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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
Consider creating an expense account for vehicle costs and reimbursing yourself for business mileage. Use the IRS standard mileage rate for calculation. Link parking, tolls, and travel expenses to your business credit card with proper documentation. For home office, deduct a portion of home expenses based on the square footage used exclusively for business. Avoid renting it from yourself. Keep detailed records for tax purposes.
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 through an LLC is a positive step. Ensure all personal and business income is reported to avoid tax implications. Maintain accurate records to avoid red flags during IRS audits. Seeking tax filing assistance? Look no further. FlyFin offers stress-free tax filing with IRS audit insurance for peace of mind. Contact now for a seamless experience.
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?
Yes, the amount goes on Part 2, Line 10 Commissions and Fees of Schedule C.
Pierre *******
Esthetician
Q. My wife and I live in Maryland. She is a Tour Guide for several agencies under 1099, and she operates as a Master Esthetician under her (single member) LLC. We opened a Solo 401k under her Master Esthetician LLC, and want to know if we are allowed to send profits from her Tour Guide activities, to said Solo 401k.
You can make contributions to your wife's Solo 401(k) from the profits generated by her Master Esthetician business, even though she is also a Tour Guide under 1099.
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!
To convert your primary home into an investment property for a 1031 exchange, we recommend consulting a professional as our expertise lies in tax filing. It's advisable not to use 1031 if the house is already your primary residence. Hope this helps clarify your query! - Team FlyFin
Ken *******
Real-estate agent
Q. In March of 2023, my wife &amp; I created a revocable living trust. We own a duplex &amp; previously held title as married, joint owners. We also created single-member LLC (where our revocable living trust is the single member/owner of the LLC) and transferred ownership of/title to the duplex to the LLC. Both the living trust and the LLC have unique Federal Tax IDs. My Question: Do we file separate State &amp; Federal tax returns (under either the LLC's OR the Living Trust's Federal Tax ID) for the duplex income/expenses? OR, do we continue to file the Schedule A (with entries for each duplex side) with our joint tax return (as we did, when we owned it as tenants by the entirety)? Thank you!
Since your LLC is owned by your revocable living trust, its income and expenses are reported on your individual tax return. Single-member LLCs are disregarded entities for federal tax purposes unless they elect to be taxed as a corporation.
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
Consider creating an expense account for vehicle costs and reimbursing yourself for business mileage. Use the IRS standard mileage rate for calculation. Link parking, tolls, and travel expenses to your business credit card with proper documentation. For home office, deduct a portion of home expenses based on the square footage used exclusively for business. Avoid renting it from yourself. Keep detailed records for tax purposes.
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 through an LLC is a positive step. Ensure all personal and business income is reported to avoid tax implications. Maintain accurate records to avoid red flags during IRS audits. Seeking tax filing assistance? Look no further. FlyFin offers stress-free tax filing with IRS audit insurance for peace of mind. Contact now for a seamless experience.
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?
Yes, the amount goes on Part 2, Line 10 Commissions and Fees of Schedule C.
Pierre *******
Esthetician
Q. My wife and I live in Maryland. She is a Tour Guide for several agencies under 1099, and she operates as a Master Esthetician under her (single member) LLC. We opened a Solo 401k under her Master Esthetician LLC, and want to know if we are allowed to send profits from her Tour Guide activities, to said Solo 401k.
You can make contributions to your wife's Solo 401(k) from the profits generated by her Master Esthetician business, even though she is also a Tour Guide under 1099.

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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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