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

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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.

Karen ******

Seller (Online or independent seller)

Q. I am sole Proprietor who owns a Leadership Coaching/Training business. I took over a colleagues business 1/1/23. The agreement for the purchase of this business is that I pay a quarterly commission to the colleague for assessment products that I acquired from her business. I sent her a 1099 MiSC. Where does this amount go on my Schedule C? Does it get recorded in Part 2, line 10 Commissions and Fees?

Part 2, Line 10 for Commissions and Fees on Schedule C is where the figure should be placed.

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.

Baris *****

Freelance Designer

Q. I contributed to $6500 to Trad IRA in Dec 2023, then recharacterized $6501.92 to Roth IRA in Jan 2024. Then, I removed excess contribution and earnings of total $7001.92 in Feb 2024. Do I owe income tax on $500 or $501.92? Do I owe this tax for 2023 or 2024?

The $501.92 variance should be treated as income for 2024 by Baris, considering the recharacterization and removal of amounts.

Sarath

engineer

Q. I had a rental in California in which we evicted the tenant in November of last year. We are making repairs/improvements to the tune of about 50K. We plan to make it our primary residence till the end of this year or into early next year. We plan to rent it out again at some point in the near future and that can be either this year or next year. My question is the 50K we spend on it to get it fixed, can we use that as deductible towards our taxes if are only able to rent it out next year

Without a doubt, the $50,000 spent on repairs for your California rental property can be deducted in the tax year it was incurred, even if the property is not immediately rented out. If the expenses include improvements that raise the property's value, they are usually capitalized and depreciated over time. If you have no reportable income this year, you can carry forward these expenses to offset future income when you decide to rent out the property. It is advisable to consult with a tax professional for personalized advice.

Keegan

Freelance software developer

Q. Hi - I am employed with a company that provides RSUs as compensation. A certain number of shares vested last year. My company also sells several shares at vesting to cover payroll tax withholdings. I received a 1099-B form from my brokerage with the full value of the vested RSUs in Box B. When I enter this into my tax software, my refund went down considerably, which leads me to believe it's accounting for those same taxes that were already withheld, a second time. How should I be reporting my 1099-B in this case?

Ensure that you report the withheld tax for the sale of vested shares in Box 4 as Federal income tax withheld. When inputting your 1099-B details, account for the proceeds from the sale of RSUs, except for shares sold for payroll taxes. To prevent double taxation, it is crucial to report with precision. The amount withheld for taxes should be indicated in your W-2 form.

Chris *********

Seller (Online or independent seller)

Karen ******

Seller (Online or independent seller)

Part 2, Line 10 for Commissions and Fees on Schedule C is where the figure should be placed.

Megan *******

Athletics

Baris *****

Freelance Designer

The $501.92 variance should be treated as income for 2024 by Baris, considering the recharacterization and removal of amounts.

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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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