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Goran ***********
Artist
Q. I am retired and I receive a Social monthly security payment of about 1900USD. I have moved to Europe and live in Sweden since 2010. I have a job that I pay tax for in Sweden. From what I know US and Sweden have an agreement about double taxation. How do I file my taxes?
The U.S. and Sweden have established a tax treaty to avoid the issue of double taxation.
Baris
Freelance software developer
Q. I transferred 100 Amazon stock shares from Joint Brokerage Account, that is jointly owned by my wife and myself, to my individual brokerage account in 2022. I sold all of these shares in 2023. I made a profit of $2000 as short term capital gain. My wife and I will file our taxes as married couple filing separately. In that case, can I claim the entire $2000 of short term capital gains from sale of 100 shares of Apple stock in my individual tax return I file separately? Note that 100 shares were bought in the joint brokerage account but sold in my individual brokerage account. This question is for US taxes.
Filing separately on your individual tax return allows you to claim the entire $2000 short-term capital gain made from selling 100 Amazon stock shares.
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.
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.
Amanda **
Blogger
Q. Hi, I founded an online publication and media collective and partnered with the Las Vegas Library District where I'm facilitating connections between the artists in my directory and the library district. They have selected 4 artists to conduct community workshops and I have been facilitating coordination. The library is going to pay my LLC and I will then transfer the payments to the artists, preferrably via ACH or a Venmo. However, for the artists who I will be transferring over $600 to, what would be my LLC's tax implications? Essentially, I'm simply the middle man accepting the payment on their behalf and then transferring accordingly. But unfortunately, for the artists' tax purposes, I presume they'll need a 1099 from my LLC. I just want to make sure I'm doing everything legally even though I'm not profiting from the partnership financially. Thank you so very much for your guidance!
If payments to individual artists exceed $600, Form 1099-NEC must be issued by January 31 of the following year. Use Form W-9 to gather the artist's name, address, and Taxpayer Identification Number (TIN). Report the total payments on Form 1099-NEC.
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.
Goran ***********
Artist
Q. I am retired and I receive a Social monthly security payment of about 1900USD. I have moved to Europe and live in Sweden since 2010. I have a job that I pay tax for in Sweden. From what I know US and Sweden have an agreement about double taxation. How do I file my taxes?
The U.S. and Sweden have established a tax treaty to avoid the issue of double taxation.
Baris
Freelance software developer
Q. I transferred 100 Amazon stock shares from Joint Brokerage Account, that is jointly owned by my wife and myself, to my individual brokerage account in 2022. I sold all of these shares in 2023. I made a profit of $2000 as short term capital gain. My wife and I will file our taxes as married couple filing separately. In that case, can I claim the entire $2000 of short term capital gains from sale of 100 shares of Apple stock in my individual tax return I file separately? Note that 100 shares were bought in the joint brokerage account but sold in my individual brokerage account. This question is for US taxes.
Filing separately on your individual tax return allows you to claim the entire $2000 short-term capital gain made from selling 100 Amazon stock shares.
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.
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

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