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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.
Joel
Freelance designer
Q. My wife and I formed a charitable remainder trust in 2023 and contributed property to it. However, we did not apply for an IRS tax ID for the trust until April 2024. Can we still deduct the contribution on 2023 tax return so long as the tax ID is received prior to filing of the 2023 return?
For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.
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.
You have the choice to skip the AI for 2023 and upload your deductible expenses immediately. Simply connect your account and upload the documents under "other docs" for submission. Reach out to us if you need any help. - 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?
Any gambling winnings totaling $30,000 need to be declared as taxable income on your federal tax return. The tax amount owed will be calculated based on your total income and filing status. These winnings are commonly documented on Form W-2G.
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
Recipients of gifted shares do not face immediate income tax consequences, but they may be subject to capital gains tax when they sell the shares.
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 involves complex legal matters, it may be advisable to consult with a tax attorney. We are not currently providing those services. Please reach out if you need additional support. Team FlyFin.
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.
Joel
Freelance designer
Q. My wife and I formed a charitable remainder trust in 2023 and contributed property to it. However, we did not apply for an IRS tax ID for the trust until April 2024. Can we still deduct the contribution on 2023 tax return so long as the tax ID is received prior to filing of the 2023 return?
For a charitable deduction to be claimed for property contributed to a trust in 2023, it must be completed by the end of that tax year. The deductibility may be impacted by obtaining a tax ID in 2024. Ensure that the tax ID is obtained before submitting your 2023 return, as it is required for reporting the details of the donee.
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.
You have the choice to skip the AI for 2023 and upload your deductible expenses immediately. Simply connect your account and upload the documents under "other docs" for submission. Reach out to us if you need any help. - 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?
Any gambling winnings totaling $30,000 need to be declared as taxable income on your federal tax return. The tax amount owed will be calculated based on your total income and filing status. These winnings are commonly documented on Form W-2G.

Facts and figures about
Hill County, Texas

texas
population

36,471

County Population

population

Hillsboro

County Seat

population

962 sq mi

County area

population

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

Download now

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?

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What exactly CPAs in Hill County Texas do?

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