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I am about to start working for a company based in the UK.

Hello, I am about...

Hello, I am about to start working for a company based in the UK. They do work in the US as well as many other countries. I will be working in the US as a contractor for them for the foreseeable future. Do I need to open a business account and how do I file my taxes?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

The company mentioned that I would be paying for expenses on my credit card but that they would reimburse every month

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Answered in 3 minutes by:
3/12/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You will be considered self employed for US tax purposes. You can report your income and expenses on Schedule C of your personal 1040.

You would not have to open a business account if you are a sole proprietor.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
Would opening a business account and business entity have any more tax benefits than just using my personal account to receive the income?Regards,
Michael Abarca

No, but it would keep your business income and expenses separate from your personal.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Thank you for the positive rating of my answer. It is very much appreciated.

Have a great day!

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Barbara
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