Importing/Exporting and some questions (mostly) about tax

Discussion in 'Accounting and Taxes' started by Yukinara, May 20, 2011.

  1. Yukinara

    Yukinara
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    Recently I'm into importing and exporting. I mostly export electronics into other country. My business partner send money to me via international wire transfer. The amount I receive every time is around $20.000 and up

    the thing is this, I just start this around March this year, so everything is not reported in last year tax paper and I intend to include everything in my tax paper next year

    Now, the problem is this: I don't want the IRS think that I'm doing something shady here since there is money coming in and out of my business bank account. I also ship a lot of electronics stuffs out of the country (mostly ebook readers, they are selling very good recently). I don't want to raise a flag with customs and the IRS.

    So is there anything that I'm required to do? I want to be totally open to the IRS since my business is completely legal, I don't want and trouble if I don't know about a few rules in importing and exporting
     
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum Yukinara, thanks for joining. Are you based in the US?

    Your business is dealing with quite a lot of money, hence I would suggest that you need the advice of a professional accountant. Do you know anyone that you could speak to? Accountants will sometimes offer an initial consultation free of charge, so you may be able to get a good opinion of how useful a particular one could be to you, before you incur any expenses.

    You could also contact the IRS by telephone and ask them some questions relating to your situation, but without giving your contact details. This may well allow you to get the info you need without the worry of causing any trouble for you or your business.

    I'm not in the US myself but hopefully some of our other members who are and who have more knowledge of the IRS than me, will post here and give you more specific suggestions.

    Good luck with it!
     

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