My question should be pretty simple to respond to:
I am a US
citizen with a SSN and I work overseas for the US Gov. technically I am in the US and pay taxes
taxes I am exempt form
them while I am overseas)
I am opening a business in Netherlands, Europe with a partner. It will be a registered business. This will be finalized by the end of the month. I will own 50% of it. I already understand how to declare my income
from the business on my tax form. It will be considered income but not taxable since I will be paying taxes to Netherlands authorities, but it will be counted for my total income for taxation
I will be running a few Kick-starter funding campaigns (will be collecting money for a project using an Amazon account linked to my US bank). The total amount collected from these Kick starter will be given to the Netherlands based business to accomplish the project. The business will then produce and distribute the products to the customers.
My question is how do I need to declare this income (that will be $0 dollars after expenses) on my tax declaration form for 2013. I was told that I may declare them as self employed revenue and suing a Form 1099-K
. And most likely any of the projects will exceed $20.000 and 200 transactions
In a few words:
How do I declare them on my federal taxes
, and what expenses will I be incurring?