Starting your own company was probably one of the most exciting times in your life. Every choice you made was personal, and now your business is truly a reflection of your hard work and determination. Now that it’s tax season, you might be wondering if you have to file in your first year. Here are a few tax tips that will make you a bit more knowledgeable about your obligations.
If you are thinking of starting a business in Nevada or relocating an existing business here, there are many reasons to do so. You can count on fantastic weather, palm trees, swimming pools, gambling, professional sports teams, 24-hour entertainment…wait, those probably aren’t the main reasons you considered in your business plans. Or maybe they are? We don’t judge. But let’s take a look at some of the major benefits of basing your business in the Silver State, especially in the critical area of corporate taxation.
In the state of Nevada, you’re required to have a business license to operate your company. Are you wondering whether or not it can be considered a tax deductible expense for your business? Knowing the answer could save you some money during tax season.
As the new year approaches, it’s essential for businesses to take a look at the state of their finances to get an idea of what they will look like moving forward. Of course, understanding the tax rates for both state and federal is an important component of this evaluation. For those businesses here in Nevada, this article will walk you through the specifics of the tax rates related to the state to help give you an idea of what you can expect to pay in taxes in 2020.
Each year, small businesses in Las Vegas look to lower the tax burdens. Sole proprietors, C or S Corporations, Partnerships, and Limited Liability Companies (LLC) all use tax deductions to offset the costs of doing business. The goal is to find the best tax deduction to reduce the liability while providing a benefit for the business. Making a tax mistake as a business owner can be costly. It’s a good idea to meet with a tax accountant to talk about the new small business tax deductions for 2020 that could be overlooked.