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Redouan

Seller (Online or independent seller)

Q. Hello, My name is Redouan, and I am currently residing in Spain. I am interested in creating a Wyoming LLC for my e-commerce business. As a non-resident, I have some questions regarding tax obligations. Could you please clarify whether I would be required to pay taxes on income or profit generated through my e-commerce business operating under a Wyoming LLC? Additionally, any information on the tax implications for non-residents in my situation would be greatly appreciated. Thank you for your assistance, and I look forward to your response. Best regards, Redouan

Let Team FlyFin help you navigate the tax advantages of forming a Wyoming LLC as a non-resident, subject to a 21% tax rate.

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?

Report the withheld tax for the sale of vested shares as Federal income tax withheld in Box 4. Include the proceeds from the sale of RSUs in your 1099-B information, but exclude shares sold for payroll taxes. Accurate reporting is crucial to avoid double taxation. The amount withheld for taxes should also be reflected in your W-2 form.

Carleah ******

Seller (Online or independent seller)

Q. Hello, May I ask a simple question about my business? I have been in business for about 3.5 years now, and my LLC is in North Carolina. The LLC has been dissolved for quite some time, and during the past two years I have been in Virginia. I have found much success after my business has been hacked and I will be paying to resolve my LLC. Before I do, I am wondering should I resolve my NC LLC or make a new one in Virginia? I have done two years of business of tax returns from North Carolina and all my accounts (shopping accounts, Shopify, Etsy, Ebay and Amazon) all have my NC LLC. It wouldn't be a big deal to change the LLC on these accounts, but I wanted to run this by an accountant before making my final decision regarding what LLC I should move forward with. Thank you!

Sure thing. "Thinking of transitioning your NC LLC to Virginia? Please confirm if it's a single or multi-member business. - Team FlyFin"

Ari *******

Babysitter

Q. Hi there, my profession was not listed above, so I put babysitter. I'm a teacher who used to tutor on the side for years. The earnings were so small for tutoring that I just did it under table, without paying taxes. But, I recently got an LLC to start a tutoring business. One of my private tutoring clients will be a client for my tutoring business. Will this put me at risk with the CPA? I imagine that they will audit by new business, and notice my personal earnings from the private tutoring from the same client.

Moving from informal to formal tutoring through an LLC is a positive transition. It is important to report all personal and business income to avoid tax implications. Keeping accurate records is crucial to avoid red flags during IRS audits. Looking for tax filing assistance? FlyFin offers stress-free tax preparation with IRS audit insurance for peace of mind. Contact now for a seamless experience.

Karen ******

Seller (Online or independent seller)

Q. I am sole Proprietor who owns a Leadership Coaching/Training business. I took over a colleagues business 1/1/23. The agreement for the purchase of this business is that I pay a quarterly commission to the colleague for assessment products that I acquired from her business. I sent her a 1099 MiSC. Where does this amount go on my Schedule C? Does it get recorded in Part 2, line 10 Commissions and Fees?

The total should be listed on Part 2, Line 10 for Commissions and Fees on Schedule C.

Chris *********

Seller (Online or independent seller)

Q. I am self employed transitioning to LLC S Corp status this year. I am in sales and use a vehicle that is in my name every day for business purposes. 15k miles a year probably. Does it make sense for me to try and transfer the loan on the car to my LLC? Or should I create an expense account and pay myself back for the use of the car? Also, for parking and tolls and travel can I just have those expenses linked to my buis cc card to save headache there? Home office: I assume that is handled as an expense I pay back to myself monthly as well? My home office is about 10% of the size of my apartment. It seems convoluted to pay myself back though as I had to get a buis license and zoning permit from my city for the llc to have the home office so why would I “rent it from myself”? Thank you for this information

Give thought to establishing an expense account for vehicle expenses and reimbursing yourself for business mileage. Utilize the IRS standard mileage rate for calculations. Associate parking, tolls, and travel costs with your business credit card along with proper documentation. Deduct a portion of home expenses for a home office based on the square footage used solely for business. Refrain from renting it from yourself. Maintain meticulous records for tax purposes.

Redouan

Seller (Online or independent seller)

Let Team FlyFin help you navigate the tax advantages of forming a Wyoming LLC as a non-resident, subject to a 21% tax rate.

Keegan

Freelance software developer

Carleah ******

Seller (Online or independent seller)

Sure thing. "Thinking of transitioning your NC LLC to Virginia? Please confirm if it's a single or multi-member business. - Team FlyFin"

Ari *******

Babysitter

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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Ask a CPA in Cities of Allen

Ask a CPA in Scottsville

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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On average users save $3,700

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