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Collingsworth County, Texas: The Ultimate CPA Resource for Business Tax Services in the county

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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 recommended to settle tax responsibilities on the $100,000 prize money earned as the only victor in a sports competition before contemplating giving a portion of it away. If you choose to gift $50,000 to your teammate, there is a possibility of incurring gift tax as per IRS guidelines. Nonetheless, there are exemption thresholds and lifetime restrictions for gifting prior to triggering gift tax liabilities. Seek professional assistance for tax filing if required.
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!
Schedule C losses cannot be carried over to a different year. Business losses decrease the taxable income in the year they are incurred. If deductible expenses exceed income, a Net Operating Loss (NOL) is created, with only the excess being carried forward. Ignoring Schedule C is not the solution.
Hide
Seller (Online or independent seller)
Q. I reside in California, but I want to open a single member llc in a state with no income tax, would the rules of the state I reside in or the state the company is going to be filed in apply? <a href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" rel="noreferrer">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</a> I'm referring to this website but I couldn't quite get it.
One option to avoid state income tax is to consider forming your LLC in a state like Texas, Florida, Nevada, or Wyoming. Keep in mind that if you conduct business in California, you could still be subject to California state taxes on any income earned.
Christina ********
Cleaning services
Q. Hello, In 2014 I was hired to clean my husband's office building for $400/month. However, in 2023, my two oldest kids (ages 14 and 16) took over the cleaning and received 100% of the income. For the sake of simplicity we kept it in my name so the checks still come to me, but I then transfer the money to their accounts. Since their annual earnings only come to $2,400 each, they shouldn't owe any tax....correct? Nor should I since I kept $0 of the income earned. I do not have an EIN or registered business name. How do I go about filing for each of the kids since they don't have an official 1099 from me? Thanks so much for your time. Christina
In 2023, if your kids make $2,400 or less from cleaning services, they likely won't be required to pay federal income tax. You also won't have any tax liability as you didn't retain any of the earnings. Consult a tax professional for guidance on filing taxes for your children without an official 1099.
Chris
Real-estate agent
Q. I would like to know the tax implications of “gifting” money. I know there is a annual amount that you can give every year, however, I want to do a larger amount, say $100K. Now I know that an additional Form 709 would have to be filed, which is fine. I just want to know if there are any tax consequences for the donor and the recipient?
Exceeding the $17,000 annual gift tax exclusion requires filing Form 709 with the IRS. Although you may not be immediately responsible for gift taxes, any gifts surpassing $12.92 million in your lifetime will be taxed. Generally, donors are accountable for gift taxes. Visit the IRS FAQs on gift taxes for additional information.
Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Normally, earnings from a Roth IRA are exempt from taxes. Feel free to get in touch with us whenever you need assistance. Team FlyFin.
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 recommended to settle tax responsibilities on the $100,000 prize money earned as the only victor in a sports competition before contemplating giving a portion of it away. If you choose to gift $50,000 to your teammate, there is a possibility of incurring gift tax as per IRS guidelines. Nonetheless, there are exemption thresholds and lifetime restrictions for gifting prior to triggering gift tax liabilities. Seek professional assistance for tax filing if required.
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!
Schedule C losses cannot be carried over to a different year. Business losses decrease the taxable income in the year they are incurred. If deductible expenses exceed income, a Net Operating Loss (NOL) is created, with only the excess being carried forward. Ignoring Schedule C is not the solution.
Hide
Seller (Online or independent seller)
Q. I reside in California, but I want to open a single member llc in a state with no income tax, would the rules of the state I reside in or the state the company is going to be filed in apply? <a href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" rel="noreferrer">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</a> I'm referring to this website but I couldn't quite get it.
One option to avoid state income tax is to consider forming your LLC in a state like Texas, Florida, Nevada, or Wyoming. Keep in mind that if you conduct business in California, you could still be subject to California state taxes on any income earned.
Christina ********
Cleaning services
Q. Hello, In 2014 I was hired to clean my husband's office building for $400/month. However, in 2023, my two oldest kids (ages 14 and 16) took over the cleaning and received 100% of the income. For the sake of simplicity we kept it in my name so the checks still come to me, but I then transfer the money to their accounts. Since their annual earnings only come to $2,400 each, they shouldn't owe any tax....correct? Nor should I since I kept $0 of the income earned. I do not have an EIN or registered business name. How do I go about filing for each of the kids since they don't have an official 1099 from me? Thanks so much for your time. Christina
In 2023, if your kids make $2,400 or less from cleaning services, they likely won't be required to pay federal income tax. You also won't have any tax liability as you didn't retain any of the earnings. Consult a tax professional for guidance on filing taxes for your children without an official 1099.

Facts and figures about
Collingsworth County, Texas

texas
population

2,615

County Population

population

Wellington

County Seat

population

919 sq mi

County area

population

8.25%

Collingsworth County sales tax rate

😵‍💫 1 CPA for every 300 people in Texas = high CPA charges

😓 19 million Americans missed the tax filing deadline last year

😨 30 million people miss tax deductions without expert help

😣 Almost 50% of Americans end up overpaying

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Texas State Income Tax Rates & Brackets for 2023

The following tables represents Texas'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!

Collingsworth county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Wellington

8.25%

Wellington

Quail

6.25%

Collingsworth

Dodson

6.75%

Childress

Sam Norwood

6.25%

Collingsworth

Frequently Asked Questions

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