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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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Taxes

Accounting

Ken *******

Real-estate agent

Q. In March of 2023, my wife & I created a revocable living trust. We own a duplex & previously held title as married, joint owners. We also created single-member LLC (where our revocable living trust is the single member/owner of the LLC) and transferred ownership of/title to the duplex to the LLC. Both the living trust and the LLC have unique Federal Tax IDs. My Question: Do we file separate State & Federal tax returns (under either the LLC's OR the Living Trust's Federal Tax ID) for the duplex income/expenses? OR, do we continue to file the Schedule A (with entries for each duplex side) with our joint tax return (as we did, when we owned it as tenants by the entirety)? Thank you!

Your revocable living trust's ownership of your LLC means that its income and expenses will be included in your personal tax return.

Brian

consultant

Q. 19 years ago, house purchased from parent for $10. Never rented it or used as business/depreciation, etc. Married and lived in home throughout the entire time, file jointly. If I sell the house for $1,150,000, what is my capital gains tax potential? Assume $500k married deduction and about $200,000 in improvements over the years. What do I use as the cost basis? At time of sale, the NYC Finance Dept determined market value to be $563,000 and the assessed value for tax purposes was $51,000. Do I use one of these for cost basis?

Buying the house from parents for $10 and investing $200,000 in upgrades would establish a cost basis of $200,010. Following a sale for $1,150,000 and claiming a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes is not a factor in determining the cost basis.

Josh

Entertainer (Actor, Musician, performer etc.)

Q. My wife works for a university. Because of this I started taking graduate studies for my doctorate. Since my wife works there I can do this for free, but pay the taxes on it. My wife got her W2 and it looks like the tuition, etc, appears added into her earnings in box 1 which sends her "earnings" way up and thus skyrocketing what we owe for taxes. Is this the best approach or am I missing something to counter that?

Check to see if the tuition benefits on your wife's W-2 are categorized correctly. Contact the employer if there are any discrepancies that need to be addressed. - Team FlyFin

Megan *******

Athletics

Q. My husband is a youth club soccer coach and receives a 1099. He frequently makes phone calls, plans practices, and writes player evaluations in addition to going to the fields for practices and games. Would he qualify for home office and mileage deductions given the admin/paperwork completed at home and then the driving to the fields? Thanks!

If your spouse works as a youth club soccer coach and receives a 1099, he can benefit from home office and mileage deductions. Maintaining detailed records of mileage is necessary for claiming these deductions. For reliable tax filing assistance as a 1099er, consider using FlyFin.

Raul *****

restuarant owner

Q. hi I have a restuarant set up as an s corp. I hired a floor contractor to put a floor in my business and paid him 39k. The contractor did not finish the job. We sued them but duiring the process the contractor passed away. were awarded an arbitration award but the contractor passed away with no assets. Where can they recorde this on business taxes as an expense?

The $39K loss from the unfinished floor contractor can be classified as a bad debt on your S-Corp tax return.

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?

Baris must report the $501.92 variance as income in 2024 due to the recharacterized and removed amounts.

Ken *******

Real-estate agent

Your revocable living trust's ownership of your LLC means that its income and expenses will be included in your personal tax return.

Brian

consultant

Josh

Entertainer (Actor, Musician, performer etc.)

Check to see if the tuition benefits on your wife's W-2 are categorized correctly. Contact the employer if there are any discrepancies that need to be addressed. - Team FlyFin

Megan *******

Athletics

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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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