Thread poster: gabyhm
| | gabyhm
Local time: 19:54
Spanish to English
I recently moved to the US and have been working a bit as a freelance-translator here, I was wondering how do you declare taxes when you do contract work with companies outside of the US? For tax purposes, I imagine it is better to work with translation companies located in the US. I have no knowledge about this, and would appreciate your feedback.
| | Nicole Schnell
Local time: 16:54
English to German
| Income is income || Oct 14, 2013 |
It doesn't matter where it comes from.
Tip: Don't forget to deduct all the PayPal and banking fees that occur with international transfers as losses.
| | raptisi
Local time: 02:54
English to Greek
The US tax system is really rational, and I mean this! You have to declare your income, irrespective of provenance. An exception is, if you choose to be taxed somewhere else, also (for instance in France). Try www.ustreas.gov, there have some interesting material.
| Get a tax preparer || Oct 14, 2013 |
If you're taxed the US, your worldwide business income is taxable, whatever the country or currency.
As Nicole mentioned, you may be able to claim a bunch of deductions (certainly bank fees, but also advertising and other business expenses). Have a look at Schedule C in Form 1040 and you may see what else you might deduct.
You want to be careful though, as the IRS audits a higher proportion of returns by self-employed people (ie, those filing Schedule C), specially if too many deductions are claimed.
In summary, your best bet is probably to get a tax pro look over your stuff.
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