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Internet Business, Taxes, and Offshore bank accounts

Discussion in 'General Business' started by Search-Placement, Jan 13, 2007.

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  1. #1
    Okay so I have a friend who was telling me he gets most of his payments to his paypal account, although he's located in the US, his bank account is set up with paypal and is a secure account in Singapore (who doesnt charge taxes to foreigners unless you have more than 1.5 mil in the bank).

    So my question is, what are the legalities to getting taxed by the US government for an internet business? Since the business is online is it legal to have your funds go to a another countries bank and not pay US taxes?
     
    Search-Placement, Jan 13, 2007 IP
  2. soccerfriend

    soccerfriend Well-Known Member

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    soccerfriend, Jan 13, 2007 IP
  3. Vigor

    Vigor Peon

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    #3
    Isn't tax paid on the basis of which country you are a resident of? not 100% sure, thoguh i would guess you have to declar that as income.
     
    Vigor, Jan 13, 2007 IP
  4. soccerfriend

    soccerfriend Well-Known Member

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    in some countries it is only if you made it within the country in the US no, as long as you are citizen you must declare you taxes you made outside of the US
     
    soccerfriend, Jan 13, 2007 IP
  5. Swordfish

    Swordfish Active Member

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    There are some loopholes and grey areas... contact a good tax accountant and see what they can do.
     
    Swordfish, Jan 13, 2007 IP
  6. drhfinegifts

    drhfinegifts Peon

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    #6
    If his business is based in the US, he must pay US taxes. It doesn't matter where he banks his money, what matters is where his business is located.
     
    drhfinegifts, Jan 13, 2007 IP