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

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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 !
Both qualified and non-qualified dividends make up your ordinary dividends, all of which are considered qualified dividends on your tax statement. As a result, they will be taxed at a lower capital gains rate. This is standard protocol and does not need to be reported. Feel free to contact us if you have any further questions.
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
There are potential deductions available for you and your partner, including mortgage interest, property taxes, and expenses related to your home. If you have dependents, you could qualify for the Child Tax Credit, which offers up to $2,000 per child. The Earned Income Tax Credit might also be applicable based on your income and family size. As W2 employees, you are not able to claim business deductions. It is recommended to consult with a CPA to ensure you are taking advantage of all available tax benefits.
Carleah ******
Seller (Online or independent seller)
Q. Hello, May I ask a simple question about my business? I have been in business for about 3.5 years now, and my LLC is in North Carolina. The LLC has been dissolved for quite some time, and during the past two years I have been in Virginia. I have found much success after my business has been hacked and I will be paying to resolve my LLC. Before I do, I am wondering should I resolve my NC LLC or make a new one in Virginia? I have done two years of business of tax returns from North Carolina and all my accounts (shopping accounts, Shopify, Etsy, Ebay and Amazon) all have my NC LLC. It wouldn't be a big deal to change the LLC on these accounts, but I wanted to run this by an accountant before making my final decision regarding what LLC I should move forward with. Thank you!
Absolutely. "Pondering on shifting your NC LLC to Virginia? Please clarify if it's a single or multi-member venture. - Team FlyFin"
Keegan
Freelance software developer
Q. Hi - I am employed with a company that provides RSUs as compensation. A certain number of shares vested last year. My company also sells several shares at vesting to cover payroll tax withholdings. I received a 1099-B form from my brokerage with the full value of the vested RSUs in Box B. When I enter this into my tax software, my refund went down considerably, which leads me to believe it's accounting for those same taxes that were already withheld, a second time. How should I be reporting my 1099-B in this case?
It is important to report the withheld tax for the sale of vested shares in Box 4 as Federal income tax withheld. When entering your 1099-B information, remember to include the proceeds from the sale of RSUs, excluding shares sold for payroll taxes. To prevent double taxation, ensure that you report accurately. The amount withheld for taxes should be shown in your W-2 form.
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!
Usually, Roth IRA gains are typically tax-free. For further assistance, don't hesitate to contact us. Team FlyFin.
Andy
Gambler
Q. Hi, in a theoretical situation where one gambles online, taking advantage of sign up bonuses and the such. If I were to buy 1 million dollars worth of "gambling coins" and come out with 1.03 million dollars worth of "gambling coins" netting 30,000 dollars, and I kept track of everytime I bought coins and everytime I withdrew. How much would I need to pay in state and federal taxes? And would I qualify as a professional gambler or just a regular one?
It is important to report gambling winnings of $30,000 on your federal tax return as taxable income. The tax owed will be based on your total income and filing status. These winnings are commonly reported on Form W-2G.
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 !
Both qualified and non-qualified dividends make up your ordinary dividends, all of which are considered qualified dividends on your tax statement. As a result, they will be taxed at a lower capital gains rate. This is standard protocol and does not need to be reported. Feel free to contact us if you have any further questions.
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
There are potential deductions available for you and your partner, including mortgage interest, property taxes, and expenses related to your home. If you have dependents, you could qualify for the Child Tax Credit, which offers up to $2,000 per child. The Earned Income Tax Credit might also be applicable based on your income and family size. As W2 employees, you are not able to claim business deductions. It is recommended to consult with a CPA to ensure you are taking advantage of all available tax benefits.
Carleah ******
Seller (Online or independent seller)
Q. Hello, May I ask a simple question about my business? I have been in business for about 3.5 years now, and my LLC is in North Carolina. The LLC has been dissolved for quite some time, and during the past two years I have been in Virginia. I have found much success after my business has been hacked and I will be paying to resolve my LLC. Before I do, I am wondering should I resolve my NC LLC or make a new one in Virginia? I have done two years of business of tax returns from North Carolina and all my accounts (shopping accounts, Shopify, Etsy, Ebay and Amazon) all have my NC LLC. It wouldn't be a big deal to change the LLC on these accounts, but I wanted to run this by an accountant before making my final decision regarding what LLC I should move forward with. Thank you!
Absolutely. "Pondering on shifting your NC LLC to Virginia? Please clarify if it's a single or multi-member venture. - Team FlyFin"
Keegan
Freelance software developer
Q. Hi - I am employed with a company that provides RSUs as compensation. A certain number of shares vested last year. My company also sells several shares at vesting to cover payroll tax withholdings. I received a 1099-B form from my brokerage with the full value of the vested RSUs in Box B. When I enter this into my tax software, my refund went down considerably, which leads me to believe it's accounting for those same taxes that were already withheld, a second time. How should I be reporting my 1099-B in this case?
It is important to report the withheld tax for the sale of vested shares in Box 4 as Federal income tax withheld. When entering your 1099-B information, remember to include the proceeds from the sale of RSUs, excluding shares sold for payroll taxes. To prevent double taxation, ensure that you report accurately. The amount withheld for taxes should be shown in your W-2 form.

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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

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