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Can anyone see any potential problems with doing this? I have a P.O. box in Michigan.
My main question is what would I need to worry about or be on the lookout for if I tried to do this? Do I need to register anything with the Mexican gov? Am I correct is assuming the first $80000/yr I make will not be taxed by Uncle Sam? Do I even need to report earnings to the US? To Mexico?
Am I correct is assuming the first $80000/yr I make will not be taxed by Uncle Sam?
Do I even need to report earnings to the US?
No matter what, consult with a tax professional and discuss your entire situation. You may need more documentation to prove that you are actually doing the work outside the U.S.
Oh, and don't forget that you'll still be taxed normally on non-earned U.S. income (e.g., interest on bank accounts, dividends from U.S. securities, revenue from U.S. rental properties, etc.). And your state may not have any exclusion at all, so you'd still be subject to state taxes.
[edited by: LifeinAsia at 11:08 pm (utc) on Feb. 17, 2009]