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Lexi

Event planner

Q. Hi! I’m wondering how 1099 Ks will be taxed in 2024. I host a fundraiser through eventbrite and we will raise about 5k or more. This used to be outside the taxable limit, but know I know that it’s going to be lower. If I donate all the money (since it’s a fundraiser) am I still taxed?

Earnings recorded on a 1099-K are subject to self-employment taxes. Should you host a fundraising function and give all profits to an eligible charitable cause, you may have the opportunity to deduct the donation from your taxable income. This could lessen your tax liability.

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!

For a family with a combination of healthcare coverage in 2023, the husband can contribute $3,875 for his high deductible plan for the entire year. The wife, who transitioned to Medicaid in September, can contribute $2,583 for the 8 months she was on the high deductible plan. The total family contribution can be $6,458.

Andrew ****

Freelance software developer

Q. My friend is working for Remotasks as software developer which gives him a 1099 form (and he pays tax on that). He doesn't have a PayPal account (which is the form of payment they pay out in) and can't create one, so he wanted to use mine. Would I still pay tax on PayPal?

If your friend opts to use your PayPal account for receiving payments, you may find yourself responsible for taxes on that income unless they declare it. Collaborating on a PayPal account for income brings about financial and tax impacts. For reliable tax filing aid as a 1099 contractor, contemplate using FlyFin for swift filing, increased savings, maximum refunds, accurate filing, and timely submission.

Joel

Freelance designer

Q. My wife and I formed a charitable remainder trust in 2023 and contributed property to it. However, we did not apply for an IRS tax ID for the trust until April 2024. Can we still deduct the contribution on 2023 tax return so long as the tax ID is received prior to filing of the 2023 return?

For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.

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.

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!

Consider the benefits of keeping the C-Corp and choosing S-Corp for tax advantages, or switching to an LLC and electing S-Corp for simplicity.

Lexi

Event planner

Valery

Freelance photographer

Andrew ****

Freelance software developer

Joel

Freelance designer

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Facts and figures about
Presque Isle County, Michigan

An image showcasing Presque Isle County in Michigan

13,093

County Population

Rogers City

County Seat

2,573 sq mi

County area

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

Presque Isle

Onaway

Presque Isle

Posen

Presque Isle

Millersburg

Presque Isle

Hawks

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 ?

Certified public accountants, or CPAs, in Presque Isle County Michigan are tax professionals with the right education and experience to help Presque Isle County Michigan taxpayers prepare and file their taxes. They have a license issued by the Presque Isle County Michigan state board of accountancy. Accountants in Presque Isle County Michigan have to pass a rigorous exam called the Uniform CPA Exam. In addition to helping individuals prepare taxes, Presque Isle County Michigan CPAs work in positions as public or corporate accountants, and many executives with titles like Controller or Chief Financial Officer are also CPAs. Presque Isle County Michigan CPAs are the tax professionals who are most familiar with the Presque Isle County Michigan self-employment tax rate, income tax rate, property tax rate and every major and minor tax regulation in Presque Isle County Michigan that could affect their clients tax situation. A good Presque Isle County Michigan CPA is a walking encyclopedia of tax information at both the Presque Isle County Michigan level and federal level.

What exactly does a Presque Isle County Michigan CPA do?

The role of a Presque Isle County Michigan CPA is to act as a trusted financial advisor to every taxpayer who is their client. A CPA in Presque Isle County Michigan should be able to answer any possible tax question their client may have, no matter what their tax situation may be. CPAs in Presque Isle County Michigan should have the experience and expertise to prepare all the documents taxpayers are required to file in Presque Isle County Michigan with 100% accuracy.

What makes Smart CPAs different?

FlyFin's CPA team is made up of small business tax professionals who are experts in Presque Isle County Michigan taxes. They bring over 100 years of combined experience to the table. While the FlyFin app leverages sophisticated A.I. to find every possible Presque Isle County Michigan tax deduction, FlyFin CPAs provide guidance, tax preparation and Presque Isle County Michigan tax filing services directly through the app to freelancers, W-2 employees, independent contractors, self-employed individuals and small businesses in Presque Isle County Michigan. The CPA team helping FlyFin users save $3,700 on average on their taxes works with both 1099 Presque Isle County Michigan tax deductions for self-employed individuals in Presque Isle County Michigan and W-2 tax deductions for employees working in Presque Isle County Michigan, as well as with every personal tax deduction a client can take in Presque Isle County Michigan. Taxes for a freelancer, independent contractor or a business owner in Presque Isle County Michigan, 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 Presque Isle

Ask a CPA in Millersburg Ask a CPA in Onaway Ask a CPA in Posen Ask a CPA in Presque Isle Harbor Ask a CPA in Rogers City

Why does FlyFin offer Smart CPAs?

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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