USA (Simple but Urgent) What needs to be filed annually - how and when for my personal scenario

[The Greek]

Hello.

I really need some guidance in time because I feel like I am
in a maze for so long, being after a so simple answer !

My details:

1) I am a Greek resident
2) I have created a single member Nevada LLC (disregarded)
3) I have an EIN and an ITIN
4) LLC's address is served by an agent in Nevada which I hire annually for that
5) I am a digital marketer selling mostly as an affiliate (through clickbank for example), only info products or digital services of others or of my own.

I don't have any personal income inside the US, other than what is or will be generated under
this LLC through my activity. I sell no physical products or services at all. I operate alone which means that
I have no employees.

My simple question to be answered:

Please help me finally understand what how and when anything I have to file
needs to be filed annually by me, because I am completely confused and

even if I am willing to hire a professional I dont really know what I need him for
because no one gave me these simple answers so far without asking me to pay for
300-400$ just to get a couple of basic and simple answers for my scenario!!!


The answer I seek for is like this:

As long as there is an LLC based on your scenario and under these criteria you need or not
to file this file annually every december for example

and this as an individual based on your scenario under these creteria every April
for example

Or

You dont need to file anything as an llc and you need to annually file this file
every year on this month considering your scenario ...

Closing this post:
Asking for help means that I don't know exactly what to do and to my understanding
this is dangerous so any help will be much appreciated!


If there is any further information you might need to be able to answer
please let me know and I will respond asap!

I think I am closed to a deadline for filing to which I am not aware and trying
to get answers overseas is driving me crazy so far!

This LLC and in general my attempt is a long shot for me and a start from
scratch which means that I don't have yet the funds to be easy on paying 400$
just like that

Thanks in advance for your time and believe me
every answer will more than just appreciated!

 

[Ashley K. Knowlton MBA]

You should still take your complete situation to a tax professional who is familiar with both US and Greek tax law and any relevant treaty that may exist between the two.

(For example, an agreement to give credit in one country for income tax incurred and paid in the other - some countries have such an agreement, but others do not. If not, you might have to claim the US income on your income tax return in Greece and also pay tax to Greece.)

However, the short answer to get you started - yes, you will need to file a US income tax return - the form you need is the 1040NR for non-residents with US-source income.

The return is due on April 18, 2016 (normally it's April 15 unless that falls on a weekend or holiday, in this case April 15 is a holiday in the District of Columbia).

If you need to file for a six month extension, you can do so by filing Form 4868 by April 18, which then gives you until October 17, 2016. However this does not extend the time to pay, so if you end up owing tax you may also owe penalties and interest.

The other thing you may want to consider - with the help of a tax or business consultant - is why you have created the US LLC in the first place, rather than just operating as a foreign individual with an e-commerce website. Depending on the complexity of your business/situation, it may or may not be more trouble than it is worth.

 

[The Greek]

You should still take your complete situation to a tax professional who is familiar with both US and Greek tax law and any relevant treaty that may exist between the two.

(For example, an agreement to give credit in one country for income tax incurred and paid in the other - some countries have such an agreement, but others do not. If not, you might have to claim the US income on your income tax return in Greece and also pay tax to Greece.)

However, the short answer to get you started - yes, you will need to file a US income tax return - the form you need is the 1040NR for non-residents with US-source income.

The return is due on April 18, 2016 (normally it's April 15 unless that falls on a weekend or holiday, in this case April 15 is a holiday in the District of Columbia).

If you need to file for a six month extension, you can do so by filing Form 4868 by April 18, which then gives you until October 17, 2016. However this does not extend the time to pay, so if you end up owing tax you may also owe penalties and interest.

The other thing you may want to consider - with the help of a tax or business consultant - is why you have created the US LLC in the first place, rather than just operating as a foreign individual with an e-commerce website. Depending on the complexity of your business/situation, it may or may not be more trouble than it is worth.

Mrs Ashley,

THANK YOU very much for your fast response and
I seriously appreciate that you took the time to give me
an answer.

Please let me define some things based on your answer:
(I am willing to be taxed in US)

1) Based on your answer all I need to do annually is to file
a 1040NR during April or when the time comes and nothing else right?

2) Does that mean that even if the LLC exists I will have to report
the LLC income as "my own" income through this form (1040NR)
under my ITIN only?

3) As long as the income is practically a business income and I have
no other source of income (in US), is there any need to file anything else
like a schedule c for example to break down my business income and
expenses?


Please advice me on whatever I might need to be aware of (and I am missing atm)
and take care of it, as long as this is what I am trying to do in first place in an attempt
to define what I am really after, especially if I am to hire a professional to do the work
for me.

And with that being said can you please advice me on what is a logical price frame
for such work to be done by a professional within US?

Based on the fact that the LLC was for a number of reason not so active
and we are talking (for this filling) that I have to file ONLY

i) An order I gave to the bank to speed up my debit card delivery while I was in US
(Expense)
ii) A single income wire transfer (The commissions I got from a platform)
and the bank fee which was applied on this transaction
iii) The Monthly bank fees (7 in total) I had by the time I had my LLC's Bank
account during the last year

How much should I pay for such a task? What is expected and logical to be
asked from me to pay for that?


Closing this Reply:

If you are available of taking care of such a task,
please let me know about it (In private message) as long as I seriously
appreciate that you were the one who took the time to respond first.

 

[Ashley K. Knowlton MBA]

I can't speak to cost. It varies by location, practitioner, etc.

And I don't have enough experience personally with either business tax or international tax situations to be qualified to help, however there is probably someone else in this group who can.

However in answer to your general questions:

1. Yes, you need to file the 1040NR annually during any year that you have US source income. Whether that is ALL you need to file depends on a number of factors.

2. Yes. A single member LLC is generally a pass-through entity with no legal "existence" as a separate entity. In order to separate the entity from the person you would have to establish a C corporation. However in that case you would be taxed twice - the corporation would be taxed on its net income, and then you (as an employee getting wage/salary income from said corporation) would be taxed on the income paid to you by the corporation. I can't see any particular reason for you to incorporate as a C corporation given what you've explained about your business.

3. Not sure. If you were filing a regular 1040 as a US citizen/resident, the Schedule C would apply in this situation, but I am not sure whether it is used with a 1040NR. Someone else in this group is welcome to jump in here...