Nevada is typically considered a “tax-free state,” the state attracts business owners from across the country for its low filing fees and absence of state income tax. However, the commerce tax, effective July, 1, 2015, put a dent on the “tax-free state” image. If your business is registered in Nevada, be prepared to turn in your Nevada Commerce Tax Return Form this summer.
Nevada Commerce Tax
In case you forgot, the Nevada Commerce Tax is due within 45 days at the end of the taxable year. This is typically the 12-month period from July 1 to June 30 of the following year. Expect the commerce tax returns to be due mid-August (unless you’re granted an extension). If your business’s Nevada gross revenue exceeds $4 million, the excess is subject to a tax. Keep in mind, your business is still expected to turn in a Nevada Commerce Tax Return Form whether your gross revenue exceeds $4 million or not. Lastly, the annual state business license fee for corporations has increased from $200 to $500. This is a friendly reminder of the changes that Nevada business owners may not be completely familiar with yet. If you’re looking to incorporate in Las Vegas, consider seeking legal counsel from an experienced Las Vegas business attorney.