United States Of America

The United States of America is a federal republic with autonomous states and local governments. Taxes are imposed in the United States at each of these levels. These include taxes on income, property, sales, capital gains, estates and gifts, as well as various fees. Taxes are imposed on net income of individuals and business entities by the federal, most states, and some local governments. Citizens and residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax accounting rules, not financial accounting principles, but includes almost all income from whatever sources. Most business expenses reduce taxable income, though limits apply to a few expenses. Individuals are permitted to reduce taxable income by personal allowances and certain nonbusiness expenses, including home mortgage interest, state and local taxes, charitable contributions, and medical and certain other expenses incurred above certain percentages of income. State rules for determining taxable income often differ from federal rules. Federal tax rates vary from 10% to 39.6% of taxable income. State and local tax rates vary widely by jurisdiction, from 0% to 13.30% of income, and many are graduated. State taxes are generally treated as a deductible expense for federal tax computation.

At Zetland Tax, we offer an extensive range of compliance and advisory services. We help our clients (as individual or as corporate entity) achieve tax efficiency in their US inbound and outbound operations on transactions involving the US. We provide practical tax advice on establishing new ventures, structuring overseas transactions, and maintaining compliance with tax regulations. Our US tax professionals can also assist clients in building global competitive advantage through tax-effective structuring of their international business operations.



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