Tax Savings and Risk Reduction is our mantra. As regulations, however well-intentioned, continue to challenge small to mid-size businesses, we try to proactively protect our clients’ interests and find those silver linings that can minimize the ever-growing tax obligations.
In this issue…
Companies that provide goods for export can realize substantial tax savings by establishing the appropriate corporate entity.
Outside legal counsel can be a valuable part of the mid-size business management team.
While time is always a challenge, it’s important to take a step back to assess your strategy and your partners. Minimizing your risk and keeping a watchful eye on your financial transactions can help to preserve profits. Meeting regularly with your legal and tax professional to revisit your strategy can provide huge short- and long-term benefits.
First introduced by Congress in 1971 to help U.S. businesses battle a growing U.S. trade deficit, an Interest Charged Domestic International Sales Corporation (“IC-DISC”) can help business owners realize permanent tax savings and other benefits for their export business operations. An IC-DISC achieves these tax rate savings by converting ordinary business income, which is often taxed at the top rate of 39.6%, to dividend income, which is taxed at between 15% and 23.8%, depending on total income. Thus, a U.S. company engaging in qualified exports can realize a permanent tax rate savings of up to 24.8% through the use of an IC-DISC.
Marijuana for medical use could be coming to Illinois in 2015.
Businesses need support and advice. They especially need support in times of exponential growth, during economic challenges, and in transition.
Anthony J. Madonia and Associates, Ltd. is a premier law firm located in vibrant downtown Chicago that focuses on Corporate Law, Mergers & Acquisitions, Taxation and Estate Planning.subscribe archives