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Question

What % of income does or should go out on taxes excluding medicare and social security? Husband is in Iraq working for contractor from Jan 2009 to Jan 2010?

Submitted: 104 days and 12 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Accepted Answer

There is no specific exemptions for DoD civilians deployed to combat zones, but there is an rule for foreign earned income exclusion.

The person may qualify for the foreign earned income exclusion - he/she should:
-- Work and reside outside the United States for at least 330 days during the year, or
-- Meet either the Bona Fide or Physical Presence tests.
If the person qualifies, he/she may exclude up to $91,400 (2009 in foreign wages - for 2008 - $87,600 - plus housing allowances (limited to 30% of the earned income exclusion).

To receive that exclusion - the taxpayer should file either form 2555 or 2555EZ.

Here are forms you likely need:

  • 2007 Form 2555
  • 2007 Instruction 2555

Please be aware that - the exclusion above will not affect self-employment taxes - only income taxes. Only earned income is excludable. For instance dividends, investment income, etc - are not excludable.

 

Let me know if you need any help.

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Expert: LEV
Pos. Feedback: 99.3 %
Accepts: 
Answered: 8/10/2009

Tax Preparer

Taxes, Immigration, Labor Relations

104 days and 12 hours ago.

Reply

What is your recommendation at the end of 2009, in order to do our taxes, hire a tax consultant, H&R Block, or is there another more knowledgeable person to contact to get our taxes done correctly?? We have had problems in the past with IRS and want to do this correctly. My husband went to Iraq so we could come out at the end of the year in a better place, and a better financial situation, if you know what I mean.

Posted by LEV 104 days and 10 hours ago.

Answer

In general - a tax professional will do better job in preparing your tax return compare if you on your own.

Why? Because the tax law is changing and without being a professional - it is hard to know all changes.

If you do not feel comfortable - it might be better to hire a tax professional.

It doesn't matter if the tax professional works for H&R Block or another tax preparation service - but you may want to verify the qualification before handling your papers.

 

In additional - regardless if you prepare your income tax on your own or hire a tax professional - it is always worth to get a second look.

For instance - that service is offered by H&R Block - http://hrblock.com/ and some other tax preparation companies - so you may bring your tax return and get it verified.

In additional - you may purchase a Peace-of-Mind that works as an insurance in case there still are some mistakes in your tax return.

 

You also are welcome to ask any tax questions here - we would be glad to help you if needed.

 

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