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Josh

Entertainer (Actor, Musician, performer etc.)

Q. My wife works for a university. Because of this I started taking graduate studies for my doctorate. Since my wife works there I can do this for free, but pay the taxes on it. My wife got her W2 and it looks like the tuition, etc, appears added into her earnings in box 1 which sends her "earnings" way up and thus skyrocketing what we owe for taxes. Is this the best approach or am I missing something to counter that?

Confirm that the tuition benefits reflected on your wife's W-2 are classified correctly. If needed, reach out to the employer for clarification. - Team FlyFin

Dan ******

Freelance marketer

Q. I have an individual 401K and I'm filing out Form 5500-EZ. On Part III, Line 7 the instructions say to include cash contributions "received and/or receivable" during the plan year. I interpret that to mean I should include contributions made in 2024 for tax year 2023, but I'm not sure.

Until 15 April 2024, you can contribute to an individual 401k for tax year 2023.

Stephanie

Legal

Q. I'm about to take a part time job. The job will require travel about once a month. They want to pay me a thousand dollar a month tax exempt stipend rather than reimburse me. I would pay taxes on anything remaining from the stipend. Is this allowed? Can they give me a 1099 for the stipend?

Tax-exempt stipends won't be taxed. But getting a 1099 may lead to self-employment taxes. If you receive a 1099, you can deduct related expenses on your tax return. I hope this is of assistance.

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!

Single-member LLCs are considered disregarded entities for federal tax purposes, unless they choose to be taxed as a corporation.

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 !

Your ordinary dividends include both qualified and non-qualified dividends, all of which are considered qualified dividends on your tax statement. This means they will be taxed at a lower capital gains rate. This is a normal practice and you do not need to report it. Feel free to reach out if you have any more questions.

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

It is possible to use the net loss from your vacation property to offset the net profit from your domicile rental for tax purposes.

Josh

Entertainer (Actor, Musician, performer etc.)

Confirm that the tuition benefits reflected on your wife's W-2 are classified correctly. If needed, reach out to the employer for clarification. - Team FlyFin

Dan ******

Freelance marketer

Until 15 April 2024, you can contribute to an individual 401k for tax year 2023.

Stephanie

Legal

Tax-exempt stipends won't be taxed. But getting a 1099 may lead to self-employment taxes. If you receive a 1099, you can deduct related expenses on your tax return. I hope this is of assistance.

Ken *******

Real-estate agent

Single-member LLCs are considered disregarded entities for federal tax purposes, unless they choose to be taxed as a corporation.

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

Download now

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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Ask a CPA in Cities of Unicoi

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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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