F
fieldjobs
I'm an American citizen and in the first quarter of 2003 I
decided to retire early (age 54)and moved to Thailand from
California. In 2004 a former business contact asked if I
was interested in short term contract work at various places
around the world. Without giving any thought to the tax
consequence I jumped at the opportunity. Having worked
overseas in the past as an employee of a company I was exempt
from federal tax if I stayed out of the US for a certain
period of time and the money was earned overseas. Looking at
the federal Pubs it looks like that might not be the case when
self employed and operating under one's own name, as I am now.
I know I must pay the self employment tax (both sides of SS
and Medicare) but am I exempt from federal income tax on money
earned from these contracts?
Would there be any advantage for me to form S-Corp? Don't
plan on earning more than $50k a year. I also have established
an office other than at home because of cheap cost to rent.
decided to retire early (age 54)and moved to Thailand from
California. In 2004 a former business contact asked if I
was interested in short term contract work at various places
around the world. Without giving any thought to the tax
consequence I jumped at the opportunity. Having worked
overseas in the past as an employee of a company I was exempt
from federal tax if I stayed out of the US for a certain
period of time and the money was earned overseas. Looking at
the federal Pubs it looks like that might not be the case when
self employed and operating under one's own name, as I am now.
I know I must pay the self employment tax (both sides of SS
and Medicare) but am I exempt from federal income tax on money
earned from these contracts?
Would there be any advantage for me to form S-Corp? Don't
plan on earning more than $50k a year. I also have established
an office other than at home because of cheap cost to rent.
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