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>joe6964@xxxxxxxx (Joe Frabosilio) wrote: I just came back from a wade cook
seminar. >At the seminar he talks about Incorportating yourself, in the
state of Nevada. Has anyone >done this? If so, do you really save on taxes
like he says? Any red flags to watch out >for?
Hi Joe and RT's,
I can think of at least one "red flag". Most, if not all
states, require out of state corporations doing any business it the state to
register and pay an annual fee. Unfortunatly from the states point of view
this could be a store, offfice, or even the corner of your bedroom if that is
whare you transact business. In high tax states this fee can be quite
substantial (on top of what you pay in Nevada). If you register, you would
be considered an "employee" of the corporation and would pay state income tax
on any money earned while in the state. If you failed to register, you would
be comitting a felony. This can land you a lengthy stay at the Iron Bar
Hilton or a heafty fine at best. Sorry, the only legal way to avoid state
taxes is to move to a low tax state.
If this is the best advice Wade Cook has to offer it confirms my
opinion that he is just another Snake Oil salesman.
Good luck and good trading,
Ray Raffurty
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