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Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably raise your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Increasing your 401(k) contribution to the max of $30,500 can help counterbalance some of the tax consequences by decreasing your taxable income. However, the ultimate tax impact will depend on various factors like filing status, additional income, and expenses. Take into account all factors before making a choice.
Stephanie
Artist
Q. My business partner and I have a 50/50 general partnership. What we do is we each make our own individual art and then sell it on our website and at art festivals. We found out the hard way that our incomes/expenses are merged when filing our taxes. Does a general partnership make sense for us or is there a better way?
Opt for creating separate single-member LLCs for your individual art businesses instead of choosing a general partnership. This way, you can independently manage your income, expenses, and tax obligations.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
If you haven't got a 1099-K for income received from Apple Pay, remember to report it in your tax return. It's important to disclose all income to the IRS, even if you don't have the form. Claim the income and give the necessary details when filing your taxes.
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!
Opting for S-Corp status allows for pass-through taxation, while C-Corp may present tax benefits.
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!
Indeed. "Contemplating relocating your NC LLC to Virginia? Please specify if it's a single or multi-member enterprise. - Team FlyFin"
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
Take advantage of tax benefits available to non-residents by forming a Wyoming LLC, subject to a 21% tax rate with help from Team FlyFin.
Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably raise your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Increasing your 401(k) contribution to the max of $30,500 can help counterbalance some of the tax consequences by decreasing your taxable income. However, the ultimate tax impact will depend on various factors like filing status, additional income, and expenses. Take into account all factors before making a choice.
Stephanie
Artist
Q. My business partner and I have a 50/50 general partnership. What we do is we each make our own individual art and then sell it on our website and at art festivals. We found out the hard way that our incomes/expenses are merged when filing our taxes. Does a general partnership make sense for us or is there a better way?
Opt for creating separate single-member LLCs for your individual art businesses instead of choosing a general partnership. This way, you can independently manage your income, expenses, and tax obligations.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
If you haven't got a 1099-K for income received from Apple Pay, remember to report it in your tax return. It's important to disclose all income to the IRS, even if you don't have the form. Claim the income and give the necessary details when filing your taxes.
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!
Opting for S-Corp status allows for pass-through taxation, while C-Corp may present tax benefits.

Facts and figures about
Presque Isle County, Michigan

michigan
population

13,093

County Population

population

Rogers City

County Seat

population

2,573 sq mi

County area

population

6%

Presque Isle County sales tax rate

😵‍💫 1 Michigan CPA for every 300 residents results in high CPA rates

😓 19 million taxpayers missed the filing deadline last year

😨 30 million taxpayers miss deductions without the right tax expert

😣 Almost 1/2 of all Americans pay more tax than necessary

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Michigan State Income Tax Rates & Brackets for 2023

The following tables represents Michigan's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0+

4.25%

MARRIED FILING JOINTLY

Brackets

Rates

$0+

4.25%

Filing Status

Standard Deduction Amt.

Single

n.a.

Couple

#VALUE!

Presque Isle county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Rogers City

6%

Presque Isle

Onaway

6%

Presque Isle

Posen

6%

Presque Isle

Presque Isle

6%

Presque Isle

Millersburg

6%

Presque Isle

Hawks

6%

Presque Isle

Frequently Asked Questions

How does online tax filing in Presque Isle County Michigan work?

What does CPA mean in Presque Isle County Michigan ?

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FlyFin was developed for freelancers, gig workers, independent contractors and sole proprietors because they're responsible for so much more when it comes to taxes and are more in need of expert tax advice than perhaps any other kind of taxpayer. With a robust artificial intelligence, FlyFin tracks business expenses automatically for self-employed individuals and identifies every possible tax-saving write-off. FlyFin also makes it possible for any kind of taxpayer to file taxes and leave 95% of the work to FlyFin CPAs. They prepare tax returns with guaranteed 100 percent accuracy, saving taxpayers time and money. By downloading the FlyFin app, they can complete the process of getting their taxes in fewer than 15 minutes.
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