Hi everyone,
Do you need to pay Self-Employment Tax?
My understanding is that the Self-Employment Tax is only for US citizens/residents. My accounting company merged with another one, and now they want me to pay Self-Employment Tax, but I think they are mistaken since I’m not a US citizen/resident.
Not a tax expert but I’m fairly certain you have to pay income tax if the products were sourced from a US supplier.
If this is true, I’m moving abroad asap. I live in the U.S. and 15% self-emplyment tax is brutal. I owed over 40K last year in taxes alone on a single member llc. I switched to a S-Corp this year which will help but…
Hmm , do you have an accountant in the USA ?
Yes, I have two accounts/companies. One is a UK-based Ltd, which has a UK accountant. The second is a US-based single-member LLC, which has a US accountant.