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Wednesday, May 22, 2013

How To Avoid Paying Any Income Tax

Hat tip to Apple for providing the very useful information on how to avoid paying any income tax at all — and keep the money in the USA at the same time.

While many complain that US corporations are hiding cash overseas to avoid paying income tax, the truth is that Apple is not only not keeping that cash overseas, it's avoiding paying income tax even so. Here's how.

Apple setup an Irish corporation to receive royalties from the sale of its products. Despite the fact that this front organization supposedly “resides” in Ireland, it holds its board meetings in California. Moreover, the money it receives is deposited in New York banks. Thus, this “overseas” entity, which pays no USA income taxes, is actually residing right here in the States.

Thank you, Apple, for all you do. That's great information. Now, if the rest of the corporate world follows your lead, we will have eliminated the corporate income tax.