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Christina ********

Cleaning services

Q. Hello, In 2014 I was hired to clean my husband's office building for $400/month. However, in 2023, my two oldest kids (ages 14 and 16) took over the cleaning and received 100% of the income. For the sake of simplicity we kept it in my name so the checks still come to me, but I then transfer the money to their accounts. Since their annual earnings only come to $2,400 each, they shouldn't owe any tax....correct? Nor should I since I kept $0 of the income earned. I do not have an EIN or registered business name. How do I go about filing for each of the kids since they don't have an official 1099 from me? Thanks so much for your time. Christina

Earning $2,400 or less in 2023 from cleaning services means your children probably won't owe federal income tax. You are not obligated to pay any taxes either since you didn't keep any of the income. Seek assistance from a tax professional to file taxes for your kids without a formal 1099.

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.

Ari *******

Babysitter

Q. Hi there, my profession was not listed above, so I put babysitter. I'm a teacher who used to tutor on the side for years. The earnings were so small for tutoring that I just did it under table, without paying taxes. But, I recently got an LLC to start a tutoring business. One of my private tutoring clients will be a client for my tutoring business. Will this put me at risk with the CPA? I imagine that they will audit by new business, and notice my personal earnings from the private tutoring from the same client.

Transitioning from informal to formal tutoring with an LLC is a positive step forward. Ensure that all personal and business income is reported to avoid tax implications. Maintaining accurate records is crucial to avoid any red flags during IRS audits. Need help with tax filing? FlyFin offers stress-free tax preparation with IRS audit insurance for peace of mind. Get in touch now for a smooth experience.

Gunawan ******

Freelance software developer

Q. I am working on a project that is corp-to-corp. I provide project management and development consulting services. I have setup an S-Corp in December and started paying myself a salary starting in 2024. I am projecting to make about $150,000 in billing revenue for this year. How much should I pay myself in salary and distribution? I am thinking of a formula of 1/3 in salary, 1/3 in distribution, and 1/3 to cover business deductible expenses. Please advise.

Although there is no set rule, a common practice is to split salary and distribution in a 60-40 ratio.

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?

In the scenario where the house was acquired from parents for $10 and underwent $200,000 in enhancements, the cost basis would be $200,010. After being sold for $1,150,000, with a married filing jointly deduction of $500,000, the taxable gain would be $449,990. The assessed value for tax purposes plays no role in determining the cost basis.

Christina ********

Cleaning services

Stephanie

Legal

Ari *******

Babysitter

Gunawan ******

Freelance software developer

Although there is no set rule, a common practice is to split salary and distribution in a 60-40 ratio.

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Facts and figures about
Coffee County, Tennessee

An image showing Coffee County in Tennessee

59,032

County Population

Manchester

County Seat

429 sq mi

County area

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

How does online tax filing in Coffee County Tennessee work?

What does CPA mean in Coffee County Tennessee ?

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

What exactly does a Coffee County Tennessee CPA do?

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

What makes Smart CPAs different?

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

Ask a CPA in Hillsboro Ask a CPA in Lakewood Park Ask a CPA in Manchester Ask a CPA in New Union Ask a CPA in Tullahoma

Why does FlyFin offer Smart CPAs?

FlyFin was developed for freelancers, gig workers, independent contractors and sole proprietors because they're responsible for so much more when it comes to taxes and are more in need of expert tax advice than perhaps any other kind of taxpayer. With a robust artificial intelligence, FlyFin tracks business expenses automatically for self-employed individuals and identifies every possible tax-saving write-off. FlyFin also makes it possible for any kind of taxpayer to file taxes and leave 95% of the work to FlyFin CPAs. They prepare tax returns with guaranteed 100 percent accuracy, saving taxpayers time and money. By downloading the FlyFin app, they can complete the process of getting their taxes in fewer than 15 minutes.

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