Earning Income from UK company and residing in U.S.?
Over the next few months, I will begin earning income from a U.K. company as an independent sales representative. I live in the U.S. Some of the sales will come from other countries, such as Japan, China, UK, and other EU countries. Am I subject to U.S. tax on all foreign transactions? I have not set up a business and am wondering about my options. Does anyone know where to start? Income potential will be residual income over a 5-10 year span resulting in fairly significant revenue.
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A U.S. citizen or resident must report the world wide income from any source.
Read: Read: http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html
Assuming this is a legitimate sales job, the work is fully taxable by the IRS as US-source work. It’s also subject to 15.3% self-employment tax.
Setting up a business will not reduce the tax bite.