Starting a small business
in Business, Accounting & Taxes ·
I will attempt to be concise and direct;
Since 2004, I have been selling my 3D models through an American website.
The funds land in my foreign currency checking account which I use for these transactions. I heard that due to some recent tax legislation,
money is supposed to go directly into a specialized foreign currency account,so I went ahead and
set one up. It was meant to transfer automatically from my checking to that account, but that hasn't happened, and
I am still receiving all my payments into my foreign currency account at JP Morgan Chase. I realize that
tax laws vary significantly from state to state here in the US, so right now, it looks as though a "well-meaning relative" is sending me money. My annual income is roughly $22,000.
My intention is to set up an LLC, essentially employing myself so I can properly pay my taxes and social security, and I am wondering what
specific steps I need to take. I know there are hundreds of different takes on this topic, but I wanted to
lay out my specific situation clearly so I don't have to sift through endless threads or
receive "band-aid" answers to this question. I appreciate anyone willing to lend some guidance.
Since 2004, I have been selling my 3D models through an American website.
The funds land in my foreign currency checking account which I use for these transactions. I heard that due to some recent tax legislation,
money is supposed to go directly into a specialized foreign currency account,so I went ahead and
set one up. It was meant to transfer automatically from my checking to that account, but that hasn't happened, and
I am still receiving all my payments into my foreign currency account at JP Morgan Chase. I realize that
tax laws vary significantly from state to state here in the US, so right now, it looks as though a "well-meaning relative" is sending me money. My annual income is roughly $22,000.
My intention is to set up an LLC, essentially employing myself so I can properly pay my taxes and social security, and I am wondering what
specific steps I need to take. I know there are hundreds of different takes on this topic, but I wanted to
lay out my specific situation clearly so I don't have to sift through endless threads or
receive "band-aid" answers to this question. I appreciate anyone willing to lend some guidance.