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Do you still get personal tax in CA even if you have an S Corporation runing and earning money in Nevada?
Posted by admin on May 21st, 2009
dsert_fox asked:
If you own an S Corporation in Nevada and you receive all the checks and payments in Nevada. Do still get taxed in California? Do you have to be a Nevada resident? Or do you just get taxed Federal, because you earned everything in Nevada and Nevada does not have a State Income tax. This is being that you are a California resident.
If you own an S Corporation in Nevada and you receive all the checks and payments in Nevada. Do still get taxed in California? Do you have to be a Nevada resident? Or do you just get taxed Federal, because you earned everything in Nevada and Nevada does not have a State Income tax. This is being that you are a California resident.
Each state (that has income tax) wants to tax all income earned by its residents. If you earn income in one state, but live in another, your home state will generally give you a credit for taxes paid in the other state. Since you are paying no taxes in NV, there is no credit, and CA will want you to pay tax to them on your NV income.
CPAGreg – glindatax.com