Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-18-2016, 03:58 AM
Junior Member
 
Join Date: Jun 2016
Posts: 2
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



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
  #2 (permalink)  
Old 06-18-2016, 03:23 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
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.



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
  #3 (permalink)  
Old 06-18-2016, 11:58 PM
Junior Member
 
Join Date: Jun 2016
Posts: 2
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.



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
  #4 (permalink)  
Old 06-19-2016, 02:59 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
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.



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
Ads
Reply



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
Claiming Son now out of state BrianBratcher Miscellaneous 4 11-24-2013 07:19 PM
Claiming my daughter? mikky500 Miscellaneous 3 01-27-2011 01:58 AM
Claiming 18 yr old ddunlavy Itemized Deductions 0 02-11-2010 04:02 PM
IRS encourages "Reporting Promoters of Off-Shore Tax Avoidance Schemes!" TaxGuru General 0 04-27-2008 04:33 PM
A Client stiffed me on an invoice is it tax deductable? SBee Sole-Proprietorship 2 03-17-2008 08:05 AM

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.