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Revision as of 22:32, 22 January 2025

Tax, it is not a dirty four letter word, but for many among us its connotations are far worse than any curse. It's been found that high tax rates generally relate to outstanding social services and standards of living. Developed countries, whereas the tax rate exceeds 40%, usually have free health care, free education, systems to deal with the elderly and a bigger life expectancy than individuals with lower tax rates.

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If you add a C-Corporation into the business structure you can cut your taxable income and therefore be qualified for a few of these deductions which is your current income is just too high. Remember, a C-Corporation is its own individual individual.

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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The irs contended that running without shoes evaded taxes by making several inter company transactions to foreign affiliates regarding two of that patents and trademarks on popular drugs it possess. That is known as offshore tax fraud.

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