I do online selling services for a company outside the US. How do i file my taxes?
1. i know i need to do the Form C(business expense net profit so on)
2. I know i need to file 1040 base on the net profit/loss from Form C
3. I know i need to fill SE form for self employment
My question is.
How do i file on the taxes that the majority of the income I get from these online sells will go back to another company because it is their transaction not mine. therefore I need to deduct these amounts on my Form C. Problem is, its very hard for me to get a legite transaction form from them. The only proof I have is the bank transaction transfer from my account to the company's account. Is this enough info for me to file my taxes so that IRS wont freak out? Let me point out that the shipping is done outside US, therefore I have to tariffs to worry about. And, most of the customers are foreign located. The only thing I do, is provide a service where I sell their things online. SOrt of like the middlemen over the interenet. thanks dawg
- 1 decade agoFavorite Answer
WELL NORMALY YOU WOULD RECEIVED A 1099 MISC FORM BUT SINCE ITS A FOREIGN COMPANY I HIGHLY DOUBT IT. WELL NE WAYS FILE YOUR INCOME TAX ON SCHEDULE SE, 1040, AND SCHEDULE C AS YOU WOULD NORMALLY DO AND IF YOU DO HAVE ANY QUALIFYING BUSINESS EXPENSES THEN INCLUDE THEM ON SCHEDULE C REMEMBER TO PUT YOUR OCCUPATION AS SALES PERSON VERY IMPORTANT. NOW IF YOU DO GET AUDITED JUST SHOW THEM WHAT EVER PROOF YOU COULD POSSIBLY SEND THEM AS LONG AS YOU DO THE RIGHT THING IN A TIMELY MATTER THE IRS WOULD PROBABLY UNDERSTAND AND COMPROMISE JUST MAKE SURE TO PROVIDE WHAT EVER INFO RELATED TO THE COMPANY AND THERE PAYING TRANSACTIONS YOU MIGHT HAVE. ALSO KEEP MIND MAYBE U SHOULDNT BE CONDUCTING BUSINESS WITH THIS COMPANY SO BE VERY CARE FULL DO YOUR RESEARCH. REMEMBER THAT IF YOU GET YOUR TAXES FILED WITH A PROFESIONAL YOUR GONNA NEED A NOTARIZED LETTER STATING YOUR NAME AND BUSINESS TRANSACTIONS . IF YOU HAVE ANY MORE QUESTIONS EMAIL ME @ G.TAXCONSULTANT@YAHOO.COMSource(s): CHECK OUT PUBLICATION 17 AT IRS.GOV
- olliLv 44 years ago
So, you have a valid green card and you're clueless approximately a thank you to document taxes. a million. of direction you need to document. US tax regulation taxes you on international earnings. sure, you're required to document all perfect varieties. which ability exhibiting gross earnings and then exhibiting deductions for costs you may checklist. (If any of your freelancers have been US persons or working interior the U. S., you're additionally delinquent on submitting 1099-Misc/1042-S varieties.) it quite is self-employment earnings and triggers 15.3% self-employment tax on the internet earnings. SE tax is to boot to earnings tax. in case you stay outdoors the U. S. for 330 days each and every 3 hundred and sixty 5 days, you may exclude as much as $96K of remote places earned earnings for earnings tax applications merely. (Eg, $10,000 of internet earnings remains $1413 of SE tax. 2. US tax returns are calendar 3 hundred and sixty 5 days. You document 2008 earnings on the 2008 tax return. in case you filed without it, you AMEND that return. you would be situation to effects and pastime (and probable fraud or accuracy effects) for 2008 from 4/15/2009 until eventually that's paid in finished. 3. in case you have a financial organization account that at ANY TIME has $10,000 or extra in it, you apart from mght have a submitting requriement for form TDF ninety-22.a million The effects for failure to document this manner are hard and the IRS is cracking down on those.
- Anonymous1 decade ago
You should have an accountant taking care of all this. He should have access to all your records and sort them as they should be. He can tell you what to put where and what not to do.
An accountant probably will pay for his fees in tax savings.
Let the pro do his job and you do youyr job.
- 1 decade ago
Come on people keep it simple, the Fed. IRS don't care where the money came from and how you made it, all they care about is how much they get and where you live depends on that. and do you have proof of what you tell them.
And don't forget the state aslo wants there portion.