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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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Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably boost your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Raising your 401(k) contribution to the max of $30,500 can offset some of the tax consequences by reducing your taxable income. However, the ultimate tax impact will depend on various factors such as filing status, additional income, and expenses. Take into account all factors before making a decision.
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?
You have the option to report the $39K loss from the incomplete floor contractor as a bad debt on your S-Corp tax return.
Chris *********
Seller (Online or independent seller)
Q. I am self employed transitioning to LLC S Corp status this year. I am in sales and use a vehicle that is in my name every day for business purposes. 15k miles a year probably. Does it make sense for me to try and transfer the loan on the car to my LLC? Or should I create an expense account and pay myself back for the use of the car? Also, for parking and tolls and travel can I just have those expenses linked to my buis cc card to save headache there? Home office: I assume that is handled as an expense I pay back to myself monthly as well? My home office is about 10% of the size of my apartment. It seems convoluted to pay myself back though as I had to get a buis license and zoning permit from my city for the llc to have the home office so why would I “rent it from myself”? Thank you for this information
Ponder the idea of creating an expense account for vehicle costs and reimbursing yourself for business mileage. Calculate using the IRS standard mileage rate. Tie parking, tolls, and travel expenses to your business credit card with appropriate documentation. Deduct a portion of home expenses for a home office based on the square footage used exclusively for business. Avoid renting it from yourself. Keep detailed records for tax purposes.
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!
As a youth club soccer coach receiving a 1099, your husband may be eligible for home office and mileage deductions. Keeping thorough records of mileage is essential for claiming these deductions. FlyFin offers accurate and cost-effective tax filing assistance for 1099ers.
Sam
Freelance software developer
Q. I recently participated in a sports competition and won a prize of $100,000 USD in a foreign country. There are two rounds in the competition. I participated with a teammate in the first round, then won the final round myself. The teammate and I agreed to split the winnings, however the organizers could only give the prize to one person. As a result, I received an international wire transfer of $100,000 from an Israeli bank to my US bank account. In the affidavits and agreements that I signed that they submit to the bank, it says that I myself won the $100,000 rather than both me and my teammate. In terms of tax implications, would there be any issues if I transfer half of what I received ($50,000) directly to my teammate so that we could file taxes seperately? Or does the entire $100,000 taxed by me as income, and I "gift" half of the after-tax money to him?
After receiving $100,000 as the sole champion of a sports event, it is advised to meet tax obligations on the amount before thinking about sharing some of it. If you decide to give $50,000 to your teammate, it could result in gift tax implications based on IRS regulations. Nevertheless, there are exclusion thresholds and lifetime caps for gifting before facing gift tax repercussions. Contact tax experts for assistance with filing if necessary.
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
Keep track of your freelance income for tax deductions and consider consulting a tax professional for assistance.
Rick *****
Construction contractor
Q. I inherited an annuity Cost basis $26,000 Death benefit $71,900 (lump sum) Taxable gain $46,000 I need the cash for a home improvement project and thought I'd increase my 401k contribution to the max of $30,500 to reduce my taxable income since I plan on taking the lump sum. I know I will recognize a tax increase, but i feel like overall my net increase of tax for the year will be less than $5,000. Your thoughts?
Getting a lump sum from the annuity will probably boost your taxable income for the year, potentially pushing you into a higher tax bracket because of the $46,000 taxable gain. Raising your 401(k) contribution to the max of $30,500 can offset some of the tax consequences by reducing your taxable income. However, the ultimate tax impact will depend on various factors such as filing status, additional income, and expenses. Take into account all factors before making a decision.
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?
You have the option to report the $39K loss from the incomplete floor contractor as a bad debt on your S-Corp tax return.
Chris *********
Seller (Online or independent seller)
Q. I am self employed transitioning to LLC S Corp status this year. I am in sales and use a vehicle that is in my name every day for business purposes. 15k miles a year probably. Does it make sense for me to try and transfer the loan on the car to my LLC? Or should I create an expense account and pay myself back for the use of the car? Also, for parking and tolls and travel can I just have those expenses linked to my buis cc card to save headache there? Home office: I assume that is handled as an expense I pay back to myself monthly as well? My home office is about 10% of the size of my apartment. It seems convoluted to pay myself back though as I had to get a buis license and zoning permit from my city for the llc to have the home office so why would I “rent it from myself”? Thank you for this information
Ponder the idea of creating an expense account for vehicle costs and reimbursing yourself for business mileage. Calculate using the IRS standard mileage rate. Tie parking, tolls, and travel expenses to your business credit card with appropriate documentation. Deduct a portion of home expenses for a home office based on the square footage used exclusively for business. Avoid renting it from yourself. Keep detailed records for tax purposes.
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!
As a youth club soccer coach receiving a 1099, your husband may be eligible for home office and mileage deductions. Keeping thorough records of mileage is essential for claiming these deductions. FlyFin offers accurate and cost-effective tax filing assistance for 1099ers.

Facts and figures about
Houston County, Minnesota

minnesota
population

18,778

County Population

population

Caledonia

County Seat

population

558.41 sq mi

County area

population

7.38%

Houston 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

Houston county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

La Crescent

7.38%

Winona

Caledonia

6.88%

Houston

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?

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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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