I have an online business that I can operate from anywhere in the world with a decent broadband service. Where is best from a tax and lifestyle point of view?
2007-11-19 09:21:27 · 3 answers · asked by Mister Big 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
I have an online business that I can operate from anywhere in the world with a decent broadband service. Where is best from a tax and lifestyle point of view?
For the record, I am not a US citizen and my country of origin does not pursue its citizens for income earned abroad.
2007-11-19 21:58:32 · update #1
Monaco does not charge an income tax, but has a fairly high cost of living.
2007-11-19 09:27:25 · answer #1 · answered by Beth 3 · 0⤊ 0⤋
It's immaterial. Assuming that you are a US citizen, you are subject to US taxation on your world-wide income regardless of where you earn it or where you live. And, yes, the IRS does have long enough arms to reach you in most countries.
I've lived in foreign countries for a number of years and hardly a week went by without reading in the ex-pat press about some poor schmuck being taken to the cleaners by the IRS.
And before you think about relinquishing your citizenship to dodge the IRS, the IRS can still go after you for up to 10 years if they feel that the reason that you gave up your citizenship was to dodge US tax laws. (Not to mention the fact that you may never be able to return to US soil again, especially if there's an outstanding Federal warrant for tax evasion.)
2007-11-19 21:02:43 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
What? No plug for your business?
2007-11-19 17:29:37 · answer #3 · answered by justceleste 3 · 0⤊ 0⤋