Ryan Lodish Guest Appearance with Erik Broekhuijsen

Erik Broekhuijsen: Now, the other thing is that when you come here, sometimes I try to explain that America with 50 states, it’s almost like 50 countries. Because you got like federal and state taxes and city taxes. How can I comply with all those different taxes?

Ryan Lodish: Yeah, you know, the United States is kind of funny because it is one country, like you said, but it is also individual states. And what happens is you come here and do business in America and you think, oh, we have our federal tax forms, our federal tax. But in addition, you have state and local taxes. And each state has their own unique regulations that you have to abide by with federal regulations. So it’s really important when you’re conducting business in the United States to know where you’re conducting business, to make sure you can file the appropriate state tax forms, as well as the federal tax forms. It can get very confusing. So it’s really important to reach out to your tax advisor and figure out what applies where. And unfortunately, it’s not as cut and dry.

Erik Broekhuijsen: Now, because we have a different system here than, for example, in the Netherlands or in Europe. Here I can. But how does that work? You take care of that all. Can I just make it your problem?

Ryan Lodish: Yes, 100 percent. So what we do is we’ll evaluate your business and what you’re doing and we’ll look at you know, do you have a sale to Ohio and you’re based in Florida? And what we would do is we’d say, okay, here are your federal, you know, income tax deductions, etcetera. But also what is Ohio going to require from you? And as far as filing goes and what you might owe in that state. So absolutely. That’s something you come to us. Full service. We’ll look at the entire thing.

Erik Broekhuijsen: Now I do know it’s always difficult to give. like tax advice because every company is different. So this is just me, you talking about it. And I also know that there’s a tax treaty where, for example, the Netherlands. But how do I avoid paying double taxes? I don’t mind paying some taxes, but double taxation, how does that work?

Ryan Lodish: So if you paid or have accrued to pay foreign taxes, depending on which country you are from and what taxes you paid, there are what’s called a foreign tax credit in the United States. And we would evaluate which treaty per country. And there is a lot of ways where you may get a credit for the taxes you already paid on income that was generated in the United States. Because we’re not trying to hurt you in both countries. We want to make it, you know, the idea is to make it fair if you’re paying tax in one to help you with the other. But it really just depends on which country it is because the United States has different relationships with every country around the world.

Erik Broekhuijsen: I wonder how you keep track of it, man. It’s like, well, 50 states and we’ve got, I should, I should Google this, like 196 countries. So that’s thousands of rules.

Ryan Lodish:  Yes.

Erik Broekhuijsen: And then at the end of the day, you have to file your taxes here in America as an American company. Yes. Do I also file my personal taxes here as I’m just here for a couple of weeks out of the year? How does that work?

Ryan Lodish: So it really depends on your situation. And you have to evaluate one, how long you were here and two, your status in the, in the country. And that’s a very, can be a complicated formula,

Erik Broekhuijsen: more rules,

Ryan Lodish: more rules, but it’s something that like as a tax advisor, we look into and help you establish. So the answer is maybe.

Erik Broekhuijsen: Okay. Now I hear a lot of times that people, well, and I know this is not true, but they say, well, the company can buy a boat and then I pay less taxes. So it’s like a tax credit, or can you explain a little bit more how that will, because we’re not used to that one in Europe.

Yeah. So that situation is a little bit more structuring, but what we have here is called tax credits and tax deductions. And essentially the difference is a tax deduction goes against your income, your actual taxable income. So that would go against, you know, something you made, whereas a tax credit is you look at the tax liability, what you’re expected to owe. And then you get a dollar for dollar credit against that amount. So it’s really important to look at both and see how you can maximize because you may be eligible for credits and deductions.

Erik Broekhuijsen: And at the end of the day, it starts with a phone call. Just call you guys and you can probably figure out all these rules and regulations and make sure you’re compliant. Yes. And that’s,

Ryan Lodish: It’s very important, not only to be compliant, but you also, you know, help with strategy and structuring and we figure out what, where best to put you and how your business is growing. And we want to grow with you and help you and help you expand.

Erik Broekhuijsen: Fantastic. Well, thanks Ryan for being my guest. You see a lot of different rules, regulations, and we just brushed on some topics. Below this video, you will find all the information of your firm and your email and address and everything. Feel free to reach out to him. And thank you for watching this episode. Thanks Ryan.

Ryan Lodish: Thank you for your time as well.

Erik Broekhuijsen: Thank you.