Nevada S Corp and IL tax Hello,
This is my first post. I am starting an online business. It launches in 1 week. We are strictly online and I do not foresee it ever becoming a Brick and Mortar business or at least not a Brick and Mortar business in the state of Illinois.
I live in IL. My salary from teaching is less than $40K. I am spending my savings to buy stock, web designers, etc. for this company to launch.
From what I am reading on various websites, I am learning that I should incorporate. I have learned that for my situation an S Corp is the route I want to go. However, I have questions about taxes. If I register my company as a Nevada S Corp which is cheaper than registering it in IL, am I able to write off my expenses for my company when I file for state tax?
I understand the value of an accountant and will hire an accountant for my taxes in 2007. However, before I pay for incorporating I need to make sure that the money I make in IL from my job and the company I am starting will be recognized on my IL tax return even though it is a Nevada S Corp. (I will put the money back into the business...etc.) .
I hope this question is very clear.
I appreciate any explanation you can give. It is greatly appreciated as I am very green to taxes. |