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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?
To claim a charitable deduction for property contributed to a trust in 2023, it must be done by the end of that tax year. Obtaining a tax ID in 2024 could affect deductibility. Ensure the tax ID is received before filing your 2023 return, as it's required for reporting the details of the donee.
Harsh *****
Freelance software developer
Q. I am an international student on f1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
You are correct that F1 students are generally exempt from self-employment tax (which is similar to FICA tax) for the first five years in the US, as long as they meet the substantial presence test. Since Texas does not have state tax, you would likely only need to pay Federal tax on your stipend. For more information, please refer to this link.
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!
You cannot carry forward Schedule C losses to a different year. Business losses reduce taxable income for the year they occur. If deductible expenses exceed income, you incur a Net Operating Loss (NOL), with only excess carried forward. Omitting Schedule C is not the solution.
Moussa
Seller (Online or independent seller)
Q. I am looking to get paid online and hence I am setting up a company in Delaware as an LLC to be able accept payment online. Stripe offers ATLAS services to set up a company and do the paperwork. I would like to know as a non resident, owner of an LLC in Delaware do I pay any taxes if I am setting up this company?
As a non-resident owner of an LLC in Delaware, you are subject to federal income taxes on any income earned within the United States, regardless of your residency status. This applies to income earned by your Delaware LLC.
Amarnath *******
Freelance software developer
Q. Hi, I'm a student F1 visa and I am graduating soon. A company is offering me a freelance position for the first-year of my OPT. I would like to know what my income would look like after taxes. Since I have been in the US for less than 2 years, do I still have to pay the self-employment tax? This tax seems to be for Social Security and medicare, neither of them apply to me. Let's say my deductions would be in the ballpark of $6-10k (partial rent,utilities, medical insurance etc). What percentage of me income would be left after taxes. I'm based out of Utah, and am considering moving to a place like Texas or Florida to save a bit more money
For your freelance income, keep records for tax deductions. Consult a tax pro for compliance. Provide more details for accurate assistance. Eliminate unnecessary spending to save more money while moving. Make informed decisions to maximize your income after taxes.
Baris *****
Freelance software developer
Q. In December 2023, I contributed $6500 to my Traditional IRA for the tax year 2023. Then, I submitted a recharacterization request, and Charles Schwab transferred the contribution to my Roth IRA. It is now in my Roth IRA as a cash balance because I have not invested it in any stocks yet. Due to a plan change for my personal finances, I actually need this money now. Therefore, I will need to remove this contribution before the tax deadline of April 15th. Since this contribution has already been recharacterized from Traditional IRA to Roth IRA, can I simply get it removed as an "excess contribution" from Roth IRA for the tax year 2023? Or, should I get it recharacterized back to Traditional IRA first? Thank you!
Thank you for your query. Recategorizing retirement contributions involves financial considerations beyond tax implications. If you have specific tax-related concerns, please feel free to inquire further.
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?
To claim a charitable deduction for property contributed to a trust in 2023, it must be done by the end of that tax year. Obtaining a tax ID in 2024 could affect deductibility. Ensure the tax ID is received before filing your 2023 return, as it's required for reporting the details of the donee.
Harsh *****
Freelance software developer
Q. I am an international student on f1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
You are correct that F1 students are generally exempt from self-employment tax (which is similar to FICA tax) for the first five years in the US, as long as they meet the substantial presence test. Since Texas does not have state tax, you would likely only need to pay Federal tax on your stipend. For more information, please refer to this link.
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!
You cannot carry forward Schedule C losses to a different year. Business losses reduce taxable income for the year they occur. If deductible expenses exceed income, you incur a Net Operating Loss (NOL), with only excess carried forward. Omitting Schedule C is not the solution.
Moussa
Seller (Online or independent seller)
Q. I am looking to get paid online and hence I am setting up a company in Delaware as an LLC to be able accept payment online. Stripe offers ATLAS services to set up a company and do the paperwork. I would like to know as a non resident, owner of an LLC in Delaware do I pay any taxes if I am setting up this company?
As a non-resident owner of an LLC in Delaware, you are subject to federal income taxes on any income earned within the United States, regardless of your residency status. This applies to income earned by your Delaware LLC.

Facts and figures about
Chisago County, Minnesota

minnesota
population

57,469

County Population

population

Center City

County Seat

population

417.63 sq mi

County area

population

7.38%

Chisago 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

Chisago county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

North Branch

7.38%

Isanti

Lindstrom

7.38%

Chisago

Chisago City

7.38%

Chisago

Rush City

7.38%

Chisago

Harris

7.38%

Isanti

Shafer

7.38%

Chisago

Center City

7.38%

Chisago

Taylors Falls

7.38%

Chisago

Stacy

7.38%

Stacy

Frequently Asked Questions

How does Chisago County Minnesota tax filing work online?

Exactly what is a Chisago County Minnesota CPA?

What does an online Chisago County Minnesota Certified Public Accountant do?

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How do FlyFin CPAs save freelance taxpayers time and money?

Unlike employees, who have taxes automatically deducted from their paychecks, freelancers, sole proprietors, gig workers and independent contractors have to be responsible for everything tax-related. FlyFin was designed to meet all of their unique tax needs in one place. The A.I.-powered tax app automatically tracks business expenses to find every write-off and lets taxpayers of all kinds file their taxes. FlyFin CPAs answer any tax question at no cost and take 95% of the effort of doing taxes out of taxpayers' hands by filing 100%-accurate state and federal tax returns and saving taxpayers $3,500 on average.
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