Gary Vaynerchuk has said that “we are living in the best era
of all time.”
I honestly believe that it is now easier to start a business
or create a side hustle thanks to the internet.The internet does not care what color you are, what nationality you are,
how tall or short you are etc. Clients only want to know whether or not, you
can deliver on your value proposition.
Unfortunately, starting up in one thing but being successful
is another.Part of being successful is
understanding the rules of tax and business structures.These are things that are not taught in
business school.Worse yet,
entrepreneurs look for advice from unqualified and frankly dangerous keyboard
warriors who mislead and misunderstand the nuances of international business
Thank you for taking the time to get to know us. We are Hayden T Joseph CPA LLP (http://www.htj.tax) and we are an independent member firm of the Moores Rowland Asia Pacific Network (http://mooresrowland-asiapac.com). The group has over 30 offices in 11 countries.
In Singapore, the 3 main Moores Rowland entities are – Our audit practice which is managed under MRI Moores Rowland LLP, Chartered Accountants and Public Accountants approved by the governing body - the Institute of Singapore Chartered Accountants. Moores Rowland Solutions Pte Ltd which is a business consulting firm focused on enduring business value through people and for people - http://mooresrowland.sg/index.html Hayden T Joseph CPA LLP which works on International Tax in general, and United States International Tax in particular.
Background A state must have a strong connection, also known as “nexus,” to an out-of-state business before it can impose sales and use tax obligations on that business. Previously, physical presence was the law of the land—a business had to have an office, warehouse, employees, or some other physical presence in the taxing state for tax nexus to exist. In 2018, the Supreme Court overturned the decades-old physical presence requirement and ruled that states can impose sales tax obligations on out-of-state businesses with no physical presence in the state. Post-Wayfair, nexus exists for sales tax purposes when a “taxpayer ‘avails itself of the substantial privilege of carrying on business’ in that jurisdiction.” Nexus can still be established by physical presence, but can now also be established by economic or virtual contacts. This new standard, referred to as economic nexus, significantly expands taxpayers’ obligations to report, collect and remit sales tax. Economic Nexus Economic nex…
US citizen? 1. pay ZERO US federal income tax, 2. only a 4% corporate tax for my businesses and 3. ZERO capital gains and dividends tax.
Puerto Rico is a commonwealth of the US. That means that most things here fall under US federal law, like immigration and customs and border enforcement. But Puerto Rico’s tax system is independent from the US. Puerto Rico has its own tax agency, like the IRS. That’s what makes Puerto Rico unique. It’s a part of the US, but tax-wise, it’s not.
If you’re a regular employee, don’t be discouraged. If you can work anywhere – which is increasingly common these days – see if you can switch to be a contractor for your company. You’ll be able to enjoy the same tax privileges.
How to slash your corporate tax rate to only 4%
1. You incorporate a business in Puerto Rico that’s providing a service. And that service is being sold to people outside of Puerto Rico. Your service could be management consulting, accounting, legal services, info…