Advantages of Incorporating in Nevada

Tax Act

Nevada has spent the last several years revising its corporate code to become more suitable to small, privately held companies to incorporate in.

Nevada boasts no corporate taxes, maximum privacy and protection of private assets.  Other benefits include; many tax advantages, total privacy of shareholders, nominal annual fees, and no minimum initial capital requirements to incorporate.

Some of the tax benefits include no state corporate taxes, no franchise tax, no tax on corporate shares, and no personal income tax.

Probably the most appealing advantage is the protecting to your personal assets when you incorporate your business in Nevada.  The way a corporation is set up completely separates your assets from that of the business.  The business becomes its own entity even if you are the only owner.  In the case of a sole proprietorship, if a lawsuit is filed against your business your personal assets may be seized also.  Incorporating in Nevada provides you with a corporate veil that is almost iron-clad.  In the last 30 years the corporate veil has only been pierced twice.

The law that Nevada has established to protect personal assets from individual business owners also protects corporate officers and directors from any person liability.  As long as the company acts in a lawful manor Nevada offers unbeatable corporate protection.

State residency or the need to hold meetings in the state of Nevada is not necessary.  Stockholders, directors and officers do not need to be residents of Nevada.  They don’t even need to be U.S. citizens.

Nevada is the one of the best states to do business in. If you set up your business and incorporate it in the state of Nevada you will be able to take advantage of all the tax benefits and be protected in every way possible, there is no better way to run your business.

By: Shannon John

Marketing Manger, Laughlin Associates, Inc.

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TaxACT Can Make Filing Your Taxes Easy

TaxACT Can Make Filing Your Taxes Easy

Tax Act

If you have ever dreaded the coming tax season due to the complicated and often confusing paper work that comes along with it, you need to try TaxACT. TaxACT can handle all of your tax forms for you while you simply answer some simplistic questionnaire style questions. Even complex tax returns such as 1040 with Schedules such as C, D, E, and F are handled the same simple way, and it does not cost a thing!

TaxACT also has video tutorials and unlimited support from trained professionals to help you with any tax questions you may have. There is a College Financial Aid Worksheet for FAFSA, a Stock Assistant for a quick summary of your investment income, and an Examiner series covering credits, deductions, and income to ensure the maximum refund possible. If you enjoy the ease of use of TaxACT but are proficient with tax forms, you have the option to fill out the forms directly.

With TaxACT you do not have to download or store any programs. You simply log in to the site and start answering the simple questions. Any time you feel like you want a break, log out. Your information will be right where you left it when you return. Your information will also carry over from year to year so if your personal information does not change, you do not have to worry about re-entering it. Not only that, but TaxACT can even import your tax information if you have filed with another company in the previous year.

TaxACT is entirely free of cost while simultaneously simplifying and maximizing your tax return. Why go through the hassle of doing your own taxes or even paying someone else to do them when you can have them done for free? Tax season can now just be a breeze, a free breeze, with TaxACT.

Top Five IRS Tax Tips

Top Five IRS Tax Tips for January 2009

The IRS has released their top 10 tax tips for January 2009 and we are presenting the first 5 tips here for you. Make sure to check back with us for more tax tips and great tax services available online for your 2008 tax return.

English: United States Internal Revenue Servic...
English: United States Internal Revenue Service Criminal Investigation Division Badge (Photo credit: Wikipedia)

1. Check you return one more time. When you are ready to file your return online, make sure all the social security numbers are correct and all calculations are accurate.

2. Consider e-Filing. When you file your return online the time it takes to get your refund is twice as fast according to the IRS versus when you file a paper return.

3. Direct Deposit is even faster. When the IRS is able to deposit your return directly into your account, you’ll receive it quicker than if you wait for a check in the mail from the federal government.

4. Take a look at IRS.gov. The government site has all kinds of good stuff including tips, forms, frequently asked questions, and new tax laws that change during the tax filing season.

5. The IRS also answers questions. If you have a pressing question that you cannot find the answer to online, the IRS has a customer service line that you can call with all your tax questions. It is 1-800-829-1040.

Income Tax Credits You Might Qualify For

Income Tax Credits You Might Qualify For

A number of tax credits which reduce your tax bill dollar for dollar that you might not have known about or might not have qualified for before are now worth taking a look at.

Income Tax Sappy (Photo credit: Wikipedia)

Recovery Rebate Credit

If the rebate checks that were sent out last tax season didn’t find their way to you because you made too much on your 2007 1040 tax return, you have a second opportunity to receive the credit for the 2008 tax season. Therefore, if you income has decreased for any reason during 2008, make sure to double check your qualifications this year so you can now claim the $600 per taxpayer credit.

First-Time Homeowner Credit

This is an interest free loan to anyone that purchased a house for the first time between April 9th of 2008 and June 30th of 2009. Loans are equal to 10% of the value of the home or a maximum of $7,500. You’ll have to pay back the loan over the next 15 years but a no interest loan from the government cannot be beat.