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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 continuation of Schedule C losses to another year is not allowed. Business losses lower the taxable income in the year they take place. If deductible expenses surpass income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
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.
If you choose to file your individual tax return separately, you can claim the entire $2000 short-term capital gain from selling 100 Amazon stock shares.
Hadi
Seller (Online or independent seller)
Q. I live in Illinois. I have a sole prop under my name and we sell internet and TV packages through an outsourced call center for a broker. I receive commissions on the sales and 95% of the commissions go to the outsourced call center company. I get the remaining 5%. How much tax do I have to pay in total? Let's believe that the total commissions for a month are around $30,000.
The only taxes you need to pay are on the 5% commission you get, which equals $1,500 (5% of $30,000).
Ken *******
Real-estate agent
Q. In March of 2023, my wife & I created a revocable living trust. We own a duplex & 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 & 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!
Your individual tax return will show the income and expenses of your LLC, which is owned by your revocable living trust.
Raul *****
restuarant owner
Q. hi I have a restuarant set up as an s corp. I hired a floor contractor to put a floor in my business and paid him 39k. The contractor did not finish the job. We sued them but duiring the process the contractor passed away. were awarded an arbitration award but the contractor passed away with no assets. Where can they recorde this on business taxes as an expense?
The $39K loss from the incomplete floor contractor can be declared as a bad debt on your S-Corp tax return.
David *****
Freelance Designer
Q. Hello - I have 2 rental properties. One is my domicile rented 2 months of the year that makes a net profit. The other is a vacation property that was rented 189 days and used 28 days that had a net loss. Can that net loss be used to offset the other net profit? Turbotax keeps returning a zero net profit rather than a loss. Thank you
When it comes to tax purposes, the net loss from your vacation property can be used to offset the net profit from your domicile rental.
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 continuation of Schedule C losses to another year is not allowed. Business losses lower the taxable income in the year they take place. If deductible expenses surpass income, a Net Operating Loss (NOL) is generated, with only the excess being carried over. Not including Schedule C is not the answer.
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.
If you choose to file your individual tax return separately, you can claim the entire $2000 short-term capital gain from selling 100 Amazon stock shares.
Hadi
Seller (Online or independent seller)
Q. I live in Illinois. I have a sole prop under my name and we sell internet and TV packages through an outsourced call center for a broker. I receive commissions on the sales and 95% of the commissions go to the outsourced call center company. I get the remaining 5%. How much tax do I have to pay in total? Let's believe that the total commissions for a month are around $30,000.
The only taxes you need to pay are on the 5% commission you get, which equals $1,500 (5% of $30,000).
Ken *******
Real-estate agent
Q. In March of 2023, my wife & I created a revocable living trust. We own a duplex & 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 & 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!
Your individual tax return will show the income and expenses of your LLC, which is owned by your revocable living trust.

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

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