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Hardeman County, Tennessee: Maximize Your Tax Savings with the county’s Top Tax Accountant

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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 right in saying that F1 students are typically not subject to self-employment tax (similar to FICA tax) for the initial five years in the US, if they meet the substantial presence test. With Texas not having state tax, you would probably only need to pay Federal tax on your stipend. Refer to this link for additional information.
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!
The carrying forward of Schedule C losses to another year is not allowed. Business losses reduce taxable income for the year they are incurred. If deductible expenses are greater than income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
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.
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.
James ******
Seller (Online or independent seller)
Q. Hi I've got a tax question that I could use your help on if you're able. If an individual gives shares (equity) of a private company to an individual, are there any immediate tax implications for the giver or receiver of the shares? For example, if someone gifts me shares of a private company then would I or the giver need to pay taxes on that? Would the lifetime exclusion value be based on the latest 409A valuation of the private company shares? Also, I’m an investor currently looking to buy a business in the next 3-12 months and will be searching for a tax advisor. Thanks! James
Recipients of gifted shares do not face immediate income tax consequences, but they may be subject to capital gains tax when they sell the shares.
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.
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 right in saying that F1 students are typically not subject to self-employment tax (similar to FICA tax) for the initial five years in the US, if they meet the substantial presence test. With Texas not having state tax, you would probably only need to pay Federal tax on your stipend. Refer to this link for additional information.
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!
The carrying forward of Schedule C losses to another year is not allowed. Business losses reduce taxable income for the year they are incurred. If deductible expenses are greater than income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
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.
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
Hardeman County, Tennessee

tennessee
population

25,426

County Population

population

Bolivar

County Seat

population

668 sq mi

County area

population

9.75%

Hardeman 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!

Hardeman county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Bolivar

9.75%

Bolivar

Middleton

9.75%

Middleton

Whiteville

9.75%

Whiteville

Grand Junction

9.75%

Grand Junction

Toone

9.75%

Toone

Saulsbury

9.75%

Saulsbury

Hornsby

9.75%

Hornsby

Hickory Valley

9.75%

Hickory Valley

Silerton

9.75%

Silerton

Frequently Asked Questions

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