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Old 06-18-2016, 03:58 AM
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Claiming invoice from off-shore?

ello

I run a small business and I am planning to relaunch my brand and implement a new marketing strategy etc.

I am not doing it myself but have an agency which takes care of EVERYTHING. I trust these guys (know them for long time).

The thing is, this agency is located in Belize.

Please excuse if this question is stupid but I am wondering if I might run into any problems when claiming this invoice (which will be around 100k USD) as a business expense (because the invoicing party is off-shore).

Many thanks for your reply

Horst



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Old 06-18-2016, 03:23 PM
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Originally Posted by Hwaldh View Post
if I might run into any problems when claiming this invoice (which will be around 100k USD) as a business expense (because the invoicing party is off-shore).



Horst
No not at all; As a self employer, as you can see, you can write off your legitimate business expenses to help lower your tax burden. Keep track of your expenses and save you need to your wire transfer receipts , contract agreement or etc and deduct them at tax time. List your expenses on Sch C, along with income from your self employment work.



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Old 06-18-2016, 11:58 PM
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Many thanks for your reply Wnhough.

Good to hear.

I was just worried because I once read something about money laundering regulations and heard that large payments to off-shore accounts might be suspicious and therefore questioned / not accepted by the tax authorities.



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Old 06-19-2016, 02:59 AM
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Originally Posted by Hwaldh View Post
Many thanks for your reply Wnhough.

Good to hear.

I was just worried because I once read something about money laundering regulations and heard that large payments to off-shore accounts might be suspicious and therefore questioned / not accepted by the tax authorities.
agreed you are correct; that is why you to claim the biz related expenses paid to overseas need to keep receipts , contract agreement or etc then there'd not be a problem.



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