2007-09-16 17:34:28 · 4 answers · asked by HK-boy 4 in Business & Finance ➔ Taxes ➔ United States
A US citizen's worldwide income is taxed. Then it gets a little complicated. There is an exemption, used to be around 60k for someone living outside the US. What type of company, sole propritorship or corporation. Just like in the US if the company makes money, but does not pass any to the owner, then there is no taxable event. Also you might owe local taxes, and those might be allowed to offset any US tax liability.
2007-09-16 17:56:48 · answer #1 · answered by Gatsby216 7 · 1⤊ 0⤋
Any income of a US citizen is taxable, no matter where it's made. If taxes are paid to a foreign government, they can be a credit against the US taxes.
Whether the profits of the company are taxable could depend on how the company is structured - corporation, sole proprietership, partnership?
2007-09-17 00:57:54 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
its taxable. he can get a break if the company is also taxed in another country
2007-09-17 01:31:06 · answer #3 · answered by just hanging around 5 · 0⤊ 1⤋
I know at a minumun it is taxed when brought to the :united:States of the Americas.
Right now my brother is working outside the :u:S:A and as long as he stays outside the states the first $90,000.00 is not taxed.
2007-09-17 00:40:24 · answer #4 · answered by Robert F 7 · 1⤊ 0⤋