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| *The Commerce Journal>>>Other Taxes |
What if you are selfemployed in other country and have no proof? |
If you are an american citizen that goes to live in another country but have no way to prove your income because you're selfemployed or unemployed ..how do you pay the income taxes? if your worldwide income is subject to US income tax no matter where you live? You report what you earned in the other country to the IRS, and also to the other country if applicable. You would get a credit from the IRS for any taxes that you had to pay to another country for that income, but it might not be a $ for $ credit. And yes, your worlwide income is subject to US income tax no matter where you live as long as you are a US citizen. You would file a tax return much the same as you would if all of this took place in the US. You may have an exclusion for foreign income. Check the link attach. http://www.irs.gov/pub/irs-pdf/i2555.pdf... You would use your records to calculate your taxes. You are required by law to keep accurate records of all of your income and expenses. Your books and bank records will accurately reflect those and are sufficient proof. You'd file any returns as required both in the foreign country and the US. You may be eligible for exclusions or credits based upon your situation. See IRS Pub 54 for complete information. |
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