Loi Fiscale : Impôt sur le Revenu, Déductions Fiscales et Taxe sur les Plus-Values

Tax Law

Tax law is a critical aspect of financial management and governance. It involves the rules and regulations governing how governments collect revenue from individuals and corporations. In this article, we'll delve into key elements of tax law including income tax, tax deductions, capital gains tax, and French tax law.

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Income Tax

Income tax is imposed by a government upon a portion of the income of a person or entity. Generally, different rates apply depending on the amount of income earned. The highest rate applies to the largest income amounts. A taxpayer may owe several types of income taxes, such as federal, state, and local income tax. For example, if a U.S. resident earns $75,000 per year, they would pay federal income tax on their entire income and state income tax only on the portion of their income subject to state income tax.

Forming an LLC in Delaware vs Florida

Starting a Limited Liability Company (LLC) can be beneficial for business owners looking to protect themselves from personal liability. While both Delaware and Florida are popular choices due to favorable corporate laws, there are differences between the two states that entrepreneurs should consider before choosing where to form their company:

Delaware LLC Advantages

• Protection of Assets: Delaware law is favorable towards corporate entities, and case law generally supports the principle that a corporation's shareholders are not personally liable for its debts and obligations.
• Chancery Court: The Delaware Chancery Court specializes in business disputes and often provides expedited relief through summary judgment procedures. This court can provide guidance when there is uncertainty about the stockholder agreement, such as dividing voting rights equally among minority shareholders.
• Delaware Statutory Trust Company: Delaware allows the formation of a statutory trust company without any minimum capital requirements, a feature not available in Florida.

Florida LLC Advantages

• Lower Cost: Florida does not require state income tax on certain types of passive income from limited liability companies known as "single member domestic trade or business activities." This means businesses operating under this structure may qualify for significant savings.
• Taxability: Florida has no franchise tax, and all annual fees are based on the same amount per year. Additionally, all Florida corporations with employees pay an annual fee of $150, regardless of the value of the company.

Delaware LLC Disadvantages

• State Income Tax: Delaware has a 7.9% corporate income tax rate, which is higher than Florida's.
• Fee Structure: While Delaware has a flat $300 annual franchise tax for corporations, it is based on the value of the company. This means that larger companies will pay more than smaller ones.

Florida LLC Disadvantages

• Strict Regulatory Environment: Florida requires annual reports to be filed with the Division of Corporations and a financial statement with the tax return each year. Failure to comply may result in penalties and regulatory action.
• Lack of State Control Over Domestic Entities: Florida lacks the legal framework to control multi-state domestic entities. Delaware, on the other hand, has adopted legislation that allows it to exert some control over out-of-state entities operating within the state.

Ultimately, the choice between Delaware and Florida depends on your business structure, long-term plans, and preferences regarding taxation and regulatory environments. We recommend consulting a tax lawyer or accountant to discuss your options and make an informed decision based on your unique circumstances.

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Tax Deductions

Tax deductions are expenses that can be claimed against taxable income to reduce tax liability. Examples of tax deductions include mortgage payments, property taxes, student loan payments, and charitable donations. Business owners can also write off certain expenses, such as equipment purchases, office supplies, and salaries paid to employees. The IRS website provides extensive guidance on various allowable tax deductions.

Understanding the Child Tax Credit

In 2016, the Child Tax Credit was expanded under the Tax Cuts and Jobs Act (TCJA), providing more benefits for families with children. The credit is calculated as follows:

• $2,000 per child under age 17
• $500 per other qualifying dependent

The credit can reduce your tax liability by $2,000 per eligible child, and you may receive a refund if the amount exceeds the amount of taxes you owe. For example, if you have one child and owe $1,500 in federal income tax, you could receive a refund of $500 after taking the $2,000 credit into account.

Qualifications and Limitations

To qualify for the Child Tax Credit, the following requirements must be met:

• The child must be a U.S. citizen or resident alien.
• If the child is not a U.S. citizen but a U.S. resident alien, they must have lived with you for over half the year.
• They must also be younger than 17 at the end of the tax year.

Additionally, there are limitations based on your adjusted gross income (AGI):

• Phaseout range for married filing jointly: AGI of less than $445,850 to $507,201
• Phaseout range for head of household: AGI of less than $452,601 to $514,950
• No phaseout range for other filing statuses

If you exceed the AGI limitation for your filing status, you may no longer qualify for the entire credit and may not receive the $2,000 per child benefit. However, you can still claim up to $1,400 of the credit for each qualified child.

Capital Gains Tax

Capital gains tax refers to the levy imposed upon profits realized from the sale of capital assets. Capital assets include real estate, stocks, shares, bonds, and vehicles. Realized capital gains are subject to either short-term or long-term capital gains tax rates, depending on the duration of ownership before selling the assets.

Short-term capital gains tax is applied to assets held for less than one year, at ordinary income tax rates ranging from 10% to 37%. Long-term capital gains tax applies to assets held for more than one year and are taxed lower than regular tax rates, currently capped at 15%, 20%, or