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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!
Ensure to regularly check your bylaws, minutes, and share certificates for adherence to regulations.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Be sure to report any income received through Apple Pay on your tax return, even if a 1099-K has not been provided. It is crucial to disclose all income to the IRS, regardless of whether you have the appropriate form. Claim the income and provide all essential details when filing your taxes.
Rabia
Freelance marketer
Q. I would like to know which forms I need to file for tax déclaration as a freelance marketer. My company is registered in Wyoming and I bill my hourly fee and extra costs I spent such as flight tickets to the companies. I don’t want to pay tax on the costs.
You should use Schedule C to report freelance income and expenses, excluding reimbursed costs to avoid taxation on those expenses. FlyFin Team is here to assist you.
Cash *********
Healthcare professional
Q. Hello, I live with my partner in a home that she owns herself and we are not married. I pay her rent monthly and my question is could she turn her home into a rental property and have me be a tenant paying the rent to get some tax/business benefits? Thank you, Cash
Contemplating converting your partner's house into a rental property? Your partner may need to report rental income and could be eligible for tax deductions. Renters using the space for business activities may also be able to deduct their rent payments. It's wise to seek advice from a tax professional for individualized guidance.
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?
It is wise to fulfill tax obligations on the $100,000 prize money received as the only winner of a sports competition before considering gifting a portion of it. If you choose to transfer $50,000 to your teammate, be aware of potential gift tax implications as per IRS regulations. However, there are exclusion amounts and lifetime limits for gifting before incurring gift tax liabilities. Seek assistance with tax filing if necessary.
Andrew ****
Freelance software developer
Q. My friend is working for Remotasks as software developer which gives him a 1099 form (and he pays tax on that). He doesn't have a PayPal account (which is the form of payment they pay out in) and can't create one, so he wanted to use mine. Would I still pay tax on PayPal?
If your friend decides to utilize your PayPal account for receiving payments, it is possible that you may be liable for taxes on that income unless they report it themselves. Collaborating on a PayPal account for income has financial and tax consequences. For expert tax filing help as a 1099er, think about using FlyFin for quicker filing, increased savings, maximum refunds, precise filing, and timely submission.
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!
Ensure to regularly check your bylaws, minutes, and share certificates for adherence to regulations.
Ethan *****
Freelance marketer
Q. I received money through apply pay for a service. How do I claim this on my taxes? Apple Pay can’t send a 1099 form and the business is unable to send me a 1099 since they paid it through Apple Pay. Just confused on if I can claim it since and it was over $600. Thanks.
Be sure to report any income received through Apple Pay on your tax return, even if a 1099-K has not been provided. It is crucial to disclose all income to the IRS, regardless of whether you have the appropriate form. Claim the income and provide all essential details when filing your taxes.
Rabia
Freelance marketer
Q. I would like to know which forms I need to file for tax déclaration as a freelance marketer. My company is registered in Wyoming and I bill my hourly fee and extra costs I spent such as flight tickets to the companies. I don’t want to pay tax on the costs.
You should use Schedule C to report freelance income and expenses, excluding reimbursed costs to avoid taxation on those expenses. FlyFin Team is here to assist you.
Cash *********
Healthcare professional
Q. Hello, I live with my partner in a home that she owns herself and we are not married. I pay her rent monthly and my question is could she turn her home into a rental property and have me be a tenant paying the rent to get some tax/business benefits? Thank you, Cash
Contemplating converting your partner's house into a rental property? Your partner may need to report rental income and could be eligible for tax deductions. Renters using the space for business activities may also be able to deduct their rent payments. It's wise to seek advice from a tax professional for individualized guidance.

Facts and figures about
Unicoi County, Tennessee

tennessee
population

17,698

County Population

population

Erwin

County Seat

population

186 sq mi

County area

population

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

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