I have decided today, that I am going to close my business.

[Big Kahuna]

I have struggled like hell for 3 years to keep my computer shop open.
There is no way I am going to stick it out through another 4 years of Bush's shitty economy.

I am completely disgusted that 50% of the country would vote for that evil fucking pig! I am truely ashamed to be an American today! If Canada won't take me, I will move to a 3rd world country before I give the government another nickel of tax money to terrorize the world with!

Fuck you America! You deserve Bush!

[w4rma]

1. Is your buisnesses profitable? If so, imho, you should keep at it.

I'm sure it requires major time and work but at least you are your own boss and at least you are bringing in the income to survive.

[JuniorPlankton]

2. BTW, moving out of the US

does not free from the awesome responsibility to pay American taxes!

Just an FYI!

I am so mad at the ignorant people!

:mad:

[telamachus]

5. If you do not live in the us

You do not pay taxes in the US. What ignorant people are you talking about?

[RebelYell]

9. That's not how it works

You are legally obligated to pay income taxes for 10 YEARS after you leave the US.

[telamachus]

12. I guess all my friends

who live over seas have bad accountants then. Link Please so I can help them out.

Just how would the US know how much you made?

Do you have personal experience on this matter?

Did you know that it is quite easy to work for cash in Asia and South America?

[RebelYell]

14. That information came from a tax attorney in my building n/t

[telamachus]

16. Links please

not more hearsay.

[Carl Yasutomo]

19. American citizens are taxed on their worldwide income

I work for a Big 4 accounting firm. I am an American living in Tokyo. Have been in Japan for 9 years and can tell you for a fact that Americans abroad are, in principle, liable for US tax on their worldwide income and MUST report all foreign earned income on their form 1040 tax returns.

HOWEVER, up to a certain specified amount, it is possible to exclude foreign earned income from US taxation. You still have to report your foreign income, but you also attach a form 2555 to claim the exclusion.

If you earn more than the excludable amount, then you MUST pay US taxes on that foreign income, although you can get a credit for any foreign taxes paid on that income.

Incidentally, the Rethugs in Congress almost repealed the foreign earned income exclusion which would have subjected expats like me to US tax on ALL foreign income earned. This would have raised my tax liability by thousands of dollars. Why were they doing it? To finance their huge tax break for the super-rich, of course. Now that the Rethugs control everything, I expect them to succeed in repealing the exclusion and taking more money from me to give to their rich friends. I guess it's time to bend over and prepare to get raped...

[silentrex]

20. IRS info on the foreign income exclusion

http://www.irs.gov/faqs/faq13-7.html

[Djinn]

18. how on earth would that be enforced?

do they send IRS mercenaries after you in your new country? If you still have assets or any income (including social security) in the US then you would but if you make no income in US you pay no tax in US.

[DuaneBidoux]

21. You do not have to pay double taxation

If you pay taxes in a foreign country you do not have to pay American taxes (unless the income is being generated from America).

[Bandit]

3. I am considering exactly the same thing

I have twelve employees and I feel bad for them but I feel a major depression coming on that will rival the great depression of the 30s.

[On the Road]

4. Just Give It a Little Time Before Closing the Doors

Many people expected a depression after WWII which didn't happen. There are many, many possibilities and some surprises. Just gauge how things are going after a little while before making an irrevocable decision.

[ze_dscherman]

13. Some Europeans feel the same

A good friend of mine is predicting a great depression for Europe (or most probably world wide) in the not so distant future. So far, he has been pretty good at economic/political predictions. He's slowly closing his business and getting ready to move on, probably to Asia.

[greyfox]

6. I know you probably don;t wanna read this, but

In the sentence of life, the devil may be a comma--but never let him be the period.

Hold to what you have.

[donsu]

7. americans voted for Kerry, the voting machines voted for smirk

nt

[paulk]

8. I closed my storefront a year and a half ago

I was tired of working 60-70 hours a week making less money than I could get flipping burgers. Especially since the Bush economic policies guaranteed no improvement. I still have the fixtures and inventory to re-open - but my wife and I had decided to wait until after the election to make a decision.

I don't see how the economy will get any better - the only businesses I can see surviving are those that cater to the wealthy - if your clientele is middle or lower class - things are not going to get better.

I'm with what Bandit said upthread - I fully expect there to be an economic meltdown if the supply side nonsense continues.

It's a tough decision to make - hang on and hope things improve or get out while the gettings good. Don't do anything out of anger - give it some thought - weigh your options.

[Union Thug]

10. I'm with you on the FU! Besides, Comp USA, Fryes and Walmart

Will just kill your business anyway. Small biz can't compete with the corporate overlords. Walmart just went up in my community. My wife and I are waving bye bye to the small businesses here in Covington, Wa.

I give them about two years of struggling before they disappear.

[Nicky Scarfo]

11. Do what you have to, but if you decide you do need to close

be sure to hang a BIG sign that says "Closing due to George W. Bush's economic policies"

[GoSolar]

15. That is very sad.

I share your sentiments. I'm very ashamed of this country. The ignorance of the US is astonishing...

:cry:

[Media_Lies_Daily]

17. I closed the doors on my technical recruiting business last December...

...hard to recruit for disciplines that are being outsourced to other countries.

I don't really know what to do at this point...I don't have the experience doing anything else. And that's not very comforting to my wife, either.