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Houston County, Minnesota: Why Hiring a CPA for Tax Services in the county is a Smart Move

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Andy

Gambler

Q. Hi, in a theoretical situation where one gambles online, taking advantage of sign up bonuses and the such. If I were to buy 1 million dollars worth of "gambling coins" and come out with 1.03 million dollars worth of "gambling coins" netting 30,000 dollars, and I kept track of everytime I bought coins and everytime I withdrew. How much would I need to pay in state and federal taxes? And would I qualify as a professional gambler or just a regular one?

If you have gambling winnings amounting to $30,000, you must report them on your federal tax return as taxable income. The tax owed will be based on your total income and filing status. These winnings are typically documented on Form W-2G.

Sarath

engineer

Q. I had a rental in California in which we evicted the tenant in November of last year. We are making repairs/improvements to the tune of about 50K. We plan to make it our primary residence till the end of this year or into early next year. We plan to rent it out again at some point in the near future and that can be either this year or next year. My question is the 50K we spend on it to get it fixed, can we use that as deductible towards our taxes if are only able to rent it out next year

Indeed, the $50,000 spent on repairs for your California rental property can be deducted in the tax year it was incurred, even if the property is not immediately rented out. If the expenses include improvements that raise the property's value, they are typically capitalized and depreciated over time. If you have no reportable income this year, you can carry forward these expenses to offset future income when you decide to rent out the property. It is important to seek advice from a tax professional for personalized guidance.

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 indeed correct that F1 students are generally exempt from self-employment tax (similar to FICA tax) for the first five years in the US, provided 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 details, 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!

Carrying forward Schedule C losses to a different year is not permitted. Business losses reduce taxable income for the year they happen. If deductible expenses are more than income, a Net Operating Loss (NOL) is triggered, with only the excess being carried forward. Omitting Schedule C is not the solution.

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 with a mix of healthcare coverage can have the husband contributing up to $3,875 for his high deductible plan for the entire year. The wife, who changed to Medicaid in September, can contribute $2,583 for the 8 months she had the high deductible plan. Together, the family can contribute a total of $6,458.

Baris *****

Freelance Designer

Q. I contributed to $6500 to Trad IRA in Dec 2023, then recharacterized $6501.92 to Roth IRA in Jan 2024. Then, I removed excess contribution and earnings of total $7001.92 in Feb 2024. Do I owe income tax on $500 or $501.92? Do I owe this tax for 2023 or 2024?

The $501.92 difference is deemed as earnings and should be included in Baris's income for 2024 after the correction.

Andy

Gambler

Sarath

engineer

Harsh *****

Freelance software developer

Aaron

Freelance software developer

Facts and figures about
Houston County, Minnesota

An illustration of Houston County in Minnesota

18,778

County Population

Caledonia

County Seat

558.41 sq mi

County area

7.38%

Houston County sales tax rate

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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

Houston county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

La Crescent

7.38%

Winona

Caledonia

6.88%

Houston

7.38%

Winona

Spring Grove

7.38%

Fillmore Co Tr

Hokah

6.88%

Houston

Brownsville

6.88%

Houston

Eitzen

6.88%

Houston

Frequently Asked Questions

How does Houston County Minnesota tax filing work online?

Exactly what is a Houston County Minnesota CPA?

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

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

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

How does a FlyFin Smart CPAs work online?

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

Ask a CPA in Brownsville Ask a CPA in Caledonia Ask a CPA in Eitzen Ask a CPA in Hokah Ask a CPA in Houston Ask a CPA in La Crescent Ask a CPA in Spring Grove

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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On average users save $3,700

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