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Me & family got USA citizenship. Last year I moved overseas to do some reserach works on eartquake victims. Last year 2005 since I worked in USA and remained there for more then 6 months as such I filed my tax return accordingly. But in Year 2006 the whole year I remained self employed at overseas and my tax was deducted accordingly to local laws.
Now I need to know can I file my 1040 or other relevant tax return claiming self employed with foreign earnings? I need to find out before 15th
April as the last date of filing tax return.

2007-04-02 17:55:46 · 4 answers · asked by mmarfani7795 1 in Business & Finance Taxes United States

4 answers

Yes u can and because u work overseas only 80% of ur earnings are taxable ( i work @ jackson hewitt)

2007-04-02 18:09:18 · answer #1 · answered by *sweets* 2 · 0 1

many human beings document tax returns even nonetheless they do no longer have earnings or a W-2. there are a range of differing sorts of earnings (dividends, interest, capital features, authentic sources, farming, self-employment, etc.). It sounds like she ought to document jointly inclusive of her husband. it extremely is the better way for a married couple to do their taxes. the regular motives to no longer document jointly are that they are preserving their funds separate (conventional in 2d marriages or at the same time as there's a large difference in sources between the spouses), criminal themes (if one has a company that make her or him more advantageous at risk of courtroom situations), or they're separated. If she shouldn't have any earnings then there is not any longer a clarification for her to document if her husband is filing on his own. The cut-off date for filing a tax go back is April 15th until eventually you document a six-month extension. notwithstanding, in case you do not document, then you do not get a loose pass. if you're owed a refund, you've 3 years from April 15th after the top of the 12 months. (In undeniable English, meaning you've until eventually April 15th 2013 to document a tax go back to get a refund for 2009.) in case you owe money, then the time reduce relies upon on the quantity and source. in the adventure that your pal has earnings from a economic company account, mutual fund, stocks, or a job, the IRS receives a similar suggestion that she does. if so, the IRS will deliver her a letter sometime alongside with a invoice for the unpaid taxes in accordance to the corporate's calculation, which assumes the worst case for each thing. i'm hoping this facilitates. Gary

2016-12-03 04:29:06 · answer #2 · answered by klingelhoefer 3 · 0 0

Please ignore the JH employee. She is wrong. One more reason I'd not use them!

Your world wide income is taxable by the US. You may be eligible for the Foreign Earned Income exclusion if you file a timely return. You claim that on Form 2555. Alternatively you can claim a credit for the foreign income taxes paid. That is claimed on Form 1116.

Get a copy of IRS Pub 54 from the IRS website. It covers foreign income for US citizens and residents.

2007-04-02 21:54:49 · answer #3 · answered by Bostonian In MO 7 · 0 0

GET A CPA (ACCOUNTANT)-- DON'T LET THE LOCAL TAX COMPANIES DO YOUR TAXES-- THEY DO NOT KNOW ALL THE RULES. A LITTLE PRICEY, BUT WORTH IT IN THE LONG RUN!!

2007-04-02 18:03:05 · answer #4 · answered by kurick 1 · 0 1

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