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Taxes

Accounting

Baris *****
Freelance software developer
Q. In December 2023, I contributed $6500 to my Traditional IRA for the tax year 2023. Then, I submitted a recharacterization request, and Charles Schwab transferred the contribution to my Roth IRA. It is now in my Roth IRA as a cash balance because I have not invested it in any stocks yet. Due to a plan change for my personal finances, I actually need this money now. Therefore, I will need to remove this contribution before the tax deadline of April 15th. Since this contribution has already been recharacterized from Traditional IRA to Roth IRA, can I simply get it removed as an "excess contribution" from Roth IRA for the tax year 2023? Or, should I get it recharacterized back to Traditional IRA first? Thank you!
Thank you for your question. Reclassifying retirement contributions requires careful consideration of financial factors beyond just tax implications. If you have any specific concerns related to taxes, please feel free to inquire further.
Cash *********
Healthcare professional
Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!
We recommend consulting a professional before converting your primary residence into an investment property for a 1031 exchange, as our expertise is in tax filing. It is not advisable to proceed with a 1031 exchange if the property is currently your primary home. - Team FlyFin
Mia
Seller (Online or independent seller)
Q. I and my 3 children left my domestic violent husband on July 18, 2023. The final divorce decree hasn't been awarded yet. There's a mediation scheduled April 1, 2024. As that's 5.5mos of the year - who claims the children? AND, can both of us claim Head of Household on our individual tax returns? Thanks, Mia
Your patience is greatly appreciated. In regards to claiming dependents, it is typically outlined in the divorce decree or custody agreement. To qualify for Head of Household status, you must be unmarried or considered unmarried, pay more than half the cost of keeping up a home, and have a qualifying dependent living with you for more than half the year. If you meet these conditions, you may be eligible to claim Head of Household status. Feel free to reach out for further assistance. - Team FlyFin
Amanda **
Blogger
Q. Hi, I founded an online publication and media collective and partnered with the Las Vegas Library District where I'm facilitating connections between the artists in my directory and the library district. They have selected 4 artists to conduct community workshops and I have been facilitating coordination. The library is going to pay my LLC and I will then transfer the payments to the artists, preferrably via ACH or a Venmo. However, for the artists who I will be transferring over $600 to, what would be my LLC's tax implications? Essentially, I'm simply the middle man accepting the payment on their behalf and then transferring accordingly. But unfortunately, for the artists' tax purposes, I presume they'll need a 1099 from my LLC. I just want to make sure I'm doing everything legally even though I'm not profiting from the partnership financially. Thank you so very much for your guidance!
Issue Form 1099-NEC by January 31 of the following year for payments over $600 to individual artists. Ensure to obtain the artist's name, address, and Taxpayer Identification Number (TIN) with Form W-9. Report total payments on Form 1099-NEC.
David
Rental host (Airbnb etc.)
Q. My wife and I are looking to buy an RV with another couple that we will share for personal use and also share as a rental (similar to a VRBO or AirBnB). Should we be looking to do an LLC or an LLLP for our "company" to minimize our risk and also to make taxes simple?
Utilizing an LLC or LLLP for your RV rental business can help lower risks and streamline tax processes. They provide limited liability protection and separate personal assets from business debts.
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 exceed the $17,000 annual gift tax exclusion, you will need to submit Form 709 to the IRS. While you may not immediately owe gift taxes, any gifts over $12.92 million during your lifetime will be taxed. Donors are usually responsible for gift taxes. To learn more, visit the IRS FAQs on gift taxes.
Baris *****
Freelance software developer
Q. In December 2023, I contributed $6500 to my Traditional IRA for the tax year 2023. Then, I submitted a recharacterization request, and Charles Schwab transferred the contribution to my Roth IRA. It is now in my Roth IRA as a cash balance because I have not invested it in any stocks yet. Due to a plan change for my personal finances, I actually need this money now. Therefore, I will need to remove this contribution before the tax deadline of April 15th. Since this contribution has already been recharacterized from Traditional IRA to Roth IRA, can I simply get it removed as an "excess contribution" from Roth IRA for the tax year 2023? Or, should I get it recharacterized back to Traditional IRA first? Thank you!
Thank you for your question. Reclassifying retirement contributions requires careful consideration of financial factors beyond just tax implications. If you have any specific concerns related to taxes, please feel free to inquire further.
Cash *********
Healthcare professional
Q. Hello, I know you can do a 1031 exchange with a investment property. My question is how can you make that happen with a home that is currently your primary home? Do you simply have to live somewhere else for a certain time period to have that home no longer be designated the primary home? Thank you!
We recommend consulting a professional before converting your primary residence into an investment property for a 1031 exchange, as our expertise is in tax filing. It is not advisable to proceed with a 1031 exchange if the property is currently your primary home. - Team FlyFin
Mia
Seller (Online or independent seller)
Q. I and my 3 children left my domestic violent husband on July 18, 2023. The final divorce decree hasn't been awarded yet. There's a mediation scheduled April 1, 2024. As that's 5.5mos of the year - who claims the children? AND, can both of us claim Head of Household on our individual tax returns? Thanks, Mia
Your patience is greatly appreciated. In regards to claiming dependents, it is typically outlined in the divorce decree or custody agreement. To qualify for Head of Household status, you must be unmarried or considered unmarried, pay more than half the cost of keeping up a home, and have a qualifying dependent living with you for more than half the year. If you meet these conditions, you may be eligible to claim Head of Household status. Feel free to reach out for further assistance. - Team FlyFin
Amanda **
Blogger
Q. Hi, I founded an online publication and media collective and partnered with the Las Vegas Library District where I'm facilitating connections between the artists in my directory and the library district. They have selected 4 artists to conduct community workshops and I have been facilitating coordination. The library is going to pay my LLC and I will then transfer the payments to the artists, preferrably via ACH or a Venmo. However, for the artists who I will be transferring over $600 to, what would be my LLC's tax implications? Essentially, I'm simply the middle man accepting the payment on their behalf and then transferring accordingly. But unfortunately, for the artists' tax purposes, I presume they'll need a 1099 from my LLC. I just want to make sure I'm doing everything legally even though I'm not profiting from the partnership financially. Thank you so very much for your guidance!
Issue Form 1099-NEC by January 31 of the following year for payments over $600 to individual artists. Ensure to obtain the artist's name, address, and Taxpayer Identification Number (TIN) with Form W-9. Report total payments on Form 1099-NEC.

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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