Business Tax Recovery Logo


» » ยป

Business Banking Lorain OH

See below for information on banks in Lorain, OH that give access to business banking, which includes services such as online banking, business checking, business loans, as well as business savings, business credit cards and commercial loans and lines of credit.

Great Dayslending.Com
(216) 251-6201
33010 Lake Rd
Avon Lake, OH
 
Avon Lake Catholic Credit Union
(440) 933-2524
32929 Lake Rd
Avon Lake, OH
 
Republic State Mortgage Co
(440) 322-5363
33357 Ambleside Dr
Avon Lake, OH
 
Lakeshore Community Credit Union Inc
(440) 933-3181
586 Moore Rd
Avon Lake, OH
 
KV Management
(888) 534-4768
Riley House
Powell, OH
 
Family Home Mortgage
(440) 933-7100
680 Moore Rd Ste 3
Avon Lake, OH
 
First Rate Financial Service
(440) 930-7283
32730 Walker Rd Ste J4
Avon Lake, OH
 
Transohio Savings Bank
(440) 236-6104
32730 Walker Rd
Avon Lake, OH
 
First Federal Of Lakewood
(440) 930-5161
32812 Walker Rd
Avon Lake, OH
 
A Ce America'S Cash Express
(513) 931-2274
1207 W Galbraith Rd
Cincinnati, OH
 

Offshore Banking Is It Legal?

Offshore Banking - Is It Legal?

If two phrases every seemed to go together, it would be offshore banking and tax evasion. At least, that's what we are told. So, is offshore banking legal or not?

First off, what is offshore banking? Most people picture exotic island destinations like the Bahamas or Cayman Islands. While these are offshore banking destinations, the true definition of offshore banking is doing banking in any country other than the one you are a citizen of as an individual or base your business in if you are a country. When someone from Russia opens an account at the Bank of New York, they are doing offshore banking. If an English citizen opens a bank account in Boston, they are pursuing offshore banking.

Now, it goes without saying that the type of offshore banking that gets all the notice is the type that has serious confidentiality laws. These include locations like Switzerland, the various offshore islands and some countries that you probably have never heard of such as Andorra. Andorra is a tiny country in the mountains between Spain and France. Despite having a tiny population, a surprising number of Ferraris are seen in the area!

So, is offshore banking legal if you are a citizen of the United States? Can you just fly on down to the Caymans and open an account? YES! There is no law that even remotely suggests that you are barred from pretty much putting your money in whatever bank you like. There is, however, a big caveat to this.

As a citizen of the United States, you must pay tax on all your income regardless of where it is earned. You also must give notice to the IRS that you have money held in offshore accounts. As long as you comply with the regulations and pay the taxes on any gains, you are not going to be in any trouble.

So, what do so many people run into problems? Temptation. You have that money sitting offshore in a bank account. If you invest it in stocks in Europe, who is going to know? If you make money, how is ...

Click here to read the rest of this article from BusinessTaxRecovery.com