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Hi… I am about to make the plunge here.
how do you deal with this on US taxes? i feel like I am probably needlessly confused about something simple… can anyone help me with a few general words?
I claim it as paid in cash
I just claim all as income regardless of where it came from, so it doesn’t make any difference to me what processor I’m using.
I thought that you have to fill something out for foreign bank accounts over 10k in funds? (tax wise)
thanks for advice everyone :]
I Don’t have that issue yet..lol
You do, you have to fill out a form disclosing the account.
I just tried to signup and it’s asking me for a name and won’t let me enter our corporate business name. Is this not possible?
What do people do at the end of the year with their taxes? If you enter your personal name, would you not have to tell the IRS on your personal taxes since it’s in your name? Or if you do it for the sake of your corporation do you no longer have to do this? (as long as you do it on the corp taxes)
Thanks again… -B
If the numbers make sense for you then something to consider is:
1. Establish a trustee administered corporation and banking in a tax friendly country such as Cyprus or Malta (5-10% corporate taxes). (Company A. Jungle Trading Inc.)
2. Have all commissions sent to that company.
3. Set up a US corporation in a tax friendly state such as Nevada or Delaware. (No state income taxes, liberal tax incentives for new businesses). Company B. (IE Tarzania Marketing Inc.)
4. Company A contracts Company B for marketing services.
5. As an officer in Company B you qualify for a salary. Set up payroll processing with ADP or similar processor. Opt for W2 with full federal, state and wica with holding for your salary payments.
6. Company A pays Company as per the contract for services rendered each month, thus providing funding. Expenses and salaries are drawn from that reserve. This includes advertising, servers, domain registrations, production costs etc.
7. Retain a local account to organize all expenses and file quarterly federal taxes and prepare k1s.
Its not an easy or inexpensive plan but its effective and provides very good legal and tax protection for you and your business.
