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Generally, a taxpayer may file a claim for a tax refund of an overpayment of any tax within three years from the time the tax return was filed with the IRS or two years from the time the tax was paid to the IRS, whichever period is later. If no tax return was filed with […]
According to the IRS, in order to be able to claim “single” tax status, you must be “unmarried or legally separated from your spouse under a divorce or separate maintenance decree” on the last day of your tax year, and you do “not qualify for another filing status.” (See IRS Publication 501). Determining your marital […]
The best way to understand the difference between the Self-Employment tax (“SE tax”) and the FICA (Federal Insurance Contributions Act) tax is by contrasting self-employment versus regular salary employment. In essence, the SE tax is a Social Security and Medicare tax imposed on individuals who for themselves, while FICA tax is paid in equal portions […]
Figuring out your filing status is the first major step in filing your tax return. Your tax filing status not only will allow you to determine the correct tax (from the Tax Computation Worksheet or appropriate column in the Tax Table), but also it is crucial to understanding your eligibility for and the exact amount […]
Under I.R.C. §911, if certain conditions are met, a qualified individual can exclude his foreign earned income from taxable gross income for the U.S. income tax purposes. This income may still be subject to U.S. Social Security taxes. The income exclusion amount for 2010 has increased to $91,500.