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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 ?

The tax laws in Pennsylvania restrict or prevent the credit for taxes paid to another state when spouses have differing filing statuses. The disapproval of the credit is a consequence of this incongruity, as both spouses must adopt the same filing status to be eligible for certain benefits.

Baris *****

Freelance software developer

Q. In December 2023, I contributed $6500 to my Traditional IRA for the tax year 2023. Then, I submitted a recharacterization request, and Charles Schwab transferred the contribution to my Roth IRA. It is now in my Roth IRA as a cash balance because I have not invested it in any stocks yet. Due to a plan change for my personal finances, I actually need this money now. Therefore, I will need to remove this contribution before the tax deadline of April 15th. Since this contribution has already been recharacterized from Traditional IRA to Roth IRA, can I simply get it removed as an "excess contribution" from Roth IRA for the tax year 2023? Or, should I get it recharacterized back to Traditional IRA first? Thank you!

Your query is acknowledged with gratitude. When it comes to reassigning retirement contributions, there are financial aspects to consider in addition to tax implications. If you have any particular concerns about taxes, feel free to ask for more details.

Dan ******

Freelance marketer

Q. I have an individual 401K and I'm filing out Form 5500-EZ. On Part III, Line 7 the instructions say to include cash contributions "received and/or receivable" during the plan year. I interpret that to mean I should include contributions made in 2024 for tax year 2023, but I'm not sure.

The deadline for contributing to an individual 401k for tax year 2023 is usually until 15 April 2024.

Moussa

Seller (Online or independent seller)

Q. I am looking to get paid online and hence I am setting up a company in Delaware as an LLC to be able accept payment online. Stripe offers ATLAS services to set up a company and do the paperwork. I would like to know as a non resident, owner of an LLC in Delaware do I pay any taxes if I am setting up this company?

As the owner of an LLC in Delaware who doesn't live there, you have to pay federal income taxes on any income your LLC makes in the US, regardless of where you live.

Maxim ******

Home services

Q. I have a manufacturing company in Texas structured as an LLC, it is owned 100% by a parent company. Our previous CPA elected on the SS4 to be taxed as a corporation (form 1120). My question is if should / can change it to be pass through to the holding company?

Changing the taxation structure of an LLC with C Corp status so that profits and losses aren't passed through to the holding company can be done by filing IRS Form 8832 to become a pass-through entity.

Josh

Entertainer (Actor, Musician, performer etc.)

Q. My wife works for a university. Because of this I started taking graduate studies for my doctorate. Since my wife works there I can do this for free, but pay the taxes on it. My wife got her W2 and it looks like the tuition, etc, appears added into her earnings in box 1 which sends her "earnings" way up and thus skyrocketing what we owe for taxes. Is this the best approach or am I missing something to counter that?

Double-check the classification of tuition benefits on your wife's W-2 to ensure accuracy. Reach out to the employer for clarification if there are any uncertainties. - Team FlyFin

Ankur ****

Finance

Baris *****

Freelance software developer

Dan ******

Freelance marketer

The deadline for contributing to an individual 401k for tax year 2023 is usually until 15 April 2024.

Moussa

Seller (Online or independent seller)

As the owner of an LLC in Delaware who doesn't live there, you have to pay federal income taxes on any income your LLC makes in the US, regardless of where you live.

Facts and figures about
Allen County, Kentucky

A picture displaying Allen County in Kentucky

20,797

County Population

Scottsville

County Seat

346 sq mi

County area

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

Allen

Adolphus

Allen

Holland

Allen

Frequently Asked Questions

How does online tax filing in Allen County Kentucky work?

What exactly is a CPA in Allen County Kentucky?

Certified public accountants, or CPAs, in Allen County Kentucky are tax professionals with the right education and experience to help Allen County Kentucky taxpayers prepare and file their taxes. They have a license issued by the Allen County Kentucky state board of accountancy. Accountants in Allen County Kentucky have to pass a rigorous exam called the Uniform CPA Exam. In addition to helping individuals prepare taxes, Allen County Kentucky CPAs work in positions as public or corporate accountants, and many executives with titles like Controller or Chief Financial Officer are also CPAs. Allen County Kentucky CPAs are the tax professionals who are most familiar with the Allen County Kentucky self-employment tax rate, income tax rate, property tax rate and every major and minor tax regulation in Allen County Kentucky that could affect their clients tax situation. A good Allen County Kentucky CPA is a walking encyclopedia of tax information at both the Allen County Kentucky level and federal level.

What does a Certified Public Accountant in Allen County Kentucky do?

The role of a Allen County Kentucky CPA is to act as a trusted financial advisor to every taxpayer who is their client. A CPA in Allen County Kentucky should be able to answer any possible tax question their client may have, no matter what their tax situation may be. CPAs in Allen County Kentucky should have the experience and expertise to prepare all the documents taxpayers are required to file in Allen County Kentucky with 100% accuracy.

How do FlyFin Smart CPAs do?

FlyFin's CPA team is made up of small business tax professionals who are experts in Allen County Kentucky taxes. They bring over 100 years of combined experience to the table. While the FlyFin app leverages sophisticated A.I. to find every possible Allen County Kentucky tax deduction, FlyFin CPAs provide guidance, tax preparation and Allen County Kentucky tax filing services directly through the app to freelancers, W-2 employees, independent contractors, self-employed individuals and small businesses in Allen County Kentucky. The CPA team helping FlyFin users save $3,700 on average on their taxes works with both 1099 Allen County Kentucky tax deductions for self-employed individuals in Allen County Kentucky and W-2 tax deductions for employees working in Allen County Kentucky, as well as with every personal tax deduction a client can take in Allen County Kentucky. Taxes for a freelancer, independent contractor or a business owner in Allen County Kentucky, for example, can be especially tricky, and FlyFin CPAs can answer any question they may have, from the write-offs they qualify for to how much their quarterly estimated tax payments should be.

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Who do FlyFin CPAs save freelancers time and money?

Because freelancers, gig workers, independent contractors and sole proprietors are responsible for so much more in terms of taxes, their needs for expert tax advice are different from any other kind of taxpayer, and FlyFin was designed specifically for them. FlyFin automatically tracks self-employed individuals' costs using a powerful A.I. to find even the smallest write-offs and every opportunity to save money on taxes. In addition, FlyFin enables any type of taxpayer to file their taxes, with FlyFin CPAs taking on 95% of the effort, so taxpayers can focus on the other important things in life. FlyFin CPAs file state and federal tax returns with a guaranteed accuracy rate of one hundred percent, saving taxpayers $3,500 on average.

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