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Thread: Tax Question

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    Default Tax Question

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    Last edited by alexiarose22; 05-26-2020 at 12:00 AM.

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    God/dess Zofia's Avatar
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    Default Re: Tax Question

    You will owe Nevada income tax on your Nevada source income regardless of where your LLC or S corporation is registered. Further, if you have an out of state LLC or S corp, you will need to register with the Nevada Secretary of State.

    HTH
    Z

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    Default Re: Tax Question

    I don't think Nevada has a state income tax.

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    Default Re: Tax Question

    Quote Originally Posted by eagle2 View Post
    I don't think Nevada has a state income tax.
    That's good, but the OP will owe income tax in the state where the LLC or S corp is created, and there will be no corresponding deduction for the Nevada income tax paid, as there is none.

    Z

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    Default Re: Tax Question

    Theres no income tax in Wyoming either. I Am talking about federally when I pay taxes does my income from my state business license( Nevada) as a dancer and legal sex worker have to be under my ein number from Nevada or Wyoming or does it not matter?. Sorry this is confusing!

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    Default Re: Tax Question

    You only get one EIN number. Think of it as being similar to a Social Security number. If you were to move from state to state and still use your business entity you would continue using the same EIN.

    Additionally, if you do a single member LLC it is considered a disregarded entity for federal tax purposes. That means you don't do a separate tax return and report incomr directly on your schedule C. Schedule C has a spot for your separate EIN number. The proper way to get paid would be in the name of your business entity. You can then take a draw from the entity. Note if you set up an S corporation you will be required to do a separate tax return.

    I am not sure what the benefit is to using an LLC or S corporation. Generally, those are set up to limit liability and you are performing a personal service. What are you trying to accomplish in setting up separate entity?

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    Default Re: Tax Question

    delaware and wyoming LLC and Corps are used by many when they wish to not disclose who the actual members are of the entity. However, as an out of state resident, you need an active resident agent in that state and pay that states tax rates which is usually a flat fee.

    So it may be more affordable it may not. You have to add in the agents fee and the flat rate then your fed taxes. you might be just doing extra paperwork for little gain.

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    Default Re: Tax Question

    Probably cheapest to establish a LLC in Nevada if that's where you are doing business. If you set one up in another state, you will have to go to the cost and trouble to register in Nevada anyway.

    HTH
    Z

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    Default Re: Tax Question

    What if I have it registered in Wyoming bc that's where I've been advised to set it up, register it in my state of residence where I technically "manage" my business but also travel all over to dance? Is that legit? Or do I need to register in every single state I'm doing business?

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    Default Re: Tax Question

    S corp is a tax thing, LLC is a state thing. Your LLC can be taxed as sole proprietor, partnership, s corp or c corp. Unless you make over 100k there's no need to register LLC and file tax as s corp, that's just more unnecessary paperwork but check with your accountant.

    Quote Originally Posted by alexiarose22 View Post
    Theres no income tax in Wyoming either. I Am talking about federally when I pay taxes does my income from my state business license( Nevada) as a dancer and legal sex worker have to be under my ein number from Nevada or Wyoming or does it not matter?. Sorry this is confusing!
    it depends, are you filing as individual or as corporation. You discuss this with a lawyer or account.
    Are you looking at me?

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