Archive for the ‘Taxes/Tax Shelters’ Category
WYOMING CORPORATIONS, IN ADDITION TO A STRONG LAYER OF ANONYMITY AND INSULATION, THE “CORPORATE VEIL” OFFER STRONG IRS TAX MITIGATION. TAX MITIGATION IS NOT TAX EVASION; RATHER IT IS TAKING ADVANTAGE OF ALL APPLICABLE TAX CODES AND THEIR RELATED DEDUCTIONS AND EXPENSES. AN OLD ACCOUNTING SAYING, “TAX CODES ARE FOR THE INFORMED, THE UNINFORMED SIMPLY PAY”.
Nevada is the only state that has absolutely no personal or corporate tax. The state constitution specifically forbids same.
There is no franchise tax, no capital gain or corporate transfer tax, no inheritance tax or inventory tax, and no tax or restriction in the sale or transfer of corporate shares.
A NEVADA CORPORATION can reduce, or completely eliminate, all corporate and/or local income taxes in your home state.
This can easily, and legally, be accomplished via one corporation, I.E. 1 doing business with another corporation I.E.2. Assume your NEVADA CORPORATION(2) to be, say, your management, consulting, accounting, engineering, advisory, etc. etc. service arm and your local state corporation 1 nets, say, $100,000.00 before taxes. Thus your NEVADA CORPORATION 2 bills your local corporation1 for, say, $90,000.00, thus to reduce your local corporation 1 tax incident to $10,000.00. Note: A $100,000.00 billing negates local corporation 1 profit totally, thus no IRS tax.
This process must be done with care and caution, thus to have letterhead billing, a Nevada bank account and business license and true transfer of funds; you need not have actual Nevada offices or personnel. A corporate executive suite can suffice, i.e. as a legitimate business location and address.
Now the best part; once funds transferred to Nevada, how do you recapture these Nevada funds? Simple, make your self a loan. Craft a written note, supported with a Nevada corporate resolution, with an interest rate, say with a 30 year amortization, and make religious payments. You can augment (see below) the protection of your local assets by collateralizing them as further security for the note.
For further asset shelter, in addition to the above strategy, is to judgment proof your local assets, corporate and/or personal. Have your NEVADA CORPORATION make a loan to yourself and/or your current business, a simple DEMAND PROMISSORY NOTE will suffice, and collateralize the note with what ever local assets you select. Since Nevada has no usury laws you can charge whatever interest rate you elect. Inflated interest rates will reduce local profits, i.e. company taxes, yet you never lose control of the actual funds as they become assets of the NEVADA CORPORATION.
Support this strategy by recording your UCC-I in your respective local county.
Other asset shelter strategy can involve having your NEVADA CORPORATION actually own all, or some portion of your local assets, reinforcing this veil with a Promissory DEMAND Note(s).
The above is but an ice berg tip of the capability your NEVADA CORPORATION’s tax and shelter strategies.
I will be pleased to discuss these concepts more fully with you at your convenience.
