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This is not as bad as you guys think. There is one variation in the code that could be a source of good news if you are quick -- IF the income is generated OVERSEAS, then the IRS will only tax this income PAST the $75K mark. That's right.... $75K tax free if its completely generated overseas...ie., you earned it while you're overseas..even if the client is a US company.
What does this mean? A lot, actually, get your accountant to factor in your expenses so that you are under the $75 K mark and, you guessed it, YOU DON"T PAY ANY US TAXES!
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