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David *****
Freelance Designer
Q. Hello - I have 2 rental properties. One is my domicile rented 2 months of the year that makes a net profit. The other is a vacation property that was rented 189 days and used 28 days that had a net loss. Can that net loss be used to offset the other net profit? Turbotax keeps returning a zero net profit rather than a loss. Thank you
Offsetting the net profit from your domicile rental with the net loss from your vacation property can be beneficial for tax purposes.
Chris
Real-estate agent
Q. I would like to know the tax implications of “gifting” money. I know there is a annual amount that you can give every year, however, I want to do a larger amount, say $100K. Now I know that an additional Form 709 would have to be filed, which is fine. I just want to know if there are any tax consequences for the donor and the recipient?
If you surpass the annual gift tax exclusion of $17,000, you must fill out Form 709 for the IRS. Even though you may not owe gift taxes right away, gifts exceeding $12.92 million throughout your lifetime will incur taxation. Donors typically bear the responsibility for gift taxes. For further details, refer to the IRS FAQs on gift taxes.
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.
Taxation applies to services such as Web Design, Professional Copy & Printing Services, and Video Creation Services. Make sure to understand the tax laws in your area and seek guidance from a tax professional.
Kristen
Real-estate agent
Q. I worked as a independent contractor for a real estate firm and received a 1099. The real estate firm is sending me a 1099 for money I never received. They are doing this I believe to avoid paying taxes themselves on it. Here is an example of what I mean. I closed a transaction and the gross commission check that the closing attorney writes out to the firm (not to kristen) is $5000. The firm then takes their split out of it and then writes me a check for $2500. On my 1099 they put they gave me the full $5000 which would be incorrect. I think they do it this way so they don't have to pay takes on any of the money. I tried reaching out to the firms tax accountant and got nothing but a nasty response back that basically said I will not be fixing your 1099.
Document the mistaken 1099 provided by the organization to evade IRS taxation on the complete amount. Communicate with another stakeholder in the organization for a resolution.
Melissa
Real-estate agent
Q. Hello! I recently started a C-Corp for my real estate business that I intend to run as a single person business, I was previously an independent contractor. My intention is to elect S- Corp and pay myself a reasonable salary. I went with C corp due to the advice from my colleagues who do a lot more business and have employees and more business ventures. I am wondering what your opinion would be on keeping the C Corp as is and electing S corp. Or would it be in my best interest to switch to an LLC and elect S Corp from that route? I have already done my Bylaws and corporate shares and minutes for the year so it seem that much of the extra work for a C Corp has been completed. Would it make sense to stay C corp this year and switch to LLC next year? Follow up question, which of the documents: bylaws, minutes, shares etc need to be completed on a yearly basis, vs which are a one time document for as long as there are no changes. Thank you!
Both C-Corp and S-Corp entail distinct formalities and administrative obligations.
Valery
Freelance photographer
Q. I have a question about 2023 HSA Contributions. My husband and I are self-employed and had a high deductible family health insurance plan for 2023. I know the maximum contribution for a family plan is $7750. However, I became pregnant and my coverage switched to Medicaid in September, but my husband remained on the same high deductible plan. So, technically he had a high deductible plan for the whole year, but I had it for 8 months (Jan - August). For the prorated contribution, do I just divide $7750 by 12 x's 8 months (Jan - Aug = 8 months) for a total contribution of $5166.66 (even though my husband was on a high ded plan all year?) OR can I contribute $3875 for my husbands portion ($7750/2) and $2583 for my portion ($3875 / 12 x 8 months) since my coverage is the only one that switched? For a total contribution of $6458 ($3875 + $2583) Please let me know if you have any questions or if I need to clarify anything! Thank you!
In 2023, a family that has a mix of healthcare coverage can see the husband contributing up to $3,875 for his full year of high deductible plan, while the wife, who transitioned to Medicaid in September, can contribute $2,583 for the 8 months she was on the high deductible plan. Together, the family can contribute a total of $6,458.
David *****
Freelance Designer
Q. Hello - I have 2 rental properties. One is my domicile rented 2 months of the year that makes a net profit. The other is a vacation property that was rented 189 days and used 28 days that had a net loss. Can that net loss be used to offset the other net profit? Turbotax keeps returning a zero net profit rather than a loss. Thank you
Offsetting the net profit from your domicile rental with the net loss from your vacation property can be beneficial for tax purposes.
Chris
Real-estate agent
Q. I would like to know the tax implications of “gifting” money. I know there is a annual amount that you can give every year, however, I want to do a larger amount, say $100K. Now I know that an additional Form 709 would have to be filed, which is fine. I just want to know if there are any tax consequences for the donor and the recipient?
If you surpass the annual gift tax exclusion of $17,000, you must fill out Form 709 for the IRS. Even though you may not owe gift taxes right away, gifts exceeding $12.92 million throughout your lifetime will incur taxation. Donors typically bear the responsibility for gift taxes. For further details, refer to the IRS FAQs on gift taxes.
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.
Taxation applies to services such as Web Design, Professional Copy & Printing Services, and Video Creation Services. Make sure to understand the tax laws in your area and seek guidance from a tax professional.
Kristen
Real-estate agent
Q. I worked as a independent contractor for a real estate firm and received a 1099. The real estate firm is sending me a 1099 for money I never received. They are doing this I believe to avoid paying taxes themselves on it. Here is an example of what I mean. I closed a transaction and the gross commission check that the closing attorney writes out to the firm (not to kristen) is $5000. The firm then takes their split out of it and then writes me a check for $2500. On my 1099 they put they gave me the full $5000 which would be incorrect. I think they do it this way so they don't have to pay takes on any of the money. I tried reaching out to the firms tax accountant and got nothing but a nasty response back that basically said I will not be fixing your 1099.
Document the mistaken 1099 provided by the organization to evade IRS taxation on the complete amount. Communicate with another stakeholder in the organization for a resolution.

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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