Have a Tax Question? Ask a Tax Expert
Hi and welcome to Just Answer!
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.
So if your income from wages and is below the threshold - you are not required to file the tax return.
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.
Is this at the end of 2010 or 2011?
You file your tax return separately for 2010 and for 2011.The tax return is due by Apr 15 following year.
For 2011 - the tax return is due by Apr 15, 2012.
You should report that income as self-employment income on the schedule C - http://www.irs.gov/pub/irs-pdf/f1040sc.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
You might want to review a list of possible dedcutions on the schedule C - that might help to reduce your taxable income.
Please be sure to ask if you need any clarification - I might be not immediately available - but surely will reply.
Please be sure to accept the answer. Experts are credited only if answers are accepted.
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
Btw waht is the $16 I see on the left hand side of this page?