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Anthony *******

Web Design & Copy Print Services

Q. I am wanting to start a business as an LLC. I am wanting to include services such as Web Deisgn, Professional Copy & Printing Services and Video Creation Services. I am wanting to know by chance are these services needing to be taxed when i get ready to provide them or not.

Regarding your inquiry about taxation, please be informed that services such as Web Design, Professional Copy & Printing Services, and Video Creation Services will be taxable.

Keegan

Freelance software developer

Q. Hi - I am employed with a company that provides RSUs as compensation. A certain number of shares vested last year. My company also sells several shares at vesting to cover payroll tax withholdings. I received a 1099-B form from my brokerage with the full value of the vested RSUs in Box B. When I enter this into my tax software, my refund went down considerably, which leads me to believe it's accounting for those same taxes that were already withheld, a second time. How should I be reporting my 1099-B in this case?

Ensure that you report the withheld tax for the sale of vested shares in Box 4 as Federal income tax withheld. When inputting your 1099-B details, account for the proceeds from the sale of RSUs, except for shares sold for payroll taxes. To prevent double taxation, it is crucial to report with precision. The amount withheld for taxes should be indicated in your W-2 form.

Pierre *******

Esthetician

Q. My wife and I live in Maryland. She is a Tour Guide for several agencies under 1099, and she operates as a Master Esthetician under her (single member) LLC. We opened a Solo 401k under her Master Esthetician LLC, and want to know if we are allowed to send profits from her Tour Guide activities, to said Solo 401k.

Even with her role as a Tour Guide on a 1099, your wife can still contribute to her Solo 401(k) using the earnings from her Master Esthetician business.

Ashu ******

Seller (Online or independent seller)

Q. Inquiry Regarding Tax Filing for Wyoming LLC with Foreign Single Owner Hello, I hope this email finds you well. I am reaching out to seek your expertise regarding tax filing for a Limited Liability Company (LLC) registered in Wyoming with a foreign single owner. The LLC primarily operates as an outsourcing and remote staffing provider, offering services predominantly from India. Despite having zero revenue generated thus far, I am seeking clarification on the taxation implications for such a company. Specifically, I am interested in understanding if there is a revenue threshold beyond which US taxes become applicable. Additionally, I would like to inquire about the process and costing for filing the 2023 tax return for the LLC. Your earliest response would be greatly appreciated as I aim to ensure compliance and plan accordingly. Thank you for your time and attention to this matter. I look forward to hearing from you soon. Warm regards, Ashu

Annual submission of IRS Forms 5472 and 1120 is required for a Wyoming LLC with a foreign single owner to report related party transactions, even in the absence of income.

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 typically extends until 15 April 2024.

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?

To change the tax setup of an LLC with C Corp status, complete IRS Form 8832 to transition to a pass-through entity and avoid passing profits and losses to the holding company.

Anthony *******

Web Design & Copy Print Services

Regarding your inquiry about taxation, please be informed that services such as Web Design, Professional Copy & Printing Services, and Video Creation Services will be taxable.

Keegan

Freelance software developer

Pierre *******

Esthetician

Even with her role as a Tour Guide on a 1099, your wife can still contribute to her Solo 401(k) using the earnings from her Master Esthetician business.

Ashu ******

Seller (Online or independent seller)

Annual submission of IRS Forms 5472 and 1120 is required for a Wyoming LLC with a foreign single owner to report related party transactions, even in the absence of income.

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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