Quote:
Originally Posted by pornguy
ONe thing about that, is if you make the money show that it was earned from outside the US, then the first 80k is tax free
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This is not true if you live abroad and claim foreign income. If you are working abroad, it doesn't matter where the income comes from or where it is paid to. It still falls under foreign income, thus if you are able to qualify for the 80k (82k I think it is now) break, you claim a modest salary, could be... 70k, and you sir don't pay taxes to the USA so long as you set up your business in a tax free country. Or even if you claim 100k salary, after the 80k exemption that leaves 20k, plus some deductions and what not, you will end up paying around $4000 in taxes if done right, while the company makes the bank in a tax free country.