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lol I do not make enough to cover any lawyer fees :dozing:
Nothing to worry about then.
The IRS likes to make a profit when they bother to audit people, and the government likes to have a case before they actually sue someone. They like an ROI also.
And I prefer giving my money to the IRS anyday over giving it to some possibly fly by night offshore outfit.
I’m not sure, but I don’t think owning an offshore company exempts you from income taxes…it’s still income if you’re a US citizen. (Like I said, I’m not sure…)
I agree with everyone who said to get professional help. A message board is the last place to go to for good info on how to handle your tax matters. (Considering what an important issue it is.)
Its also worth noting that eliot ness did not get AL Capone –
THE IRS DID…… :laughing:Stupid wrote:Dom, you seem to know the laws, so I would like to ask you:Wouldn’t it make more sence to incorporate in the Kaymans, for example, which is pretty cheap, and save yourself:
1. Thousands of tax dollars
2. CPA fees, and other business related fees
3. Explanation where you get the money from, especially when our industry could become illegal any time – let’s not forget that we do not sell tomatoes and cucmbers
NO – if you earn money while living in the US you are subject to federal taxes even if your company is based in a tax free country. Most of those business fees are tax deductable anyway so dont worry about those type fees adding up.
Additionally, try not to pay too much attention to someone who has a comment on anything and everything. Even though they seem to always write in a matter of factual way its all their interpretation and should not be taken too serious.
Finally, by all means, if you do not understand whats going on you should seek the assistance someone that does.
Does anyone know if i register as self employed in the uk do you have to pay vat? and what would i put down internet marketing or something?
Although I’m in the UK I’ve been looking into this from many perspectives – if you’re a US citizen you have to pay tax on any earnings you make anywhere in the world – it’s pretty severe.
The UK is more like a tax haven – you don’t have to pay tax on earnings made abroad, but to qualify for this exemption you have to spend at least 6 months out of the country.
This is just amateur advice, – as has been stated, talk to a professional. Was just my 2p’s worth :highflyer
Cyclone: You have to pay VAT at about £58,000 I think.
