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If I worked as an independent contractor for a company

Hi if I worked as...
Hi if I worked as an independent contractor for a company located overseas and did not receive a 1099 form am I still required to file it on my tax return?
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Answered in 4 minutes by:
3/23/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,127
Experience: Taxes, Immigration, Labor Relations
Verified

US persons are required to report all worldwide income - regardless if it was reported to the IRS or not.

So yes - legally that income should be reported.

As an independent contractor - that will be your business income - and will be reported on schedule C.

You will deduct qualified business expenses.

After deductions - your net business income will be added to other taxable income and will be subject to self-employment taxes.

Let me know if you need any help for reporting.

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Customer reply replied 3 months ago
Do companies overseas report to our IRS?

In most situations - there is no reporting directly from payers.

But some payment providers report the fact of payment - like PayPal issues form 1099K.

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Customer reply replied 3 months ago
I should ask paypal for 1099k?

You do NOT need any reporting form for your tax return.

That is not required.

If reporting is required PayPal will issue 1099K.

If not required - you will not have any reporting form.

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Customer reply replied 3 months ago
oh ok thank you very much, have a wonderful evening

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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Customer reply replied 3 months ago
If I have two different 1099 forms I am filing can I claim my home office for both ?

If that is ONE activity - you will file one schedule C and - yes - you may deduct home office expenses.

If these are two separate activities - and reported on separate schedule C forms - you may divide home office expenses between these two activities.

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Customer reply replied 3 months ago
If I have a payment plan that already have established with the IRS, am I eligible to claim my payments as credits? There is a section that says tax payments under the credits section so I was not sure if that's what it was referring to. I am self-employed so every year I owe alot in taxes

If you have an installment payment plan - it is very important to be current with payments.

It is also important to pay timely all your tax liability.

Otherwise - the IRS may cancel that installment payment plan - and it would be harder to have another.

Federal tax payments for prior tax years may not be credited or deducted on current tax return.

On your 2017 tax return - you may only use use 2017 estimate taxes toward your 20-17 tax liability.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,127
Experience: Taxes, Immigration, Labor Relations
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