Accounting

I guess I need help

[adfree]

I am making a bit more money now than last year and slowly wondering if I should save some money for taxes.

But then: who am I to know?

The honest truth is this: lived in the States for 5 years, back in Europe now for two, continued with my little corp. making some revenue, spending some, overall (again: my take) 03 even, 04 will be some gain.

Now, being in Europe, accountable for a US corp. though, who do I trust to crunch the numbers with/for me?

Any advice?

[freeflight2]

many accountants give you a free 1h consultation... a good way to save taxes is to transfer as many expenses to your company as possible (car, phone etc.)

[adfree]

Thanks ff2, trouble is: can't see an accountant living in Europe and the guys around here are not too experienced with US tax laws.

[iamlost]

I am making a bit more money now than last year and slowly wondering if I should save some money for taxes.

You should always put a set percentage aside for taxes as for all expenses (you do a running budget, right?!). If at year end some is still in the account, great; that is much better than a tax bill with nothing but cash flow to work with.

You do not say who/how your previous years accounts were done. Is there a reason not to use the same person/firm?

[adfree]

Well, the corp. was established end 2002, first operations in 2003, as said before it burned a bit money or was flat. I contacted the State's tax office and the IRS from Europe without any reaction when asking about tax filing details.

So, I practically just paid state taxes but no federal or revenue taxes as I do file my income taxes in Europe. That's why I need help, maybe I need to prepare for a battle about 2003 figures too.

[iamlost]

I see several possible approaches:

One: contact a national (whichever European country you reside in) association for accountants and request information on members with US/EU tax knowledge.

Two: contact your local banker and request information on local accountants with US/EU tax knowledge.

Three: contact your banker and ask if they provide such services for clients (some EU banks do).

Four: contact the nearest US consulate and request information on accountants with US/EU tax knowledge.

Five: contact the nearest US consulate and request direct answers to your tax questions.

Six: contact family/friends in US to pester their accountants/banks for US accountants familiar with US/EU tax matters.

A businessperson is only as successful as his/her lawyer and accountant. Never set up office without them. You may be missing very substantial benefits between your business and personal tax standings.

[adfree]

Thanks bunches.