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Paying taxes from abroad

Discussion in 'General Business' started by fischermx, Mar 15, 2007.

  1. #1
    (Already asked to an accountant, he's researching).

    Say you are from India, or pick another country. Mexico in my case. You setup an Inc or an LLC in some state. In my case an LLC in Texas. I got an EIN for the company.
    All my income was made being here, not in the USA.
    The nice guys in the TX department already told me I should not pay Texas state taxes (they don't have I think), but a Franchise tax which is very small percentage and I'm not even the the initial bracket, so I don't pay. I have to, however, present some forms even if I don't pay.
    But what about Federal Taxes!?
    Do I still have to send some forms, even if blank?
    Could you share an opinion in your experience?
     
    fischermx, Mar 15, 2007 IP
  2. Blacksnow

    Blacksnow Peon

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    #2
    Much easier and cheap open company in the UK
     
    Blacksnow, Mar 15, 2007 IP
  3. oziman

    oziman Active Member

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    #3
    Note: I am neither a lawyer or an accountant and this is only my opinion. Please get professional legal advice. After our disclaimer:

    An LLC works a lot like an "S" Corporation. Typically the LLC may have to report taxes to the IRS, but the actual taxes on profit will be paid by the individual shareholder. I don't know exactly what the IRS says about entities owned by foreign nationals and if you have to pay taxes. It looks to me that you have to file a company return but only pay the Mexican government taxes.

    A lot of this is dependent on various tax treaties, so I would find an accountant either in Mexico who is licensed to practice in America, or find a TX accountant you can do a phone call with.

    Buenos Suerte.


     
    oziman, Mar 15, 2007 IP