Tax Guru – Ker$tetter Letter

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Nevada LLC…

Posted by taxguru on November 8, 2007

Q:

Kerry,
Hello I hope all is going well. I recently viewed your website and was inspired to contact you based on the fact that you seem to have a no b.s. attitude towards taxes. I have an LLC which buys and sells real estate and I am in the process of selecting my CPA. The physical address is in Va, but I Incorporated in NV and would like to find someone who can help me maximize my profits through taxes. Any chance you would be able to help me or have an recommendations?

Best Regards,

A:

There are far too many options to consider and possible scenarios that can be used to achieve your goals for me to even begin giving you specific advice via this medium.  You will need to work directly with an experienced tax pro who can analyze your unique circumstances.

You need to be extra careful of the state tax issues.  Just having your corp set up in Nevada won’t negate the requirement to file tax returns for any other states in which you sell real estate.  However, a good tax advisor will be able to help you devise effective ways by which to shift the net profits out of the taxable states to the tax free Nevada.  In fact, that would be a good question to pose to any prospective tax advisors you are considering using.  Any who don’t know how to do this, or tell you it isn’t possible or is too much hassle to justify the tax savings, are obviously not experienced enough to fill your current needs.

I wish I could be more help; but I already have too many clients to take care of properly; so we are still trimming back on the difficult clients and are not accepting any new ones at this time. 

Unfortunately, we don’t have anyone specific to whom we could refer you. I did recently post some names and links for some like-minded tax pros around the country

If you haven’t already done so, you should check out my tips on how to select the right tax preparer for you. 

I wish I could be of more assistance; and I wish you the best of luck.  

Kerry Kerstetter

 

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