Miami Business & Tax consultants
Miami Business & Tax consultants
A Limited Liability Company (LLC) established in the United States is disregarded for income tax purposes.
Therefore this entity doesn’t exist when applying U.S. tax laws.
Using an LLC allows a foreign individual or company to have a U.S. bank account and legal
entity without being subject to income tax, as long as the foreign owner does not have income effectively connected with a U.S. trade or business.
Therefore, if revenues are not received by the company or individual in the home
country, income will not be reported in that country and no taxes will be due.
Per diem rates have been updated for FY 2022 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.
The United States has a progressive tax system. The more money you earn, the higher your tax rate is and the more taxes you pay to the IRS.
