Registering a business in Nevada

All businesses in the state of Nevada must be licensed with the Nevada Secretary of State. This licensing can be done on the Nevada Secretary of State website cited below. Businesses are required to license annually. 

Businesses may also need to be licensed with the city and/or county where the business is based/operated in.

Business forms can be found at the following website.

https://www.nvsos.gov/sos/businesses/commercial-recordings/forms-fees/all-business-forms

S-Corporation Income Tax

Nevada recognizes the federal S-election, and Nevada S corporations are not required to pay tax to the state. S corporations must file and pay a commerce tax with Nevada. 

LLC/Partnership Income Tax

LLC’s/partnerships are not required to pay income tax to Nevada. Businesses who file as LLC’s or partnerships federally will need to file and pay a commerce tax with Nevada. 

Commerce Tax 

Business entities engaging in business in the state of Nevada are subject to a commerce tax. The commerce tax has a “threshold” of $4,000,000. Even if your business’ revenue is below the threshold, you will still need to file a return. The rate for the Commerce Tax varies by business category. Below is a chart of the rates.

Individual Income Tax

Not required to file. Nevada does not impose an income tax on individuals. 

Due Date 

The Commerce Tax return is due 45 days after the end of the taxable year. The taxable year is July 1 - June 30th. If the due date falls on a weekend or holiday, the return is due on the following business day. Generally, the due date is August 14th.

Estimated Payments

Estimated payments are not required for the Commerce Tax. 

Filing an Extension

With good cause, businesses can use form “Application for 30-day Extension of Time to File and Pay Commerce Tax” to request a 30 day filing extension. This form also allows businesses to pay their Commerce Tax due up to 30 days after the due date with no penalty or late charges. Interest will still accrue at 0.75% per month on unpaid Commerce Tax due following the original due date without extension. This form is due by the due date of the return. Generally, the 15th of August. 

https://tax.nv.gov/uploadedFiles/taxnvgov/Content/Forms/Extension%20To%20File%20nad%20Pay%20Commerce%20Tax%20%20form%2006-21-17.pdf

Penalties 

If the Commerce Tax return and/or payment are not made in a timely manner, the department will charge a penalty on any balance not paid. The penalty charges are tiered by how many days late the payment is and are as follows: 

Additional Information 

If your business was formed or is located in another state, but generates income in Nevada, it may be subject to Nevada taxes. The rules for taxation of multistate businesses, including what constitutes nexus with a state for the purpose of various taxes, are complicated. If you run such a business, you should consult with a tax professional.

Nevada Department of Taxation: 

https://tax.nv.gov/

Nevada Commerce Tax FAQ: 

https://tax.nv.gov/Commerce/ComTaxFAQs/

Nevada Secretary of State: 

https://www.nvsos.gov/sos

 

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