I am American with dual citizenship in the country that I have been living in for the past 6 years. I am a permanent resident of this country and have my own business in this country. I pay into the tax system. Do I still need to file for taxes in the United States? I haven't up until this point and am concerned that I have to.
Indeed, as an American citizen you are required to file your tax returns each year in which your income exceeds certain tresholds. They change each year, and as general guidance you must file a tax return for each year where your income exceeded $8,000 if employed, or $800 if self employed.
However, you may take advantage of the foreign earned income exclusion which would allow you to earn the first $91,500 federal tax free. This number also changes yearly ( Historical foreign earned income exclusion amounts ). This applies only to earned income (One generated by your personal services such as wages, participation in a partnership, or self employment income).
Self employment net income would still be subject to self employment taxes of 15.3%, unless you can claim a tax treaty benefit. (Self Employment and the foreign earned income exclusion).
In short, you should file your tax returns as non filing is more of a problem than you would like to deal with (Non filing is a criminal offense and you risk losing the right to the foreign earned income exclusion). We can help you with your tax returns - find out instantly the fee for preparing your returns: http://taxplannercpa.com/incometax-online-quickquote.php