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

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Harsh *****
Freelance software developer
Q. I am an international student on f1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
You are right in saying that F1 students are typically not subject to self-employment tax (similar to FICA tax) for the initial five years in the US, if they meet the substantial presence test. With Texas not having state tax, you would probably only need to pay Federal tax on your stipend. Refer to this link for additional information.
Ari *******
Babysitter
Q. Hi there, my profession was not listed above, so I put babysitter. I'm a teacher who used to tutor on the side for years. The earnings were so small for tutoring that I just did it under table, without paying taxes. But, I recently got an LLC to start a tutoring business. One of my private tutoring clients will be a client for my tutoring business. Will this put me at risk with the CPA? I imagine that they will audit by new business, and notice my personal earnings from the private tutoring from the same client.
Transitioning from informal to formal tutoring with an LLC is a positive step forward. Ensure that all personal and business income is reported to avoid tax implications. Maintaining accurate records is crucial to avoid any red flags during IRS audits. Need help with tax filing? FlyFin offers stress-free tax preparation with IRS audit insurance for peace of mind. Get in touch now for a smooth experience.
Valery
Freelance photographer
Q. I have a question about 2023 HSA Contributions. My husband and I are self-employed and had a high deductible family health insurance plan for 2023. I know the maximum contribution for a family plan is $7750. However, I became pregnant and my coverage switched to Medicaid in September, but my husband remained on the same high deductible plan. So, technically he had a high deductible plan for the whole year, but I had it for 8 months (Jan - August). For the prorated contribution, do I just divide $7750 by 12 x's 8 months (Jan - Aug = 8 months) for a total contribution of $5166.66 (even though my husband was on a high ded plan all year?) OR can I contribute $3875 for my husbands portion ($7750/2) and $2583 for my portion ($3875 / 12 x 8 months) since my coverage is the only one that switched? For a total contribution of $6458 ($3875 + $2583) Please let me know if you have any questions or if I need to clarify anything! Thank you!
In 2023, a family that has a mix of healthcare coverage can see the husband contributing up to $3,875 for his full year of high deductible plan, while the wife, who transitioned to Medicaid in September, can contribute $2,583 for the 8 months she was on the high deductible plan. Together, the family can contribute a total of $6,458.
Baris *****
Freelance Designer
Q. I contributed to $6500 to Trad IRA in Dec 2023, then recharacterized $6501.92 to Roth IRA in Jan 2024. Then, I removed excess contribution and earnings of total $7001.92 in Feb 2024. Do I owe income tax on $500 or $501.92? Do I owe this tax for 2023 or 2024?
The $501.92 variance should be treated as income for 2024 by Baris, considering the recharacterization and removal of amounts.
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!
If your LLC is owned by your revocable living trust, its income and expenses will be reported on your personal tax return.
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?
If you surpass the annual gift tax exclusion of $17,000, you must fill out Form 709 for the IRS. Even though you may not owe gift taxes right away, gifts exceeding $12.92 million throughout your lifetime will incur taxation. Donors typically bear the responsibility for gift taxes. For further details, refer to the IRS FAQs on gift taxes.
Harsh *****
Freelance software developer
Q. I am an international student on f1 visa, I am a citizen of India. I have been here in the US for the past 7 months. I have a summer internship lined up in an early-stage startup, on a 1099 contract. It has been approved by my DSO (school) as CPT, Do I have to pay the self-employment tax (~15%)? I read that F1 students are exempt from FICA taxes for the first five years, and since the self-employment tax is basically FICA (right?), I would like to know if I am exempt from it. I would be interning in Texas which does not have state tax. So I believe I would only have to pay the Federal tax? I just want to have an estimate of what all taxes I would have to keep aside before negotiating for the stipend.
You are right in saying that F1 students are typically not subject to self-employment tax (similar to FICA tax) for the initial five years in the US, if they meet the substantial presence test. With Texas not having state tax, you would probably only need to pay Federal tax on your stipend. Refer to this link for additional information.
Ari *******
Babysitter
Q. Hi there, my profession was not listed above, so I put babysitter. I'm a teacher who used to tutor on the side for years. The earnings were so small for tutoring that I just did it under table, without paying taxes. But, I recently got an LLC to start a tutoring business. One of my private tutoring clients will be a client for my tutoring business. Will this put me at risk with the CPA? I imagine that they will audit by new business, and notice my personal earnings from the private tutoring from the same client.
Transitioning from informal to formal tutoring with an LLC is a positive step forward. Ensure that all personal and business income is reported to avoid tax implications. Maintaining accurate records is crucial to avoid any red flags during IRS audits. Need help with tax filing? FlyFin offers stress-free tax preparation with IRS audit insurance for peace of mind. Get in touch now for a smooth experience.
Valery
Freelance photographer
Q. I have a question about 2023 HSA Contributions. My husband and I are self-employed and had a high deductible family health insurance plan for 2023. I know the maximum contribution for a family plan is $7750. However, I became pregnant and my coverage switched to Medicaid in September, but my husband remained on the same high deductible plan. So, technically he had a high deductible plan for the whole year, but I had it for 8 months (Jan - August). For the prorated contribution, do I just divide $7750 by 12 x's 8 months (Jan - Aug = 8 months) for a total contribution of $5166.66 (even though my husband was on a high ded plan all year?) OR can I contribute $3875 for my husbands portion ($7750/2) and $2583 for my portion ($3875 / 12 x 8 months) since my coverage is the only one that switched? For a total contribution of $6458 ($3875 + $2583) Please let me know if you have any questions or if I need to clarify anything! Thank you!
In 2023, a family that has a mix of healthcare coverage can see the husband contributing up to $3,875 for his full year of high deductible plan, while the wife, who transitioned to Medicaid in September, can contribute $2,583 for the 8 months she was on the high deductible plan. Together, the family can contribute a total of $6,458.
Baris *****
Freelance Designer
Q. I contributed to $6500 to Trad IRA in Dec 2023, then recharacterized $6501.92 to Roth IRA in Jan 2024. Then, I removed excess contribution and earnings of total $7001.92 in Feb 2024. Do I owe income tax on $500 or $501.92? Do I owe this tax for 2023 or 2024?
The $501.92 variance should be treated as income for 2024 by Baris, considering the recharacterization and removal of amounts.

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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