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Home business tax question?

Question: Home business tax question?

(Posted by: Chong Aik Siew on 2007-07-19 10:12:18)

If I am living in Singapore, and I have an internet home business in US, which country do I pay tax to?


Answers:

Posted by: tom168mail on 2007-07-19, 12:43:14

You pay taxes in US when the merchant account is in US which also “direct deposits ” the money to the US checking account. (and to do that you also need Business registered in US, like LLC, Inc… etc). You pay taxes in Singapore if the money what you earn… whether it’s check to your Singapore address or direct deposit to your Singapore’s bank… (which also means you have business registered in Singapore or you’re doing business from your own name from Singapore). In other words, if the money direct deposits to US checking account – you should pay taxes in US. you may also want to read “how income taxes really work? “…. freetomanifest.com/ money/ howincometaxes.html

  

Posted by: Serge M on 2007-07-19, 10:19:47

You pay taxes to the country of which you are the legal resident. If you are a US citizen you are subject to US income tax no matter where it is earned. But if you are a US citizen with permanent residence in Singapore, you may be subject to Singapore tax. US tax laws have provisions for taxes paid to other countries. check with a tax accountant or lawyer.

  

Posted by: xyzlmnop_tx on 2007-07-19, 10:22:11

I’m a CPA and I wish I could give a better answer than Serge did, but I can’t. He pretty much nailed it. On your US tax return you will get a credit for any foreign taxes you pay to Singapore. I would also add that you might need to engage somebody there with the expertise to advise you as to their laws.

  

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