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

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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?

In case your friend makes use of your PayPal account to receive payments, you could potentially be on the hook for taxes on that income unless they report it. Sharing a PayPal account for income can have financial and tax implications. For professional tax filing assistance as a 1099 worker, consider using FlyFin for faster filing, more savings, maximum refunds, accurate filing, and timely submission.

Baris *****

Freelance software developer

Q. In December 2023, I contributed $6500 to my Traditional IRA for the tax year 2023. Then, I submitted a recharacterization request, and Charles Schwab transferred the contribution to my Roth IRA. It is now in my Roth IRA as a cash balance because I have not invested it in any stocks yet. Due to a plan change for my personal finances, I actually need this money now. Therefore, I will need to remove this contribution before the tax deadline of April 15th. Since this contribution has already been recharacterized from Traditional IRA to Roth IRA, can I simply get it removed as an "excess contribution" from Roth IRA for the tax year 2023? Or, should I get it recharacterized back to Traditional IRA first? Thank you!

We are thankful for your query. Changing retirement contributions involves financial considerations beyond just tax implications. If you have any specific concerns related to taxes, please feel free to inquire further.

Cash *********

Healthcare professional

Q. Hello, I am a W2 employee who works full-time for a non-profit. My partner is a full-time W2 employee that works as a hair stylist. We are not married and my partner owns her own home. We reside in Massachusetts. Are there any tax deductions that we could take advantage of given our professions the state we live in and the fact that we are not married and have children? Thank you, Cash

Deductions for mortgage interest, property taxes, and home-related expenses may be available to you and your partner. If you have dependents, you could qualify for the Child Tax Credit, which offers a credit of up to $2,000 per child. The Earned Income Tax Credit may also apply based on your income and family size. As W2 employees, you are not eligible for business deductions. To ensure you are taking full advantage of tax benefits, consider consulting with a CPA.

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.

Despite being a Tour Guide under 1099, your wife can contribute to her Solo 401(k) using the income generated by her Master Esthetician business.

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

Deliberate on creating an expense account for vehicle costs and reimbursing yourself for business mileage. Utilize the IRS standard mileage rate for calculation. Link parking, tolls, and travel expenses to your business credit card with proper documentation. Deduct a portion of home expenses for a home office based on the square footage used exclusively for business. Avoid renting it from yourself. Keep detailed records for tax purposes.

James ******

Seller (Online or independent seller)

Q. Hi I've got a tax question that I could use your help on if you're able. If an individual gives shares (equity) of a private company to an individual, are there any immediate tax implications for the giver or receiver of the shares? For example, if someone gifts me shares of a private company then would I or the giver need to pay taxes on that? Would the lifetime exclusion value be based on the latest 409A valuation of the private company shares? Also, I’m an investor currently looking to buy a business in the next 3-12 months and will be searching for a tax advisor. Thanks! James

Valuing shares can be difficult, so it is important to consult with a tax advisor for personalized advice when gifting shares of a private company.

Andrew ****

Freelance software developer

Baris *****

Freelance software developer

Cash *********

Healthcare professional

Pierre *******

Esthetician

Despite being a Tour Guide under 1099, your wife can contribute to her Solo 401(k) using the income generated by her Master Esthetician business.

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Facts and figures about
Collingsworth County, Texas

An image showcasing Collingsworth County in Texas

2,615

County Population

Wellington

County Seat

919 sq mi

County area

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

How does online tax filing in Collingsworth County Texas work?

How is a CPA defined in Collingsworth County Texas?

Certified public accountants, or CPAs, in Collingsworth County Texas are tax professionals with the right education and experience to help Collingsworth County Texas taxpayers prepare and file their taxes. They have a license issued by the Collingsworth County Texas state board of accountancy. Accountants in Collingsworth County Texas have to pass a rigorous exam called the Uniform CPA Exam. In addition to helping individuals prepare taxes, Collingsworth County Texas CPAs work in positions as public or corporate accountants, and many executives with titles like Controller or Chief Financial Officer are also CPAs. Collingsworth County Texas CPAs are the tax professionals who are most familiar with the Collingsworth County Texas self-employment tax rate, income tax rate, property tax rate and every major and minor tax regulation in Collingsworth County Texas that could affect their clients tax situation. A good Collingsworth County Texas CPA is a walking encyclopedia of tax information at both the Collingsworth County Texas level and federal level.

What exactly CPAs in Collingsworth County Texas do?

The role of a Collingsworth County Texas CPA is to act as a trusted financial advisor to every taxpayer who is their client. A CPA in Collingsworth County Texas should be able to answer any possible tax question their client may have, no matter what their tax situation may be. CPAs in Collingsworth County Texas should have the experience and expertise to prepare all the documents taxpayers are required to file in Collingsworth County Texas with 100% accuracy.

What do FlyFin CPAs do?

FlyFin's CPA team is made up of small business tax professionals who are experts in Collingsworth County Texas taxes. They bring over 100 years of combined experience to the table. While the FlyFin app leverages sophisticated A.I. to find every possible Collingsworth County Texas tax deduction, FlyFin CPAs provide guidance, tax preparation and Collingsworth County Texas tax filing services directly through the app to freelancers, W-2 employees, independent contractors, self-employed individuals and small businesses in Collingsworth County Texas. The CPA team helping FlyFin users save $3,700 on average on their taxes works with both 1099 Collingsworth County Texas tax deductions for self-employed individuals in Collingsworth County Texas and W-2 tax deductions for employees working in Collingsworth County Texas, as well as with every personal tax deduction a client can take in Collingsworth County Texas. Taxes for a freelancer, independent contractor or a business owner in Collingsworth County Texas, 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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