u/JamesTweet

I'm a U.S. citizen living in Texas. I'm in the beginning stages of setting up a business. A friend of mine recommended that I should base my business in Puerto Rico. This is to reduce taxes. The business will basically create software that is licensed by other companies. I wouldn't want to move there but I could spend a couple months there each year. I could rent an office there to fill the presents requirement.

Has anyone done this?
Are there pitfalls?

Edit:
I'm looking at reducing the federal tax on the corporation not personal income tax.