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Hassle-free Online Tax Filing with an Unicoi County, Tennessee CPA

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Todd

Healthcare professional

Q. I received my 2023 Tax statement on my non-retirement mutual funds. They split the dividends tax that I owe Equally between qualified dividends and ordinary dividends. They did this on all of the funds that I have that pay dividends. How can the ordinary and qualified dividends be the Exact Same amount split equally between each mutual fund ? I would figure since I've had the funds for years and years most of the dividends would be taxed at the qualified rate but instead the brokerage I use just takes the total amount of dividends on each fund and splits it 50 percent to qualified and 50 percent to ordinary. I get taxed more on the ordinary so this doesn't seem fair. Is this something that is normal or should I report it and if so to whom ? Thank you very much !

The dividends you receive consist of both qualified and non-qualified dividends, all of which are classified as qualified dividends on your tax return. Therefore, they will be taxed at a lower capital gains rate. This is a standard practice and does not require reporting. If you have any further questions, feel free to contact us.

Baris

Freelance software developer

Q. I transferred 100 Amazon stock shares from Joint Brokerage Account, that is jointly owned by my wife and myself, to my individual brokerage account in 2022. I sold all of these shares in 2023. I made a profit of $2000 as short term capital gain. My wife and I will file our taxes as married couple filing separately. In that case, can I claim the entire $2000 of short term capital gains from sale of 100 shares of Apple stock in my individual tax return I file separately? Note that 100 shares were bought in the joint brokerage account but sold in my individual brokerage account. This question is for US taxes.

Claiming the full $2000 short-term capital gain from selling 100 Amazon stock shares is possible on your individual tax return if filed separately.

Melissa

Real-estate agent

Q. Hello! I recently started a C-Corp for my real estate business that I intend to run as a single person business, I was previously an independent contractor. My intention is to elect S- Corp and pay myself a reasonable salary. I went with C corp due to the advice from my colleagues who do a lot more business and have employees and more business ventures. I am wondering what your opinion would be on keeping the C Corp as is and electing S corp. Or would it be in my best interest to switch to an LLC and elect S Corp from that route? I have already done my Bylaws and corporate shares and minutes for the year so it seem that much of the extra work for a C Corp has been completed. Would it make sense to stay C corp this year and switch to LLC next year? Follow up question, which of the documents: bylaws, minutes, shares etc need to be completed on a yearly basis, vs which are a one time document for as long as there are no changes. Thank you!

Evaluate the advantages and disadvantages of each structure before finalizing a decision.

Cash *********

Healthcare professional

Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!

Seeking professional advice is recommended when converting your primary home into an investment property for a 1031 exchange, as our area of expertise lies in tax filing. It is best to avoid using a 1031 exchange if the property is already serving as your primary residence. - Team FlyFin

Amanda **

Blogger

Q. Hi, I founded an online publication and media collective and partnered with the Las Vegas Library District where I'm facilitating connections between the artists in my directory and the library district. They have selected 4 artists to conduct community workshops and I have been facilitating coordination. The library is going to pay my LLC and I will then transfer the payments to the artists, preferrably via ACH or a Venmo. However, for the artists who I will be transferring over $600 to, what would be my LLC's tax implications? Essentially, I'm simply the middle man accepting the payment on their behalf and then transferring accordingly. But unfortunately, for the artists' tax purposes, I presume they'll need a 1099 from my LLC. I just want to make sure I'm doing everything legally even though I'm not profiting from the partnership financially. Thank you so very much for your guidance!

Payments exceeding $600 to individual artists require Form 1099-NEC to be issued by January 31 of the following year. Collect the artist's name, address, and Taxpayer Identification Number (TIN) using Form W-9. Total payments should be reported on Form 1099-NEC.

Baris *****

Freelance Designer

Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!

Usually, Roth IRA income is free from taxes. Reach out anytime for further assistance. Team FlyFin.

Todd

Healthcare professional

Baris

Freelance software developer

Claiming the full $2000 short-term capital gain from selling 100 Amazon stock shares is possible on your individual tax return if filed separately.

Melissa

Real-estate agent

Evaluate the advantages and disadvantages of each structure before finalizing a decision.

Cash *********

Healthcare professional

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Facts and figures about
Unicoi County, Tennessee

An illustration of Unicoi County in Tennessee

17,698

County Population

Erwin

County Seat

186 sq mi

County area

9.75%

Unicoi 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!

Unicoi county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Erwin

9.75%

Erwin

Unicoi

9.75%

Unicoi

Flag Pond

9.75%

Unicoi

Frequently Asked Questions

How does online tax filing in Unicoi County Tennessee work?

What does CPA mean in Unicoi County Tennessee ?

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

What exactly does a Unicoi County Tennessee CPA do?

The role of a Unicoi County Tennessee CPA is to act as a trusted financial advisor to every taxpayer who is their client. A CPA in Unicoi 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 Unicoi County Tennessee should have the experience and expertise to prepare all the documents taxpayers are required to file in Unicoi 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 Unicoi 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 Unicoi County Tennessee tax deduction, FlyFin CPAs provide guidance, tax preparation and Unicoi County Tennessee tax filing services directly through the app to freelancers, W-2 employees, independent contractors, self-employed individuals and small businesses in Unicoi County Tennessee. The CPA team helping FlyFin users save $3,700 on average on their taxes works with both 1099 Unicoi County Tennessee tax deductions for self-employed individuals in Unicoi County Tennessee and W-2 tax deductions for employees working in Unicoi County Tennessee, as well as with every personal tax deduction a client can take in Unicoi County Tennessee. Taxes for a freelancer, independent contractor or a business owner in Unicoi 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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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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