NEVADA

Why Form a Limited Liability Company (LLC)?


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Nevada LLC Taxes 

Business taxes are a fact of life, and your NV LLC will need to pay a variety of taxes to both the federal and Nevada governments. We’ll cover all the main taxes in Nevada including self-employment, payroll, federal and Nevada sales tax. Nevada does not enforce a state tax on its residents. 

If you want help with your taxes, Incfile provides a complete Business Tax Filing service.

How Your Nevada LLC Will Be Taxed

The profits of a Nevada LLC are not taxed at the business level like those of C Corporations. Instead, taxes for a Nevada LLC work as follows:

  1. Nevada LLC owners pay self-employment tax on business profits

  2. All LLC owners pay federal income tax on any profits less federal allowances or deductions

  3. Some NV LLCs pay Nevada sales tax on products

  4. Employers pay payroll tax on any salaries they pay to employees

  5. Employees pay federal and payroll tax on their earnings

Items 1 and 2 are taxed as “pass-through” income for any LLC owners, managers or members who receive profits from the business. Any profits are reported on federal and Nevada personal tax returns, and that’s where you will pay those taxes.

Nevada State Income Tax Payable on LLC Earnings

Nevada does not levy a state income tax on LLC or other earnings, so there is no NV state tax to pay. 

Nevada Sales Taxes on LLC Sales

If you sell physical products or certain types of services, you may need to collect sales tax (also known as sales and use tax) and then pay it to the NV Department of Taxation. Nevada sales tax is collected at the point of purchase. Nevada sales tax rates do vary depending on the region, county or city where you are located.

You will typically need to collect Nevada sales tax on:

  • Tangible, personal property and goods that you sell like furniture, cars, electronics, appliances, books, raw materials, etc.

  • Certain services that your Nevada business might provide

Most states do not levy sales tax on goods that are considered necessities, like food, medications, clothing or gas.

Get details on the Nevada sales tax online here.

Nevada Sales Tax Rates

Sales tax rates do vary between states, counties and cities. Typically, the state will set a base sales tax rate, then specific counties and cities may levy small additional sales tax amounts on top of that. 

Federal Taxes for Your Nevada LLC: Self-Employment and Income Taxes

There are a couple different federal taxes that every LLC will need to pay, including Nevada LLCs. These are self-employment tax and federal income tax, which are taxed as “pass-through” income via your tax return forms.

Nevada LLC Federal Self-Employment Tax

All Nevada LLC business members or managers who take profits out of the LLC will need to pay self-employment tax. This tax is also known as FICA, Social Security or Medicare tax. It applies to all the earnings you withdraw from your Nevada business. The current self-employment tax rate is 15.3 percent.

You will be able to deduct your business expenses from your income when working out how much self-employment tax you owe. Here are some examples of how much self-employment tax you may need to pay, depending on your earnings:

  • On profits of $30,000, you would pay self-employment tax of $4,590

  • On profits of $60,000, you would pay self-employment tax of $9,180

  • On profits of $90,000, you would pay self-employment tax of $13,770

  • On profits of $140,000, you would pay self-employment tax of $21,420

Pay Less Self-Employment Tax by Treating Your Nevada LLC as an S Corporation

The Internal Revenue Service allows LLCs to ask to be treated as an S Corporation for tax purposes. This can help you reduce the amount of self-employment tax that you pay by declaring some of your income as salary and other income as distributions or withdrawals. 

You can do this by making an “S Corporation Tax Election” with the IRS using a form known as Form 2553. We can file your Form 2553 with the IRS on your behalf.

Incfile Form 2553 S Corporation Tax Election for an LLC service

Speak to your accountant for more information on reducing your Nevada LLC self-employment tax through an S Corporation tax election.

Nevada LLC Federal Income Tax

You must also pay regular federal income tax on any earnings you take out of your Nevada LLC. The amount of income tax you pay depends on your earnings, current income tax brackets, deductions and how you file. 

You only pay federal income tax on your Nevada LLC profits that you take out of the business, less certain deductions and allowances. This includes your tax-free amount, plus LLC business expenses and other deductions for areas such as healthcare or retirement. Speak to your accountant for more information.

Employer and Employee Taxes for Your Nevada LLC

If you pay employees, there are some slightly different tax implications. Speak to your accountant to get clear guidance for your own unique situation.

Employer Payroll Tax Withholding for Your Nevada LLC 

All employers must collect and withhold payroll tax from their employees when they receive their salaries. You would normally withhold 7.65 percent of the taxable salary that you pay to your employees.

Employer Federal Tax Withholding for Your Nevada LLC

You may also choose to withhold federal income tax on the wages you pay to employees. Speak to your accountant for more information.

Employees May Need to File Tax Returns

Regardless of whether you withhold federal income tax, your employees may need to file their own tax returns.

Nevada LLC Employee Insurance and Other Requirements

You may also need to pay insurance for any employees, like employee compensation insurance or unemployment tax. There will also be other requirements you have for employees.

Get more requirements from the Nevada Department of Business and Industry website.

Other Taxes and Duties for Your Nevada LLC

Depending on the industry you are in, your Nevada LLC may be liable for certain other taxes and duties. For example, if you sell gasoline you may need to pay a tax on any fuel you sell. Likewise, if you import or export goods, you may need to pay certain duties. Speak to your accountant about any other taxes you may need to withhold or pay.

Estimated Taxes for Your Nevada LLC

Most Nevada LLCs will need to pay estimated taxes throughout the year, depending on the amount of income and profit you expect to make. The most common types of estimated tax are:

  • Federal income tax

  • Federal self-employment tax

Most Nevada LLCs will pay estimated taxes four times a year. Speak to your accountant for more information.

FAQs on Nevada LLC Business Taxes

Does Nevada Have Sales Tax?

Yes. Nevada does have a sales tax, which may vary among cities and counties. 

Does Nevada Have a State Tax?

No, Nevada does not have a general state income tax.

Do I Need to Pay Estimated Taxes?

Yes. In most cases you must pay estimated taxes for your federal income tax and self-employment tax. Speak to your accountant for more information.

Only $49 + State Fee To Launch Your Business

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What are the fees and requirements to form a business in Nevada?

Filing Time and Price

The state charges this amount to file a new business entity. This fee goes directly to the Secretary of State.

State Fee State Filing Time Expedited Filing Time
$425 25 Business Days 9 Business Days

Compliance Requirements

This report is mandatory and must be filed within the specified time frame in order for the entity to remain in good standing with the state. Failure to file this report can lead to the company being revoked or administratively dissolved.

Annual Report and Business License

Frequency:Annually

Due Date: Due by the last day of the anniversary month of filing.

Filing Fees: $350

Important:The Initial Annual Report and Business Licence are filed with the  articles of organization.  As such, the $350 fee is added to the $75 filing fee and used to satisfy payment for both the Initial Annual Report and Business License.

*Client will be responsible for filing Annual Report and Business License in subsequent years. 

 

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