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Should I elect my LLC as an S-Corp for taxes, I'm a US citizen in Europe?


by @robetus 7yr  | 3 comments

I have an LLC formed in Portland, Oregon. I am the only member and do not ever plan on adding more members. Should I elect to have my LLC treated as an S-Corp for my taxes? I am a US citizen living in Europe but I do not qualify for the foreign income exclusion yet. Can anyone give advice that has made this election? I know that as an S-Corp I can pay myself a reasonable salary based on the companyโ€™s income and then pay the rest to myself in dividends that are exempt from certain taxes.

If I chose to pay myself 70% of the companyโ€™s income as my salary am I required to pay myself the other 30% in dividends or can I leave that 30% in the companyโ€™s coffers for legal fees, large chargebacks, and the like? Thank you for reading and with any help provided.

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@robetus 7yr

yanokwa did you file as an s-corp? If so I found this on irs.gov:

LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification.

Does this mean I only have to file from 2553 and never have to file form 8832? Did you do this or remember how you did it? Again, my consultation is soon but if someone could tell me who has actually done it that would be great.

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@robetus 7yr

Thank you very much for that yanokwa. I have a consultation setup with an accountant in a couple days to be sure everything is on the up and up. Iโ€™m fairly new to running my own business and I from my research and advice I have shown that what you say is correct. A little more paperwork equals some pretty good savings in taxes. Seems like the extra step in the s-corp election is done by the irs to make it slightly more difficult or daunting to save a little from uncle sam.

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@yanokwa 7yr

You should talk to your accountant, but the short answer is yes, filing as an S-corp saves on taxes and there is no real downside. Maybe a tiny bit more paperwork?

You can leave whatever amount youโ€™d like in the company to cover expenses. It depends on the kind of business you run, but Iโ€™d aim for a flat number (e.g. $10k) rather than a percentage. Whatever profit you leave, youโ€™ll still have to pay taxes on.

Where you should think about percentages is in tax planning. Work with your accountant to figure out what your tax burden is and try to leave that percentage in your bank account.

Revenue at my company is variable, so I find what works best is to take money out of the company when we need it (every month or so), then at the end of the quarter, my accountant runs payroll and marks the money I took out as either distributions or salary. The goal is to get to a โ€œreasonable salaryโ€ without overpaying/underpaying taxes.

What a โ€œreasonable salaryโ€ is up to you. Iโ€™ve seen folks who advocate a 50/50 or 60/40 or 70/30 split. The advice I received was to pick a number that is typical in your industry and defensible during an audit. The IRS offers no real guidance here.

But before you do anything, you really should talk to an accountant.

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Read and participate in 14,118 discussions on Nomad List

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What features would you like to see on Nomad List?


by @levelsio 2yr 1 year ago  | 3 comments

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I would love to hear what you'd like me to build next on Nomad List, or any other product/feature feedback ideas you have.

It's been 6+ years now but I'm in this for the long term and with the boost remote work got last year it's even more exciting to work on Nomad List than ever.

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What are the best places right now in the Caribbean/LatAM? (Also cheapest flights/accommodation?)


by @orangutan3 2yr 1 year ago  | 1 comment

What are the best places right now in the Caribbean/LatAM? (Also cheapest flights/accommodation?) Asking from the US.

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List of Visa/Residency Information in Table/Spreadsheet format?


by @innovatelife 2yr 1 year ago  | 2 comments

As part of signing up for this website I was hoping I would come across a list of Visa and/or Residency requirements by country ideally in a table format to assist with decision making. Does anybody recommend any other websites that might present the information in this format (or Google Spreadsheet)?

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Most Walkable Neighborhood / City In The World ?


by @dannybooboo 2yr 1 year ago  | 1 comment

I love living in walkable areas of town. I can always find them. But now I'm wondering where in the world are the most walkable places? I'm imagining walk streets (no cars), zoning allowing both business and residential, parks or beaches ,etc.

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Any nomads in Arizona, US?


in Netherlands by @info132 2yr 1 year ago  | 4 comments

Hi guys,

After the Netherlands, the Bay Area, Colorado and being on the van life for 8 months, I am now in Sedona, AZ with a few other digital nomads. We are sharing a home here and are wondering if there are more like minded people in the area.

We do a bunch of hikes and campouts in the northern of Arizona. If you would like to connect with us, please do so :)

Val

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International number & internet?


by @leobassam 2yr 1 year ago  | 1 comment

Has anyone figured out a way to get setup with a virtual number and internet connection anywhere you go?

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Are there any tax issues I have to be aware of?


in Germany by @clara 2yr 1 year ago  | 0 comments

Hi everybody. I live and work in Germany and want to go to Canary Islands for 6 months to work from there. I'm going to keep my current job, just change the "home" in the home office part of things. Are there any tax issues I have to be aware of? I was reading about becoming a residence after 183 days, thus having to pay taxes there plus my employer having to register there. Does anybody know how it works exactly? Thanks a lot!

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Chiang Mai accommodation


in Chiang Mai , Thailand by @bertieb 2yr 1 year ago  | 0 comments

Can anyone recommend a good accommodation website for Chiang Mai?

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Is anyone travelling right now?


by @viktor 2yr 1 year ago  | 3 comments

Winter is coming and Iโ€™m feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?

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Anyone up to explore some city which is kinda virus safe?


in Bangkok , Thailand by @germanrobert 2yr 1 year ago  | 2 comments

Hello World!

I'm an experienced Digital Nomad and after being in Lockdown in Bangkok and Germany for one year I would like to team up with someone to visit a new place. Or just doing some exchange about what destinations would be interesting currently.

I take the virus seriously and still I think we can still be able to take our life in our own hands. So I'm aiming for cities/countries which are not in full lockdown, are not too complicated about immigration (I'm looking at you Thailand, your state quarantine costs like 1k USD and is basically a prison) and is also rather safe regarding the virus. I tend to stick for rather big cities and like culture. I'm not a beach or nature person. I'm pretty flexible about the money topic.

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Holร  ! What's the internet / wifi situation in Sayulita ?


in Puerto Escondido , Mexico by @ambroisedebret 2yr 1 year ago  | 0 comments

After being told it's unworkable in Puerto Escondido, looking for alternatives :)

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How to find accomodation in Las Palmas, Canary Islands


in , Spain by @philippg 2yr 2 years ago  | 2 comments

Hi, we are trying to find a house to rent for 2-3 persons near Las Palmas for 4-5 months at the moment and it seems to be almost impossible except through Airbnb which is super expensive. Any advises or local contacts?

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If you're American but live in Guatemala, do you still count as American for travel purposes?


in Guatemala by @chasindreams 2yr 2 years ago  | 0 comments

What I mean is, for example, since most of the EU has banned Americans, if I live in Guatemala and will be traveling FROM Guatemala to the EU, could I get in? Or does the ban count for all Americans regardless of where they live?

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Ukraine Residency


in Ukraine by @reticle 2yr 2 years ago  | 1 comment

I have a slightly above average US income which I can work remotely from paired with a $1000 a month income stream and more than enough to purchase a middle end Flat in Ukraine. Does anyone with knowledge of this process have any advice to acquire a reliable way to stay in the country?

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Are co-working spaces a good way to meet people in a new city?


by @donaldbough 2yr 2 years ago  | 1 comment

My fiancรฉe and I are most likely moving to NYC (maybe DC) in August, and as a technical startup co-founder I'd love to meet new people that are also into startups. Would joining a co-working space be worth the money to do this?

I work for a big tech company that has an office in NYC, but it's mainly sales so I wouldn't be able to meet others that are related to any of my 9-5 work or likely into tech.

If co-working spaces, post covid of course, aren't a good way to meet business starting people in a new city, what is?

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Are there any digital nomads in the Islands e.g Bermuda, Barbuda, St. Kitts and Nevis?


in Antigua , Guatemala by @momo11 2yr 2 years ago  | 3 comments

Does anyone ever travel to any Islands like Bermuda, Barbados, Barbuda and St. Kitts & Nevis?

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Is La Gomera a nice place to stay?


in Norway by @kvarsten 2yr 2 years ago  | 1 comment

Hi, my name is Eric and I am a remote worker from Norway. Me and a friend is flying into Gran Canaria on Friday and spending two weeks in San Agustin on the south side of the Island.

After that we are pondering about staying in La Gomera. Does anyone of you have an experience staying there or are there anyone of you staying there now? :)

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Is there a map of countries open for travel now?


in Russia by @vernon99 2yr 2 years ago  | 8 comments

I have two passports from different countries and am trying to understand where can I travel now. Is there a publicly available map of countries open for visitors by passport country that I can use to see what are my options? I was pretty sure such a thing should exist, but cannot easily find any.

Maybe at least there're maps for specific passports? Mine are Russian and American.

If there's no such thing, I'd be down to build one, let me know if interested to collaborate :)

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Any good coliving or other monthly rentals in Seville?


in Seville , Spain by @antoine_th 2yr 2 years ago  | 0 comments

Hello Everyone

I'm planning to stay in Seville for 6 weeks for mid January - end of February. Do you any recommandations for a coliving or a place to live in?

Thanks ๐Ÿ™

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Are restaurants, cafes and malls working in Mexico City taking into account COVID situation?


in Mexico by @thateverdmitriy 2yr 2 years ago  | 1 comment

I am planning to travel to Mexico City next weekend and stay for 7-10 days there. I wonder if cafes, stores and other places like these work? And if cafes work, do they work as usual or only for take away&delivery? Will be very thankful if someone can help here.

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