US

General Information about U.S. Tax System The United States has separate federal, state, and local governments with taxes imposed at each of these levels. Beginning from the tax year 2018, the Tax Cuts and Jobs Act (TCJA) is implemented to make tax reform. This major tax legislation will affect individuals, businesses, and non-for-profit organizations. C Corporation Income Tax – The TCJA reduced the federal corporate income tax rate from 35% to 21%, improving the global competitiveness of the United States in attracting new investment. All businesses incorporated in the U.S. must file an annual income tax return. Individual Income Tax – Most individuals are required to file income tax return. It is a type of income tax return filed by an individual to a federal, state or local taxing agency to report income, calculate and pay taxes. U.S. citizens and tax residents’ worldwide income are subject to U.S. income tax, […]