Best way to handle foreign earned income?

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Best way to handle foreign earned income?

What is the best way to handle 90k-110k earned in a foreign country? First 80k you make is tax exempt right? Are off shore accounts a possible option (and more importantly, are they legal)? Any information you can give me will be greatly appreciated...

2006-12-19 07:48:56 · 2 answers · asked by Harvey 3 in Business & Finance ➔ Personal Finance

2 answers

You earned the money, you need to pay taxes on it. You can't "hide" it in an offshore account.

2006-12-19 07:53:35 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋

Offshore accounts are legal.

Do you have any paper or electronic trail for that money (Check, Wire Transfer) or is it CASH?

2006-12-19 17:00:01 · answer #2 · answered by Anonymous · 0⤊ 1⤋