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TOPIC: Foreign Business Tax Question
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Wayland (User)
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Foreign Business Tax Question 2 Years, 9 Months ago Karma: 0  
I started an online business selling a product. I am currently in London ( I am a US citizen) until end of the year, and my business is US. My customers come from everywhere worldwide and they pay via online direct deposit.

For European customers, I was able to open a checking account (as a foreigner) in London that has my name as well as my business name on the account, NEVERTHELESS the account is considered 'personal' according to the bank. I use it to collect the payments in pounds, and I am able to use those funds for my personal and company's expenses while I am in London.

Nevertheless, I also do have an actual business account in the U.S. that for now I am not touching because it is in US dollars.

My questions are:

1. When the time comes to file taxes in the US next year, can I include this account as part of the information required for my company's income tax? Please note that the accountant that helped me with the company's income tax this year suggested to file the biz taxes under my personal tax forms for 'two years', because the business had more expenses than anything else.

2. While I am in London, can I use this personal account to make payments to providers? Just because it is more convenient for me to do wire transfers from this account. In the US, the bank that holds my business account requires me to go in person to the bank to make wire transfers, and I can't right now being overseas.

Please advise what is the best way to account for the business expense of paying to providers using the Spanish bank account.

Thank you very much!
 
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