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LLC for US Citizen / non-resident

 

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Subject Author Date
LLC for US Citizen / non-resident akennis 07-02-2006
Posted by akennis on July 2, 2006, 10:44 pm
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I am considering to start a LLC based software company. I
am a US citizen, but have been living outside the States for
some time now. I have been filing federal & state 1040NR
forms during this time, while paying taxes to my local
government.

What are the most pressing tax issues to such a
circumstance? As far as I understand it, I should be able
to continue filing 1040NR forms and allocate the LLC
proceeds as foreign income - is this correct?

Thank you.

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Posted by Bill Brown on July 3, 2006, 6:52 pm
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akennis wrote:

> I am considering to start a LLC based software company. I
> am a US citizen, but have been living outside the States for
> some time now. I have been filing federal & state 1040NR
> forms during this time, while paying taxes to my local
> government.

That would be your first mistake. U.S. citizens do not file
Form 1040NR. U.S. citizens file Form 1040.

> What are the most pressing tax issues to such a
> circumstance?

The most pressing tax issue is to file proper returns for at
least the past 6 years or the time you've been filing
1040NRs, which ever is shorter, then move on from there.

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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