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Individual Income Tax Questions

Are you planning on filing your own income tax returns? Do you live overseas and need to know how to file or if it is necessary to file? The IRS has a certain way they expect your taxes to be filed and it can be confusing if you are not aware of the rules. Tax Experts are readily available online for you to ask questions and receive timely answers at your convenience. Listed below are a few individual income tax related questions answered by the Experts.

What is individual Income Tax

An individual income tax is the tax levied on a person’s total income for a period of one year. This tax is regulated and collected by the government. With corrections made at the year end, adjustments to the taxes can result in either an additional tax payment owed to the government or a tax refund owed to the individual by the government. 

Can one person be claimed by another and still file their own income tax return? 

Yes, an individual can be claimed as a dependent on one person’s income tax returns and still file their own return, but cannot claim themselves as a dependent and take personal exemptions. Also, one can only claim an individual as a dependent on their income tax returns if the individual’s earnings are less than the required dollar amount for that year, they lived with that individual for the entire year, and paid more than 50% of their total support. 

Can a non-family member who resides in your home and works with your company file as an independent contractor?

As long as the non-family member works their own hours and sets their own guidelines, they can be classified as an independent contractor. You can report the person’s earnings by issuing a 1099-MISC form to them and mention the earnings in box 7. The person could then report self-employment earnings on Schedule C of their individual income tax return.

Should a U.S. citizen, living overseas, file a U.S. tax return and claim earnings received in the country of one’s residence?

An individual, who may have earned income in the United States and abroad, must declare all money earned on a U.S. 1040 individual income tax return. If the individual’s earned income from abroad is taxable, they may claim a credit for those taxes, to avoid being taxed twice. Also, if the tax liability on an individual’s income abroad is higher, there may not be any U.S. taxes owed. However, if the tax liability abroad is lower, they could expect to pay the difference after all the credits are applied. The individual could speak to a Tax Professional to understand which forms need to be filed in addition to the U.S. 1040 individual income tax return so that the return is filed correctly.

Can a previous year’s income tax return refund be applied to the following year’s taxes to reduce the tax liability?

Once an individual has received their refund check, they can write VOID across the front and endorse the back of the check and mail it back. Also inclue a letter of explanation asking the authorities to use the amount of this check to lower the tax liability for the following year. It is important that a copy of the check be kept in a safe place for their records. 

There are several rules to be followed when filing an individual income tax return. While the questions above may have answered a few of your concerns regarding the process of filing, you could have other questions that are specific to your case. Remember that it is important to know exactly how you must file your taxes to avoid making a mistake and paying a penalty. Put your queries to Experts now for quick answers and insights that can help with your case


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