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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?
You must report gambling winnings of $30,000 on your federal tax return as taxable income. The tax owed will be determined by your total income and filing status. These winnings are typically reported on Form W-2G.
Chris *********
Seller (Online or independent seller)
Q. I'm a part-owner in a partnership for which I receive a K-1. I receive both guaranteed payments and owner distributions. My wife also earns income from this business through as a 1099 contractor. I also earned additional consulting income for other businesses. I've set up an S-Corp with myself and my wife as employees to reduce our tax burden in 2024 but I did not have this in place in 2023 so I'm expecting our tax obligation to be high and looking for ways to reduce our taxable income. We've worked with a CPA for the past few years but your model looks quite interesting. As part of your tax prep offering, are you able to file the necessary paperwork for showing foreign assets (Forms 1116 and 8938)?
We offer assistance with filing Forms 1116 and 8938. Start by registering on our platform. Visit the "Tax Filing" tab to initiate the process. We are looking forward to supporting you with your tax needs.
Rabia
Freelance marketer
Q. I would like to know which forms I need to file for tax déclaration as a freelance marketer. My company is registered in Wyoming and I bill my hourly fee and extra costs I spent such as flight tickets to the companies. I don’t want to pay tax on the costs.
When reporting freelance income and expenses on Schedule C, make sure to exclude reimbursed costs to avoid taxation on those expenses. Hope this guidance is useful. FlyFin Team.
Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Normally, Roth IRA profits are not taxed. Please reach out if you need assistance. Team FlyFin.
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!
For assistance in converting your primary home into an investment property for a 1031 exchange, we suggest consulting a professional since our specialization is in tax preparation. It is not recommended to utilize a 1031 exchange if the property is already your primary residence. - Team FlyFin
Cash *********
Healthcare professional
Q. Hello, I live with my partner in a home that she owns herself and we are not married. I pay her rent monthly and my question is could she turn her home into a rental property and have me be a tenant paying the rent to get some tax/business benefits? Thank you, Cash
Pondering about transforming your partner's residence into a rental property? Your partner would have to declare the rental income and may qualify for tax deductions. If you're renting the property for business use, you could potentially deduct your rent payments. For personalized advice, consulting a tax professional is recommended.
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?
You must report gambling winnings of $30,000 on your federal tax return as taxable income. The tax owed will be determined by your total income and filing status. These winnings are typically reported on Form W-2G.
Chris *********
Seller (Online or independent seller)
Q. I'm a part-owner in a partnership for which I receive a K-1. I receive both guaranteed payments and owner distributions. My wife also earns income from this business through as a 1099 contractor. I also earned additional consulting income for other businesses. I've set up an S-Corp with myself and my wife as employees to reduce our tax burden in 2024 but I did not have this in place in 2023 so I'm expecting our tax obligation to be high and looking for ways to reduce our taxable income. We've worked with a CPA for the past few years but your model looks quite interesting. As part of your tax prep offering, are you able to file the necessary paperwork for showing foreign assets (Forms 1116 and 8938)?
We offer assistance with filing Forms 1116 and 8938. Start by registering on our platform. Visit the "Tax Filing" tab to initiate the process. We are looking forward to supporting you with your tax needs.
Rabia
Freelance marketer
Q. I would like to know which forms I need to file for tax déclaration as a freelance marketer. My company is registered in Wyoming and I bill my hourly fee and extra costs I spent such as flight tickets to the companies. I don’t want to pay tax on the costs.
When reporting freelance income and expenses on Schedule C, make sure to exclude reimbursed costs to avoid taxation on those expenses. Hope this guidance is useful. FlyFin Team.
Baris *****
Freelance Designer
Q. Hello, I contributed $6500 to Roth IRA in December 2023. Then, in February 2024, I removed excess contribution and attributable earnings of total $7500 from Roth IRA. I do understand that the earnings portion of $1000 (i.e. $7500 minus $6500) would be taxed as ordinary income. However, would earnings portion (which was attributable to contributions) be taxed as part of 2023 or 2024 income? For example, my IRA administrator brokerage firm will not send any 1099 forms about these transactions for the remainder of this year(2024), but they will send 1099 next year(2025). When they send me 1099, I don't know for which year I will owe taxes... Will I owe tax for 2023 because the original contributions were made for 2023? Or, will I owe tax for 2024 because excess contribution and earnings were removed in 2024? I look forward to your feedback. Thank you!
Normally, Roth IRA profits are not taxed. Please reach out if you need assistance. Team FlyFin.

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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

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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

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