History Of This Federal Income Tax: Difference between revisions
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Revision as of 19:22, 21 September 2024
Even as individuals breathe a sigh of relief after the conclusion of the tax period, people who have foreign accounts along with other foreign financial assets may not yet be through using tax reporting. The Foreign Bank Account Report (FBAR) is due by June 30th for all qualifying citizens. The FBAR is a disclosure form that is filled by all U.S. citizens, residents, and U.S. entities that own bank accounts, are bank signatories to such accounts, or possess a controlling stakes to at least or many foreign bank accounts physically situated outside the borders of this country. The report also includes foreign financial assets, life insurance policies, annuity by using a cash value, pool funds, and mutual funds.
If you add a C-Corporation to your business structure you are able to reduce your taxable income and therefore be qualified for a few of those deductions and your current income is simply high. Remember, a C-Corporation is a individual tax payer.
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