Sounds too good to be true right? Well, for most small businesses, it is. Tax havens are foreign places that have low taxes. Multinational companies move their money to these shelters, so they don’t have to pay the US tax rates on the money. Yes, even though it’s sometimes secretive, it’s legal and usually significantly reduces companies tax burden. But, most of us cannot just move our operations or put subsidiaries in other countries, like large corporations can.
So, instead we must rely on our accountant to help us find the best tax write-offs to help lower our tax burden here in the US. A good accountant will keep up with all of the laws and regulations, so they can help you save the most amount of money possible.