Can my U.S. company do work for a foreign company and get wire transfers to my personal account?
I am thinking of setting up U.S.-based consulting business & thinking of doing work for a company based out of China.
I would be handling the majority of the work in the U.S. and it may possibly involve some travel overseas.
My question is: Can they pay me by wire transfer to my personal account, and then I file for all of the taxes as a U.S. company without any issues?
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It seems that you're complicating things quite a bit. Why would you not create a business entity, open one or more bank accounts for it, and then have the money wired into those accounts? If you plan on being a company then set up the appropriate structure for it.
In the U.S., you can form an S-corporation or an LLC and choose pass-through taxation so that all you pay is income tax on what you receive from the business as personal income. The business itself would not have tax liability in such a case.
Co-mingling your personal banking with that of your business could create real tax headaches for you if you aren't careful, so it's not worth the trouble or risk.
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