2779944
I live overseas and have self employment income from customers based in the US and get paid in the US.
My LLC is based in the US with a branch office overseas. All the work is done overseas for US customers.
Should I input my self employment income under Schedule C or under form 2555?
Thanks
You'll need to sign in or create an account to connect with an expert.
@Raj1 , if your LLC ( under US State Laws ) is a single member LLC, then for US taxes it is a dis-regarded entity i.e. you file a Schedule-C showing all your income , all allowable expenses, pay US taxes on the net income and Self-Employment taxes ( a 15.3% on most of the net income ). All of this TurboTax will do for you.
Next if I am to assume that you a US person ( citizen/ Green Card ) and not residing in USA ( i.,e. the work was all done abroad ( India ? ), then this income stream would be characterized as foreign {self-employment/ earned} income and as such may be eligible for exclusion from US taxes up to a max ( set each year ). So to look into this more :
(a) are you US person?
(b) which state is your llc based on -- do you a physical address etc.
(c) are you sole owner of the llc.
(d) which country are you in? When did you arrive there ? and are you still there ? --- we need a continuous 12 month window/ test period of which at least part falls in the tax year and that you have been away from the USA for 330 days ( within this 12 month period ) ? Give me the period , if you would please
(e) anything else that may affect this discussion
please .
I will circle back once I hear from you.
Namaste ji
pk
PK,
Thanks for your reply its much appreciated.
Raj
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
patamelia
Level 2
hijyoon
New Member
san_can_cool
New Member
SkymanCR
New Member
mysert
Level 1