A foreign-owned single-member LLC is treated as a corporation for US tax reporting requirements. Foreign-owned corporations must file IRS Form 5472 or they face up to $25,000 in penalties. How do...
Business Tax Articles
All 2022 US Tax Deadlines For Expats And International Entrepreneurs
Tax season is here. The IRS started accepting tax returns for the 2021 tax year. Make sure that you are aware of the 2021 deadlines, including the new deadlines for individual and self-employed...
Self-Employment Tax On Foreign Income – What Expats & Nomads Should Know (2021)
Do you live abroad or travel the world and work for yourself? Don’t overlook self-employment tax on foreign income! A common misconception among expats and nomads is that the first roughly $100,000...
Year-end Tax Tips For Business Owners And Entrepreneurs Abroad
2020 has been a tumultuous year for many businesses. As the year wraps up, business owners abroad have little time left for year-end tax planning to save on 2020 taxes. Here are our 5 year-end tax...
Who Must File Form 5472?
If your US company has a foreign owner or foreign shareholders, then the company probably has to file form 5472 with the IRS. Form 5472 is an Information Return that a 25% foreign-owned US...
US LLC Taxes – A Potential Tax Haven For Foreigners, And Still A Good Option For US Taxpayers
Updated Jan 15, 2020, by Ross Lustman, JD, CPA, EA A US-based LLC can have great tax advantages, especially for foreign entrepreneurs abroad. Even for US taxpayers, LLC taxes can be favorable. An...
5 Tax Tips For Amazon Sellers And Other E-Commerce Entrepreneurs
Selling online through Amazon, eBay or any e-commerce site offers a great opportunity to make a location-independent income. If you are selling online in the US market and generate a steady income,...
LLCs And Taxes For Amazon Sellers (With Video)
By Vincenzo Villamena, CPA When starting an Amazon business, every seller needs to understand the available business structures and Amazon seller tax implications. The best business structure for...
What You Need To Know About The 20% Pass-Through Deduction
By Vincenzo Villamena, CPA The 2017 Tax Cuts and Jobs Act created a new 20% deduction for pass-through income. At first glance, this sounds like a great tax saving for single-member LLCs and sole...
LLC vs S-Corp – Which Is The Best Small Business Structure
Most US entrepreneurs and small business owners set up an LLC when they want to “make it legal”. LLCs are easy and comparably cheap to set up and operate. They can also be tax efficient, especially...
