I have an option to get paid either in US or in India. I am looking for US guys with expats benefits living in India (or the tax consultants who know both laws well) what is the best way to go about dealing with this issue so that I pay less taxes. Feel free to send me an email at snevy1@yahoo.com. Thanks.
2007-05-16 10:40:13 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I agree that as far as US taxes are concerned, the currency of your wages is irrelevant.
But get paid in dollars, not rupees. You can spend a dollar in India with no problem, you can't spend rupees in the US.
2007-05-16 11:48:08 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
I can't speak for the Indian tax laws, but from the US perspective it won't make a dime's worth of difference. You are subject to US taxes on your world-wide income. There are a number of ways to mitigage the tax bite but where the wages are paid or the currency they're paid in won't make any difference.
Get a copy of IRS Pub 54 from the IRS website. It will tell you everything you need to know about taxes when living and working overseas.
2007-05-16 11:14:52 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You may need an accountant in both areas. As a US citizen the US will tax you on your worldwide income. There is a foreign income exclusion you may qualify for, but no matter how you're paid, the tax in the US will be the same.
I don't know if he knows Indian tax law, but one international specialist is Brian Levy. I'm a CPA and I think this guy really knows his stuff. You can email him at brian.levy.esq@rogers.com
2007-05-16 11:11:36 · answer #3 · answered by Anarchrist 5 · 0⤊ 1⤋
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2016-11-23 18:32:48 · answer #4 · answered by abila 4 · 0⤊ 0⤋