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

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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
For tax purposes, you have the option to use the net loss from your vacation property to offset the net profit from your domicile rental.
Karen ******
Seller (Online or independent seller)
Q. I am sole Proprietor who owns a Leadership Coaching/Training business. I took over a colleagues business 1/1/23. The agreement for the purchase of this business is that I pay a quarterly commission to the colleague for assessment products that I acquired from her business. I sent her a 1099 MiSC. Where does this amount go on my Schedule C? Does it get recorded in Part 2, line 10 Commissions and Fees?
The amount should be entered on Part 2, Line 10 under Commissions and Fees on Schedule C.
Lexi
Event planner
Q. Hi! I’m wondering how 1099 Ks will be taxed in 2024. I host a fundraiser through eventbrite and we will raise about 5k or more. This used to be outside the taxable limit, but know I know that it’s going to be lower. If I donate all the money (since it’s a fundraiser) am I still taxed?
Earnings reported on a 1099-K are subject to self-employment taxes. Should you organize a charity function and contribute all profits to an authorized charitable entity, you could potentially deduct the donation from your taxable income. This action has the potential to decrease your tax liability.
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.
Amarnath *******
Freelance software developer
Q. Hi, I'm a student F1 visa and I am graduating soon. A company is offering me a freelance position for the first-year of my OPT. I would like to know what my income would look like after taxes. Since I have been in the US for less than 2 years, do I still have to pay the self-employment tax? This tax seems to be for Social Security and medicare, neither of them apply to me. Let's say my deductions would be in the ballpark of $6-10k (partial rent,utilities, medical insurance etc). What percentage of me income would be left after taxes. I'm based out of Utah, and am considering moving to a place like Texas or Florida to save a bit more money
Ensure you have detailed records of your freelance income for tax purposes and consult with a tax expert for guidance.
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 !
The dividends you receive include both qualified and non-qualified dividends, all of which are treated as qualified dividends on your tax return. Therefore, they will be taxed at a reduced capital gains rate. This is a routine practice and does not need to be disclosed. Please reach out if you have any additional 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
For tax purposes, you have the option to use the net loss from your vacation property to offset the net profit from your domicile rental.
Karen ******
Seller (Online or independent seller)
Q. I am sole Proprietor who owns a Leadership Coaching/Training business. I took over a colleagues business 1/1/23. The agreement for the purchase of this business is that I pay a quarterly commission to the colleague for assessment products that I acquired from her business. I sent her a 1099 MiSC. Where does this amount go on my Schedule C? Does it get recorded in Part 2, line 10 Commissions and Fees?
The amount should be entered on Part 2, Line 10 under Commissions and Fees on Schedule C.
Lexi
Event planner
Q. Hi! I’m wondering how 1099 Ks will be taxed in 2024. I host a fundraiser through eventbrite and we will raise about 5k or more. This used to be outside the taxable limit, but know I know that it’s going to be lower. If I donate all the money (since it’s a fundraiser) am I still taxed?
Earnings reported on a 1099-K are subject to self-employment taxes. Should you organize a charity function and contribute all profits to an authorized charitable entity, you could potentially deduct the donation from your taxable income. This action has the potential to decrease your tax liability.
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.

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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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