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Hill County, Texas: Your Trusted Advisor for Tax Planning and Preparation in D.C.

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Stephanie

Legal

Q. I'm about to take a part time job. The job will require travel about once a month. They want to pay me a thousand dollar a month tax exempt stipend rather than reimburse me. I would pay taxes on anything remaining from the stipend. Is this allowed? Can they give me a 1099 for the stipend?

You won't be taxed on tax-exempt stipends. However, receiving a 1099 could result in self-employment taxes. If issued a 1099, you can write off relevant expenses on your tax forms. Trust this is beneficial.

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!

Your revocable living trust's ownership of your LLC means that its income and expenses will be included in your personal tax return.

Tina ***************

Healthcare professional

Q. I have already calculated my deductible expenses for 2023 and I was getting ready to send them to my long time CPA (who moved across the country) and I found your service. Can I skip the AI for 2023 and just upload the numbers? Then give access for 2024? FYI, I have been a psychotherapist in private practice for 20+ years, so I know my deductibles. Thanks.

Feel free to disregard the AI for 2023 and upload your deductible expenses directly. Connect your account and add the required documents in the "other docs" section for filing. Don't hesitate to contact us for assistance. - Team FlyFin

Redouan

Seller (Online or independent seller)

Q. Hello, My name is Redouan, and I am currently residing in Spain. I am interested in creating a Wyoming LLC for my e-commerce business. As a non-resident, I have some questions regarding tax obligations. Could you please clarify whether I would be required to pay taxes on income or profit generated through my e-commerce business operating under a Wyoming LLC? Additionally, any information on the tax implications for non-residents in my situation would be greatly appreciated. Thank you for your assistance, and I look forward to your response. Best regards, Redouan

Forming a Wyoming LLC can provide tax advantages for non-residents, with a 21% tax rate on income earned under federal tax laws.

Pamela *******

Healthcare professional

Q. Hi, a divorce judge ordered my ex husband, alone, to pay any amounts we have due to the irs for 2019, 2020 and 2021. I understand the irs doesn’t care what our divorce decree says, and they still hold me liable to pay. I submitted an irs Innocent Spouse Relief form to the irs for 2019 and 2020. However I can’t submit the relief form for 2021 bc the ex never filed those taxes. If I file now for 2021, married separately, I won’t be eligible for irs innocent spouse relief bc I must file married jointly to be eligible. I don’t know what to do.

If your inquiry entails intricate legal matters, it may be wise to seek guidance from a tax attorney. Unfortunately, we do not provide those services at this time. Please reach out if you require further assistance. Team FlyFin.

Ashu ******

Seller (Online or independent seller)

Q. Inquiry Regarding Tax Filing for Wyoming LLC with Foreign Single Owner Hello, I hope this email finds you well. I am reaching out to seek your expertise regarding tax filing for a Limited Liability Company (LLC) registered in Wyoming with a foreign single owner. The LLC primarily operates as an outsourcing and remote staffing provider, offering services predominantly from India. Despite having zero revenue generated thus far, I am seeking clarification on the taxation implications for such a company. Specifically, I am interested in understanding if there is a revenue threshold beyond which US taxes become applicable. Additionally, I would like to inquire about the process and costing for filing the 2023 tax return for the LLC. Your earliest response would be greatly appreciated as I aim to ensure compliance and plan accordingly. Thank you for your time and attention to this matter. I look forward to hearing from you soon. Warm regards, Ashu

Reporting related party transactions is mandatory for a Wyoming LLC with a foreign single owner, even if there is no income, through annual filing of IRS Forms 5472 and 1120.

Stephanie

Legal

Ken *******

Real-estate agent

Your revocable living trust's ownership of your LLC means that its income and expenses will be included in your personal tax return.

Tina ***************

Healthcare professional

Redouan

Seller (Online or independent seller)

Forming a Wyoming LLC can provide tax advantages for non-residents, with a 21% tax rate on income earned under federal tax laws.

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Facts and figures about
Hill County, Texas

36,471

County Population

Hillsboro

County Seat

962 sq mi

County area

8.25%

Hill 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!

Hill county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Hillsboro

8.25%

Carl's Corner

Whitney

8.25%

Whitney

Itasca

8.25%

Itasca

Hubbard

8.25%

Hubbard

Covington

8.25%

Covington

Blum

8.25%

Blum

Abbott

8.25%

Hill

Aquilla

8.25%

Aquilla

Mount Calm

8.25%

Mount Calm

Bynum

8.25%

Bynum

Irene

7.75%

Hill Co Esd 2A Sp

Malone

8.25%

Malone Mdd Sp

Brandon

7.75%

Hill Co Esd 2A Sp

Mertens

8.25%

Mertens

Penelope

8.25%

Penelope

Frequently Asked Questions

How does online tax filing in Hill County Texas work?

How is a CPA defined in Hill County Texas?

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

What exactly CPAs in Hill County Texas do?

The role of a Hill County Texas CPA is to act as a trusted financial advisor to every taxpayer who is their client. A CPA in Hill 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 Hill County Texas should have the experience and expertise to prepare all the documents taxpayers are required to file in Hill 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 Hill 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 Hill County Texas tax deduction, FlyFin CPAs provide guidance, tax preparation and Hill County Texas tax filing services directly through the app to freelancers, W-2 employees, independent contractors, self-employed individuals and small businesses in Hill County Texas. The CPA team helping FlyFin users save $3,700 on average on their taxes works with both 1099 Hill County Texas tax deductions for self-employed individuals in Hill County Texas and W-2 tax deductions for employees working in Hill County Texas, as well as with every personal tax deduction a client can take in Hill County Texas. Taxes for a freelancer, independent contractor or a business owner in Hill 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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Ask a CPA in Cities of Hill

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What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. Using a powerful A.I., FlyFin tracks all your business expenses automatically. But anyone can file taxes through FlyFin! Our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. You can download the FlyFin app and have your taxes filed in less than 15 minutes, saving you time and money.

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