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David Morris Group - Relocation Guide Nevada Tax Advantages - Tax Advantages of Living in Nevada - Benefits of Nevada Residency - Nevada Tax Breaks - Relocating to Reno

Relocation Guide: Nevada Tax Advantages

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David Morris Group - Relocation Guide Nevada Tax Advantages - Tax Advantages of Living in Nevada - Benefits of Nevada Residency - Nevada Tax Breaks - Relocating to Reno

Living in Nevada, specifically in the Reno area, comes with a variety of benefits. From its close proximity to the blue waters of Lake Tahoe and the ski resorts to the never-ending list of events and activities going on around town, there’s a lot that already draws in new residents. But, one thing that shouldn’t be overlooked is all of the Nevada tax advantages.

No State Income Tax

To enjoy no state income tax, Nevada has to be your central place of residence, but you can do business and have residences in other states. Nevada just needs to be the state you have the closest ties or spend the most time out of the year. Becoming a Nevada resident will help you avoid state income taxes except for income that arises from sources within another state.

No Personal Income Tax

Many states force residents to pay taxes on income they’ve earned, and for high earners, this can result in high taxes. Nevada doesn’t tax an individual’s income earnings, allowing individuals to keep more of their hard-earned income in their pockets.

No Corporate Income Tax

A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company’s taxable income, which includes revenue minus the cost of goods sold, general and administrative expenses, selling and marketing, etc.

No Franchise Tax

Many states impose a separate tax on at least some businesses, called a franchise tax. Simply put, this is a tax the state imposes for the privilege of doing business in the state. Franchise taxes are generally either a flat fee or an amount based on a business’s net worth.

 

While these are four of the largest tax advantages to calling Nevada home, there are more benefits to consider, including:

  • No inventory tax
  • No tax on issuance of corporate shares
  • No requirements of shareholders and directors to live in Nevada
  • No tax on sale or transfer of shares
  • No initial or minimum capital requirements
  • Anonymity of owners
  • Low property taxes
  • Business-friendly environment

There’s a lot to love about being a Reno resident, including the Nevada tax advantages you get to benefit from. If you’re hoping to move somewhere that will allow you to keep more money in your pocket and provide you with a great work-live-play atmosphere, Northern Nevada may be the right fit for you. Contact the David Morris Group to learn more about relocating to Reno. We’re always happy to share our knowledge of the area and the real estate market with you!

 

 

 

David Morris Group - Relocation Guide Things to Ask Yourself Before Moving to Reno - Reno Relocation Guide - Things to Know Before Moving to Reno - Reno Nevada Relocation

Relocation Guide: Things to Ask Yourself Before Moving to Reno

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David Morris Group - Relocation Guide Things to Ask Yourself Before Moving to Reno - Reno Relocation Guide - Things to Know Before Moving to Reno - Reno Nevada Relocation

Less than an hour from Lake Tahoe and less than 4 hours from San Francisco, Reno offers the perfect location. With a bustling downtown area, great school districts, a variety of events, activities, and amenities available, the Biggest Little City is constantly drawing attention. The changing seasons, growing career opportunities, and love for the unique offer something for everyone to enjoy. If you are considering relocating, there are some things to ask yourself before moving to Reno.

 

  1. Do you want a home in Reno, Sparks, or an outer city like Spanish Springs and Carson City?
  2. Are you prepared for colder winters, some snow, and no humidity? Are you prepared for rapidly changing weather? (There’s a reason we say that if you don’t like the weather, just wait 5 minutes.)
  3. Will you be buying a home or renting a home?
  4. What style of home are you looking for?
  5. Are there schools, programs, or offices that you would like to be close to?
  6. Is it important to be near parks, trails, green spaces, etc.?
  7. Do you have reliable transportation, or will you be biking/walking/bussing where you go?
  8. Are you planning to job search when you’re in Reno, or will you be coming with a job opportunity already mapped out? Are there other career opportunities in your field in the area?
  9. Does your budget work with the average cost of living in Reno?
  10. Do you want to be a part of a community that has an HOA?
  11. Are you hoping to be a part of a community that is close-knit or keeps to themselves?
  12. Do you have family and friends in the area, or will you need to build a network of friends in the area?
  13. Are you planning to join in on the multitude of festivities happening throughout the year (May – October, especially)? Can you handle the number of tourists coming in for the well-known events?
  14. Does Reno have the things you need? Think about your favorite foods, shops, grocery stores, etc.

These things to ask yourself before moving to Reno are a great jumping-off point. These questions will allow you to outline what you’re looking for and set you up for some great conversations with a real estate expert that knows the Reno area well. If you have any questions about relocating to Reno and what the area has to offer, contact the David Morris Group. We’re always happy to share our knowledge of the area and the real estate market with you!