The US and taxes
- Thread starter M@rc
- Start date
Some more details would help.
As far as the IRS is concerned, income is income.
It just depends how you file it based on various factors such as whether it's a main source of income, hobby income, bartering income, etc.
Is the person US based and pays taxes in the US?
As far as the IRS is concerned, income is income.
It just depends how you file it based on various factors such as whether it's a main source of income, hobby income, bartering income, etc.
Is the person US based and pays taxes in the US?
Shard94
New member
Hi! I'm the friend. I live in the U.S. but could potentially be conducting business outside of the U.S. as I'm looking to do novel editing. I will be ultimately paying taxes in the U.S. I am unsure of what forms I need to fill out and what all I am responsible for paying and charging people. The last thing I want is the IRS after me because I missed doing something.
I live in the US, am self employed but get paid in the UK (in £), and have UK bank accounts.
It's not difficult or complicated - you just convert the income to $ using the IRS approved exchange rates (I use the annual average), then just file it as regular self employment income.
If it's side income then file it as hobby income.
You will need to make estimated tax payments for federal and state 4 times a year to cover your anticipated tax liability.
It's not difficult or complicated - you just convert the income to $ using the IRS approved exchange rates (I use the annual average), then just file it as regular self employment income.
If it's side income then file it as hobby income.
You will need to make estimated tax payments for federal and state 4 times a year to cover your anticipated tax liability.
wedgar
Well-known member
I
I own a tax preparation office in Georgia. I'd be happy to answer your questions. Feel free to PM me.
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