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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
For tax purposes, you have the option to use the net loss from your vacation property to offset the net profit from your domicile rental.
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 change. It is important to report all personal and business income to avoid tax complications. Keeping accurate records is essential to prevent any red flags during IRS audits. Looking for assistance with tax filing? FlyFin offers easy tax preparation with IRS audit coverage for peace of mind. Contact us now for a seamless experience.
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!
Electing S-Corp status enables pass-through taxation, while C-Corp might provide tax benefits.
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.
If you have questions about taxation, please be aware that services like Web Design, Professional Copy & Printing Services, and Video Creation Services are taxable.
Gunawan ******
Freelance software developer
Q. I am working on a project that is corp-to-corp. I provide project management and development consulting services. I have setup an S-Corp in December and started paying myself a salary starting in 2024. I am projecting to make about $150,000 in billing revenue for this year. How much should I pay myself in salary and distribution? I am thinking of a formula of 1/3 in salary, 1/3 in distribution, and 1/3 to cover business deductible expenses. Please advise.
Make sure to provide "reasonable compensation" as mandated by the IRS, taking into consideration job responsibilities and industry norms.
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 did not receive a 1099-K for income earned via Apple Pay, make sure to document it in your tax filing. It is essential to disclose all earnings to the IRS, even in the absence of the form. Claim the income and furnish the necessary specifics when completing your tax return.
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
For tax purposes, you have the option to use the net loss from your vacation property to offset the net profit from your domicile rental.
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 change. It is important to report all personal and business income to avoid tax complications. Keeping accurate records is essential to prevent any red flags during IRS audits. Looking for assistance with tax filing? FlyFin offers easy tax preparation with IRS audit coverage for peace of mind. Contact us now for a seamless experience.
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!
Electing S-Corp status enables pass-through taxation, while C-Corp might provide tax benefits.
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.
If you have questions about taxation, please be aware that services like Web Design, Professional Copy & Printing Services, and Video Creation Services are taxable.

Facts and figures about
Brown County, Minnesota

minnesota
population

25,819

County Population

population

New Ulm

County Seat

population

610.86 sq mi

County area

population

7.88%

Brown County sales tax rate

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😓 19 million taxpayers filed late last year. Smart CPAs can help taxpayers be prepared.

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Minnesota State Income Tax Rates & Brackets for 2023

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

SINGLE FILER

Brackets

Rates

$0 - $28,080

5.35%

$28,080 - $92,230

6.80%

$92,230 - $ 1,71,220

7.85%

$ 1,71,220+

9.85%

MARRIED FILING JOINTLY

Brackets

Rates

$0 - $41,050

5.35%

$41,050 - $ 1,63,060

6.80%

$ 1,63,060 - $ 2,84,810

7.85%

$ 2,84,810+

9.85%

Filing Status

Standard Deduction Amt.

Single

$12,900

Couple

$19,350

Brown county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

New Ulm

7.88%

New Ulm

Sleepy Eye

7.38%

Redwood Co Tr

Springfield

7.38%

Redwood Co Tr

Hanska

7.38%

Blue Earth

Comfrey

7.38%

Brown Co Tr

Essig

7.38%

Brown Co Tr

Searles

7.38%

Brown Co Tr

Frequently Asked Questions

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