Income Tax Savings?

I’m paying a ton of income tax because I live in CT. I’m a LLC taxed as a S-Corp and the only employee currently. I do business nationwide

Where could I move in the US to give me the most cost savings?

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Consider Nevada:

No personal income tax

No taxation of S corporations

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Interesting. How is Florida?

Florida is wonderful provided you’re willing to carry a sidearm to deal with the gators. There are not many gators in Nevada; Florida has 'em by the thousands! And BTW, you cannot run faster than a gator. They are speedy killing machines. :wink:

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Puerto Rico or US Virgin Islands have really good tax breaks. Effective total rates 5% or something, depending on the details (including Federal). Not sure if they count as “the US” to you.

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+1 At least spend 6 weeks there. The views alone will be worth the price of admission.

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Forget the gators, the humidity alone would kill me :hot_face:


Can you really just incorp in NV to avoid taxes . Why doesn’t everyone then just set up there esp. now that many can work remotely.

No, you have to live there.


I figured. “Real” corps can do it. But OP is an individual so they can’t

A corp is a corp, they’re all “real”. The corp pays corporate taxes where its incorporated (and where its registered as a foreign corp). A person pays taxes where they live and work.

So your NV corp pays any NV taxes on its corporate taxable income, just like any other “real” NV corp. The owner pays taxes on personal taxable income based on where he lives, and sometimes based on where he works (for example if you live in NJ and physically work in NYC, NYC may take a cut in addition to NY and NJ, though I don’t know all the details).

So some savings would be realized by moving to NV because NV has no personal state income tax. The corp may have no taxable income in the first place, but even if it does, NV appears to have some of the lowest effective rates.

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You (or, reasonably mobile people) can easily outrun a gator, especially the larger ones. As long as you arent surprised by the gator. The problems start when you let them get close - their first jump will always be quicker than yours. To the point that even carrying a firearm may not help you.

He’s just noting that an S-Corp does not pay taxes, it’s income passes through to the owner’s personal return. Thus it’s taxed based on your state of residence.

I’m not sure if owning an out-of-state s-corp is like working out-of-state, and requires you to file a personal tax return in that state along with your home state?

I don’t think so. That wouldn’t make sense to me.

Negatory, mon ami. If you’re willing, we can take wagers, and put you 10’ in front of a gator. If Ted Turner is still alive, he will pay us handsomely for the TV rights.


I consider 10’ in front of him to count as being surprised by him. You arent outrunning anything if you never get the chance to start running.

Then how much of a head start do you need to prove you can outrun one?

Depends on how much you are paying attention? Even I would be able to catch Usain Bolt, if there was no starting gun telling him to start running - that isnt ‘outrunning’ him.

sounds like a @scripta answer. :smile: NOI