The type of business you operate determines what taxes you must pay and how you pay them. Below are five general types of business taxes:
Who must pay estimated tax?
- Excise Tax
Following President Trump’s signing of the Federal tax bill on 22nd December 2017, the effective lifetime Estate and Gift Tax exemption for US citizens and residents (domiciles) has been increased from $5.49m in 2017 to approximately $11.2m per individual (approaching $22.4m for US citizens or US domiciled married couples) with effect from 1st January 2018. The inflation adjustment factor has not yet finalised.
On the 25th January, the IRS released an advanced version of Rev. Proc. 2018-13, setting forth the unpaid loss discount factors and salvage discount factors for the 2017 accident year.
The discount factors provided are to be applied to calculate discounted paid losses under section 846 and the discounted estimated salvage recoverable under section 832
If you own a UK limited company and move to the US as a corporation, you may seem inundated by all the complex tax laws to follow and forms to fill out. Here is a brief guide that should help clarify the purpose of these forms and how to properly complete them.
If you work in the UK in a skilled profession (i.e. investment banking) and are in the country under a Tier 2 Visa, you still must pay taxes just like any other UK citizen.