Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 06-20-2011, 08:00 AM
Junior Member
 
Join Date: Jun 2011
Posts: 2
Self employed income - can I use form 2555 to claim foreign earned income deduction?

Hello,

I have a US based LLC but I live abroad. My LLC is an online business selling to US customers, but I do all of my work from outside of the US. The money I earn goes from my US customers into my US bank account - it never comes into the country where I am living, therefore I do not pay tax on it here. I only pay taxes on the money I earn here or bring into the country (remittance basis). My question is whether I can use form 2555 to claim foreign earned income exclusion or foreign housing deduction? I was told that if I spend less than 30 days per year in the US, that I would be able to claim a deduction of $87,500 but I am unsure about how this works in practice. Any and all advice appreciated.

Many thanks in advance!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Self Employed Business people can now amend prior year tax returns to deduct Medicare Premiums as part of their income tax deduction for health insurance on Form 1040! MikeCPA CPA Forums 1 05-02-2011 04:29 PM
New Resident Alien and foreign earned income catchow Income 1 02-26-2011 07:06 PM
Partial Foreign Earned Income for 2010 mensamouse85 Miscellaneous 2 02-10-2011 07:18 AM
Foreign Earned Income Question JPMEMTP Income 0 07-16-2009 05:10 AM
foreign earned income help thestockman Income 1 04-12-2009 11:51 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.