business can be anything you want. ie selling popcicle sticks or paper airplanes. It doesn't even have to earn money BUT.... TALK to professionals so you have your i's dotted and t's crossed!!!

[Smackers]

Thanks for this post. My ? is, will the Corporation not subject to State Tax of where you live ?.

No, Your Corporation Will be in control of all of the assets and that corporation will exist in Nevada. Remember it will not be personal income. If you cash in and fund a Corp. or LLC. you have control of the assets but you don't own them, the Corporation owns them. Thus, the only thing you will be taxed on in your local state, will be the amount of money that you bring in for your own personal income from the corporation. that amount is going to be significantly lower than the amount the corporation just go funded for in terms of a post rv gain.

JMHO

Hope that helps. AND PLEASE EVERYBODY> I am a nobody. NOT A TAX ADVISER Check this and all advise through a professional CPA or Tax Attorney.

[oildriven]

I live in Florida. No state tax is awesome.

[Traconesu02]

I am sure most states have state residency guide lines such as living in the state for a certain number of days before being considered a full resident of that state.

Be sure to look into the laws about this prior to moving just to avoid state taxes. I think the biggy here will be the capital gains tax.

So if you are going to go to all the trouble to find out what a states residency laws are you might what to look at states that do not have capital gain taxes as well.

Thanks for the post biker1600

Tenn would probably be great - low real estate taxes - no capital gains taxes either.

[harry2299]

I live in new jersey, they tax you for everything, they even tax you if you move out of the state, can you believe that TAXED for leaving the state.....unbelievable.

[racbluto]

Good info about corps and tax advantages http://www.nevada-corporation.com/

[biker1600]

Good info about corps and tax advantages http://www.nevada-corporation.com/

Thanks, this is a great site with lots of info. I think WY is the way to go. I was concerned with double taxation, but they suggest never paying dividends and just pay yourself a salary. The salary is deductible to the corp and you only pay personal income tax on the salary.

[truckerron49]

Add New Hampshire to the List with no income tax, I have now relocated to it.

Aahh,,, The great state of " LIVE FREE OR DIE" State motto of New Hampshire... Gotta love it......