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starting a biz
- Thread starter mk1039
- Start date
Jackolantern
Registered Users (C)
Rule#1: Don't spend too much time outside the US to manage the business.
Jackolantern
Registered Users (C)
You would have to report the income you earn from the business to the IRS. Green card holders are required to file tax returns for worldwide income.
There are tax treaties, deductions and credits you can use to reduce or eliminate the US taxation of foreign income, but you are still required to report the income. Make sure to hire a tax accountant or attorney to assist with your tax returns, otherwise you risk overpaying the taxes because you don't know how to make use of all the deductions and exemptions etc., or underpaying and being penalized by the IRS.
There are tax treaties, deductions and credits you can use to reduce or eliminate the US taxation of foreign income, but you are still required to report the income. Make sure to hire a tax accountant or attorney to assist with your tax returns, otherwise you risk overpaying the taxes because you don't know how to make use of all the deductions and exemptions etc., or underpaying and being penalized by the IRS.
looklook199
Registered Users (C)
You would have to report the income you earn from the business to the IRS. Green card holders are required to file tax returns for worldwide income.
There are tax treaties, deductions and credits you can use to reduce or eliminate the US taxation of foreign income, but you are still required to report the income. Make sure to hire a tax accountant or attorney to assist with your tax returns, otherwise you risk overpaying the taxes because you don't know how to make use of all the deductions and exemptions etc., or underpaying and being penalized by the IRS.
in terms of length that I spent outside of USA; is 3 or 4 mos considered long?
LOOKLOOK
Jackolantern
Registered Users (C)
Not if it's an isolated 3-4 month trip. But if it's one of a string of multiple 3-4 month trips close together, that could be a problem.in terms of length that I spent outside of USA; is 3 or 4 mos considered long?