I am brand new here at the community and am trying to figure a few things out before I get started. Maybe there are some excellent accountants in here that could bring some advise?
I am both a US and Swedish citizen, currently residing in Sweden. As you might know, US citizens always have to report their US taxes no matter where they live.
My question is now, is it best for me to register in the US and run everything through that country? I would of course open up a new bank account in the US for this. This would also mean I could just get the W9 and report my own taxes there.
Or, should I do everything as based in Sweden even though it seems a bit less efficient to deal with money transfers to other countries (also bad conversion rate as the US dollar is so strong now). Then, would the income I make count as made in Sweden or made in the US for reporting purposes?
I appreciate any input you may have for me! Everything is new right now.
Thanks in advance!
If you live in Sweden and set up your Upwork profile claiming to live in the United States, you could get suspended from Upwork.
Given the fact that you are a Swedish citizen and a resident of Sweden, you should be more concerned with Upwork rules than U.S. law.
Having said that, I definitely recommend using a U.S. banking account, because then you can withdraw all your money for free -- no fees. It's great. You need to make sure that your bank account matches your real name, but Upwork does not require your bank to be in the same country that you live in, and as U.S. citizen, you probably already have a U.S. bank account, or could easily set one up.
I appreciate your effort to be conscientious and professional about your earnings here. You may get advice from several knowledgeable people.
When it comes to finding an excellent accountant, though, to answer specifics about your responsibiities and especially your options under US tax law, your best course is to hire one.
Welcome and all the best,