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Aaron
Freelance software developer
Q. For 2023, I have W2 income of $50K and a schedule C loss of $10K. Instead of having the business loss reduce my W2 taxable income for 2023, I’d like to carry forward the loss to 2024, to reduce my 2024 schedule c taxable income. Is this possible? And if so, how? Would I simply not report my schedule C losses in 2023, and instead include them in 2024? Thanks!
The carrying forward of Schedule C losses to another year is not allowed. Business losses reduce taxable income for the year they are incurred. If deductible expenses are greater than income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Make sure to report any income obtained through Apple Pay on your tax return, even if a 1099-K was not issued. Disclosing all income to the IRS is crucial, irrespective of whether you have the correct documentation. Claim the income and provide the required information when you file your taxes.
Ankur ****
Finance
Q. For FY 2022, I filed my tax as MFS and my spouse as HOH. She paid taxes in DE and PA while we are full time residents of PA. She claimed credits for the taxes paid in DE on the PA taxes. however the credits were declined saying that both of us have different filing status. Can you please explain why this would be ? And is this denial of credit from PA is correct ?
Pennsylvania's tax statutes constrain or forbid the recognition of taxes paid to another state when spouses have separate filing statuses. The rejection of the recognition is caused by this disparity, as both spouses must adhere to the same filing status to access specific perks.
Ron *******
Seller (Online or independent seller)
Q. I have a problem with my 1099-K I need some help. My accounting method is as follows: * Customer orders online with a credit card. * I pack parts and ship them. * Receipt is dated on the day I ship the parts. * I count the shipping date as the sale date. * I 'settle' the credit card transaction in a day or two, and the funds are deposited into my bank account But... Back in mid 2022, I ended-up with several instances where I forgot to 'settle' the credit card within a couple days. I discovered the problem when working on my 2022 federal taxes. I processed the credit cards in early 2023. That means the my 1099-K for 2023 is reporting money that I already reported as 2022 sales. This year was a really slow year. My records indicate that I have something like $16,xxx in sales. When my 1099-K arrived, it reports over $17,xxx in sales. I was a bit confused until I recalled those delayed credit card sales. What should I do on my Schedule C to report my actual sales when my 1099-K indicates more credit card charges than items I sold? Thanks, Ron
Ensure that your gross receipts on Schedule C are adjusted to accurately show actual sales in 2023, accounting for any delayed credit card settlements. Consider reaching out to the provider for a correction on the 1099-K to ensure accurate reporting.
Harsh *****
Freelance software developer
Q. I am an international student on f1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
You are right in saying that F1 students are typically not subject to self-employment tax (similar to FICA tax) for the initial five years in the US, if they meet the substantial presence test. With Texas not having state tax, you would probably only need to pay Federal tax on your stipend. Refer to this link for additional information.
Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably boost your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Raising your 401(k) contribution to the max of $30,500 can offset some of the tax consequences by reducing your taxable income. However, the ultimate tax impact will depend on various factors such as filing status, additional income, and expenses. Take into account all factors before making a decision.
Aaron
Freelance software developer
Q. For 2023, I have W2 income of $50K and a schedule C loss of $10K. Instead of having the business loss reduce my W2 taxable income for 2023, I’d like to carry forward the loss to 2024, to reduce my 2024 schedule c taxable income. Is this possible? And if so, how? Would I simply not report my schedule C losses in 2023, and instead include them in 2024? Thanks!
The carrying forward of Schedule C losses to another year is not allowed. Business losses reduce taxable income for the year they are incurred. If deductible expenses are greater than income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Make sure to report any income obtained through Apple Pay on your tax return, even if a 1099-K was not issued. Disclosing all income to the IRS is crucial, irrespective of whether you have the correct documentation. Claim the income and provide the required information when you file your taxes.
Ankur ****
Finance
Q. For FY 2022, I filed my tax as MFS and my spouse as HOH. She paid taxes in DE and PA while we are full time residents of PA. She claimed credits for the taxes paid in DE on the PA taxes. however the credits were declined saying that both of us have different filing status. Can you please explain why this would be ? And is this denial of credit from PA is correct ?
Pennsylvania's tax statutes constrain or forbid the recognition of taxes paid to another state when spouses have separate filing statuses. The rejection of the recognition is caused by this disparity, as both spouses must adhere to the same filing status to access specific perks.
Ron *******
Seller (Online or independent seller)
Q. I have a problem with my 1099-K I need some help. My accounting method is as follows: * Customer orders online with a credit card. * I pack parts and ship them. * Receipt is dated on the day I ship the parts. * I count the shipping date as the sale date. * I 'settle' the credit card transaction in a day or two, and the funds are deposited into my bank account But... Back in mid 2022, I ended-up with several instances where I forgot to 'settle' the credit card within a couple days. I discovered the problem when working on my 2022 federal taxes. I processed the credit cards in early 2023. That means the my 1099-K for 2023 is reporting money that I already reported as 2022 sales. This year was a really slow year. My records indicate that I have something like $16,xxx in sales. When my 1099-K arrived, it reports over $17,xxx in sales. I was a bit confused until I recalled those delayed credit card sales. What should I do on my Schedule C to report my actual sales when my 1099-K indicates more credit card charges than items I sold? Thanks, Ron
Ensure that your gross receipts on Schedule C are adjusted to accurately show actual sales in 2023, accounting for any delayed credit card settlements. Consider reaching out to the provider for a correction on the 1099-K to ensure accurate reporting.

Facts and figures about
Allen County, Kentucky

kentucky
population

20,797

County Population

population

Scottsville

County Seat

population

346 sq mi

County area

population

6%

Allen County sales tax rate

😵‍💫 Kentucky CPAs cost a lot when there's only one for every 516 residents.

😓 19 million taxpayers were late filing taxes last year.

😨 Without a trained tax professional, 30 million Americans miss tax-saving deductions.

😣 Nearly half of Americans end up paying more tax than they have to.

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Kentucky State Income Tax Rates & Brackets for 2023

The following tables represents Kentucky's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0+

5.00%

MARRIED FILING JOINTLY

Brackets

Rates

$0+

5.00%

Filing Status

Standard Deduction Amt.

Single

$2,770

Couple

$4,155

Allen county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Scottsville

6%

Allen

Adolphus

6%

Allen

Holland

6%

Allen

Frequently Asked Questions

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