Tax-free havens
Have taxes affected your decision on where you started your business? Tell us about it.
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DiggI have alway thought Nevada would be a great area to start a bussiness since the two major cities Reno and Vegas are growing like crazy. I really considering starting my bussiness there after I finish college since The Climate is great around vegas and youll be right nxt door to the biggest market in the country, California, with out paying the high taxes
Those who are adventurous might want to take a look at U.S. Virgin Islands (and possibly other U.S. territories). For businesses that are actually run on the islands and hire 10 people, the FEDERAL TAX can be (effectively) reduced by about 90% for the corporation and its major shareholders that live on the islands.
The article miss one more state with no state income tax,.. SOUTH DAKOTA.
Please do your homework.
Or is that SD is no US state anymore?
With cheap land to build, it is actually cheap to start a company.
we’ve been looking for a business to run and “retire”with we will have some money coming off selling present business , and are too looking at Las Vegas Area as climate and area attractions are good – We love Tahoe – but don’t like Cold months so around Henderson or Spring – Red Rocks – but would like to see Economy Rally – housing market reasonable in Vegas areas defintely tempted by LOW-AND NO-”TAX=”STRUCTURES
I live in Washington, Washington was voted one of the most expensive cities in the U.S. to live. Not very friendly for business taxes. Boeing moved their corporate offices to Chicago for that same reason. We are moving our businesses, and family to Las Vegas NV.
Someone hasn’t done their homework on Tennessee. While the state may have the breaks, the counties and locals have horrendous tax rates, especially Shelby County (Memphis). In the couple years I owned apartments there, the taxes have skyrocketed year over year and the appeal system is in denial always. The Commercial Appeal newspaper always ran stories on how many of the local government officials shirked their responsibilities paying utilities and taxes too. Bottom line, Tennessee not a tax haven for small business when dealing with the county assessors and local city taxes.
Alaska doesn’t have a personal income tax either. Corporate taxes are mild, unless you are a huge corporation. Air and water are clean, recreational opportunities are everywhere. Too bad the reporters didn’t fully explore the possibilities!
I am writing in regard to a recent article in March titled “7 tax-free havens”. The article begins by stating: “Starting a company in one of these business-friendly locations can save a proprietor big bucks: These seven states have no individual income tax, and some have no corporate income tax.” The article then proceeds to give short profiles on Wyoming, Nevada, Florida, Texas, Washington, New Hampshire and Tennessee.
A major omission to this list is the state of South Dakota. South Dakota has never imposed a corporate or a personal income tax in the state’s history.
South Dakota is actually the only state in the nation with no state income taxes, no personal property or business inventory taxes, and no inheritance tax.
South Dakota does have a bank franchise tax, but that is limited to that industry only.
I encourage you to take a look at what South Dakota does have to offer in addition to one of, if not the best business climate in America. Thank you.
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I believe that no matter where you start your company, you will be required to open a local company in your residency state. Which will lead you to double taxation. So, is it better to open only in your state, right?