Ask HN: US Income Because of Stripe

2 points by nevodavid 2 years ago | 1 comment

Hi everyone, I have a quick question. I have an LLC as a non-US resident/citizen, and I get the "special" tax benefits of not having my operations in the US.

I have worldwide customers, but I realized that when I use Stripe for invoices and ACH, I later get it into my account from a US bank.

(Same with credit cards)

And while I can show that it's a non-US payment, I can get audited for that.

I would be happy to know if anybody else encountered something like that and what the solution is.

doughboy3 2 years ago |

Hi Boss any income earned in the US is taxable. It's important to understand the tax laws while doing business there. It doesn't mean you automatically owe tax. Moving your money off-shore has been done for years by the rich and famous, but it's a guaranteed way to get audited. To avoid an audit keep your "earned-income" in the poverty level (below 20K USD) If your earning 50K you fit right into the retiree profile and boomers are often overlooked unless of course they have some really big 1099K showing untaxed income. Using a credit "WISE" bank account will give you a USA bank account, they will mark which country the money was wired to for off-shore accounts. It also doesn't mean you'll have to pay taxes directly nor will they deduct tax from your bank account. Work with a certified CPA to avoid paying too much tax i.e 30%. Becare your own country laws now often tax digital income i.e bitcoin.