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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?
For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.
David
Rental host (Airbnb etc.)
Q. My wife and I are looking to buy an RV with another couple that we will share for personal use and also share as a rental (similar to a VRBO or AirBnB). Should we be looking to do an LLC or an LLLP for our "company" to minimize our risk and also to make taxes simple?
Incorporating an LLC or LLLP for your RV rental business is a strategic move to minimize risks and streamline tax filings. These entities offer protection for personal assets and limit liability.
Lexi
Event planner
Q. Hi! I’m wondering how 1099 Ks will be taxed in 2024. I host a fundraiser through eventbrite and we will raise about 5k or more. This used to be outside the taxable limit, but know I know that it’s going to be lower. If I donate all the money (since it’s a fundraiser) am I still taxed?
Income documented on a 1099-K is liable for self-employment taxes. In the event that you arrange a fundraiser and allocate all earnings to a qualified charitable foundation, you may have the opportunity to deduct the donation from your taxable income. This has the potential to lessen your tax liability.
Stephanie
Legal
Q. I'm about to take a part time job. The job will require travel about once a month. They want to pay me a thousand dollar a month tax exempt stipend rather than reimburse me. I would pay taxes on anything remaining from the stipend. Is this allowed? Can they give me a 1099 for the stipend?
Tax-exempt stipends are not taxable. But if you receive a 1099, you may have to pay self-employment taxes. In the event that you get a 1099, you can offset expenses on your tax declaration. This should provide some clarity.
Ankur ****
Finance
Q. For FY 2022, I filed my tax as MFS and my spouse as HOH. She paid taxes in DE and PA while we are full time residents of PA. She claimed credits for the taxes paid in DE on the PA taxes. however the credits were declined saying that both of us have different filing status. Can you please explain why this would be ? And is this denial of credit from PA is correct ?
Pennsylvania's tax statutes constrain or forbid the recognition of taxes paid to another state when spouses have separate filing statuses. The rejection of the recognition is caused by this disparity, as both spouses must adhere to the same filing status to access specific perks.
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?
For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.
David
Rental host (Airbnb etc.)
Q. My wife and I are looking to buy an RV with another couple that we will share for personal use and also share as a rental (similar to a VRBO or AirBnB). Should we be looking to do an LLC or an LLLP for our "company" to minimize our risk and also to make taxes simple?
Incorporating an LLC or LLLP for your RV rental business is a strategic move to minimize risks and streamline tax filings. These entities offer protection for personal assets and limit liability.
Lexi
Event planner
Q. Hi! I’m wondering how 1099 Ks will be taxed in 2024. I host a fundraiser through eventbrite and we will raise about 5k or more. This used to be outside the taxable limit, but know I know that it’s going to be lower. If I donate all the money (since it’s a fundraiser) am I still taxed?
Income documented on a 1099-K is liable for self-employment taxes. In the event that you arrange a fundraiser and allocate all earnings to a qualified charitable foundation, you may have the opportunity to deduct the donation from your taxable income. This has the potential to lessen your tax liability.
Stephanie
Legal
Q. I'm about to take a part time job. The job will require travel about once a month. They want to pay me a thousand dollar a month tax exempt stipend rather than reimburse me. I would pay taxes on anything remaining from the stipend. Is this allowed? Can they give me a 1099 for the stipend?
Tax-exempt stipends are not taxable. But if you receive a 1099, you may have to pay self-employment taxes. In the event that you get a 1099, you can offset expenses on your tax declaration. This should provide some clarity.

Facts and figures about
Coffee County, Tennessee

tennessee
population

59,032

County Population

population

Manchester

County Seat

population

429 sq mi

County area

population

9.75%

Coffee County sales tax rate

😵‍💫 1 Tennessee CPA for every 300 residents results in high CPA rates

😓 19 million taxpayers missed the filing deadline last year

😨 30 million taxpayers miss deductions without the right tax expert

😣 Almost 1/2 of all Americans pay more tax than necessary

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Tennessee State Income Tax Rates & Brackets for 2023

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

SINGLE FILER

Brackets

Rates

n.a

none

MARRIED FILING JOINTLY

Brackets

Rates

n.a

none

Filing Status

Standard Deduction Amt.

Single

n.a.

Couple

#VALUE!

Coffee county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Tullahoma

9.75%

Tullahoma

Manchester

9.75%

Tullahoma

Hillsboro

9.75%

Coffee

Beechgrove

9.75%

Bedford

Manchester

9.75%

Manchester

Arnold Afb

9.75%

Coffee

Summitville

9.75%

Coffee

Frequently Asked Questions

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