Question for Fil-Am business owners

Hi there, I am a naturalized american citizen who is planning to move back. We're going to apply for dual citizenship soon but was wondering if I'm gonna be taxed in PI and US if I have a business? I asked some Fil-Am's around but they all have different answers.

Thanks in advance for comments and advice.

As a U.S. taxpayer, all worldwide income is subject to taxation and reporting and for US expat tax in the Philippines you are required to file a U.S. tax return on an annual basis due on April 15 each year (June 15 if you are residing overseas on the April 15 deadline). The tax treatment for different classes of income can vary greatly from the Philippines and the U.S. For example, certain benefits may be tax free or excluded from taxable income in the Philippines, but in the U.S. these benefits are likely to be non-qualified benefits that are subject to being included as taxable income in U.S. As such, there are a number of considerations related to US expat tax in the Philippines and this brief article will address a few of those considerations. … ilippines/

Hope this helps you can download their guide for free

You will need to find an honest and bonafide expert to help you, but one thing I am sure of:you won't have to pay taxes to BOTH governments

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