Difference between revisions of "Offshore Business - Pay Low Tax"

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Revision as of 00:52, 23 September 2024

Many small business proprietors start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This is often a wise decision as statistics show that many small businesses lose cash for the first several years.

This provides us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall taxable income of $76,952.

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Conversely, earned income abroad, and residual income from foreign securities, rental, or anything abroad, can be excluded from U.S. taxable income, or foreign taxes paid thereon, used as credits against U.S. taxes due.

The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The government transfer pricing contended that this evaded taxes by making several inter company transactions to foreign affiliates regarding two from the patents and trademarks on popular drugs it owns. That is known as offshore tax fraud.

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