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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22838
Experience:  Taxes, Immigration, Labor Relations
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I guess my dissatisfaction with the last response was that

Customer Question

I guess my dissatisfaction with the last response was that I had indicated I wanted a very detailed answer. What I expected for the amount I was asked to pay was something telling me exactly what my obligations were and how to proceed. For instance, it would say you would need to have your tax returns filed by x date and how global income is calculated and the tax related to it. I would still need to get a more detailed answer to that question. Is it something straight forward that I could purchase TurboTax or H&R Block software and do it by myself or do I need to get a tax person to do it for me?etc etc
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!

Customer :

Hello

LEV :

There are no requirements to use any tax preparation service or to purchase any specific tax preparation software - that is solely your preferences and your choice.
As a green card holder - you have same tax reporting requirements as other US persons regardless if you are living in the US or abroad.
See below Filing Requirements Chart for Most Taxpayers.

LEV :




















































IF your filing status is...AND at the end of 2010 you were...*THEN file a return if your gross income was at least...**
singleunder 65 $9,350
65 or older$10,750
head of householdunder 65$12,050
65 or older$13,450
married, filing jointly***under 65 (both spouses)$18,700
65 or older (one spouse)$19,800
65 or older (both spouses)$20,900
married, filing separatelyany age $3,650
qualifying widow(er) with dependent childunder 65$15,050
65 or older$16,150
LEV :

So if your income from wages and is below the threshold - you are not required to file the tax return.

LEV :

If your income is from self-employment - you are required to file a tax return if your income is above $400 - because there will be additional self-employment taxes.

Customer :

Is this at the end of 2010 or 2011?

LEV :

You file your tax return separately for 2010 and for 2011.
The tax return is due by Apr 15 following year.

LEV :

For 2011 - the tax return is due by Apr 15, 2012.

LEV :

You should report that income as self-employment income on the schedule C - http://www.irs.gov/pub/irs-pdf/f1040sc.pdf


You can use Schedule C-EZ instead of Schedule C if you qualify - www.irs.gov/pub/irs-pdf/f1040sce.pdf


You will calculate net business income on the schedule C and it will be reported on the form 1040 line 12.




You do need to attach schedule C and schedule SE - www.irs.gov/pub/irs-pdf/f1040sse.pdf to your tax return



If your net business income is above $400 - there will be self-employment taxes - calculated on the schedule SE.
LEV :

You might want to review a list of possible dedcutions on the schedule C - that might help to reduce your taxable income.

LEV :

Please be sure to ask if you need any clarification - I might be not immediately available - but surely will reply.

LEV :

Please be sure to accept the answer. Experts are credited only if answers are accepted.

Customer :

Will review all the links you have provided for more information and guidance. The situation is one person is self employed and the other spouse is an independent consultant but through this whole year has worked for one financial institution but I believe I will get more clarification as I review the forms indicated

Customer :

Btw waht is the $16 I see on the left hand side of this page?

Expert:  Lev replied 2 years ago.
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Expert:  Lev replied 2 years ago.
The price you see is the value of your question. It might related to what you will pay - but that mainly depends on how you signed for services. Experts do not have access to your account and I may not say your exact charge - if you are not sure - you need to contact the customer service.

Please take your time and review all information I provided.
I also suggest to bookmark this page - so you will easily find in future if you need it for reference or to ask for clarification. You are also welcome to ask other tax related questions.
Here is an URL for this page - http://www.justanswer.com/tax/5wmpp-guess-dissatisfaction-last-response.html

If the person works as an independent consultant- and the compensation is reported on form 1099-misc - that person is treated exactly the same as a self-employed person - regardless if all serviced are provided only to one company.
If compensation is reported on form W2 - that person is an employee and his/her income is reported differently.

Please be sure to accept the answer. Experts are credited only if answers are accepted.
Please be sure to ask for clarification if needed.

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