Making money, now what?

by Ace573
4 replies
I am looking for info on the best way to legalize my situation. I am a USA citizen, not living in the USA. I have several online businesses making some money and need to find a way to declare this money outside of my current country of residence( not USA) as I get killed with taxes here.

I was looking at creating a business identity in the USA. It looks like wyoming is a good option.

Can anyone share some info? How do USA IM'rs declare their online earnings? As a USA citizen do you need to form a business, or you just declare earnings? Is an LLC in wyoming a good option?


If no one wants to share it on here, can we do it via Email?
#making #money
  • Profile picture of the author Christopher Fox
    This is lawyer stuff. If you are making money, fork out a little to talk to one. Do things the wrong way and you are setting yourself up for tax evasion charges if you get audited and who knows whatever other laws you might be breaking.

    Were it that easy, every single company in the US would be registered in one of two or three states that have advantageous tax laws. Yet they aren't, are they? And that's 'cause they don't want to go to jail ...
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    One man alone can be pretty dumb sometimes, but for real bona fide stupidity, there ain't nothing can beat teamwork.

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  • Profile picture of the author Daddy2
    What he said...talk to a lawyer. It may cost you some money upfront but will keep you out of trouble in the long run
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  • Profile picture of the author Ace573
    Its not tax evation, its paying less than I am paying now, 40% and $300 monthly fee just to do business. Having the advantage of being a US Citizen I might pay less if I report my earnings there.

    So just curious if IMrs are declaring via LLC's or sole proprietors or what ever.
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  • Profile picture of the author Daddy2
    Typically LLC's are safer because it's a legitimate company. As a sole proprietor everything falls back on you as an LLC it falls back on the "company"...
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