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Island County, Washington: Your Trusted Tax Advisor for Tax Planning in the county

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Cash *********
Healthcare professional
Q. Hello, With the new bill passing that allows a small business owner to write off 100% of the depreciation for equipment could someone turn their primary home into a rental investment and write off the improvements as a business cost? Thank you, Cash
You can deduct costs associated with converting your primary home into a rental property, including improvements for rental purposes. Qualified improvements are eligible for full depreciation under Sec 179 deductions. - Team FlyFin
Daniel ******
Artist
Q. I have one question: what is the maximum one can write-off against their taxes via their small business in the state of Missouri?
"Business owners in Missouri can deduct various expenses from their taxes, such as operating costs, employee wages, travel expenses, depreciation, and home office deductions. Ensure to keep track of these expenses to maximize your deductions. Hope this helps!"
Miranda
Healthcare professional
Q. Hi, I'm trying to understand when the different tax forms are filed? I just started working for myself as a sole proprietor this year and Flyfin says there are 4 forms to turn in: Form 1040/Schedule C, 940, 941 and 944. Do those all get turned in at the same time?
Here's a summary of the tax forms you may need to file as a sole proprietor: - Form 1040/Schedule C: File annually by April 15 (or by October 15 with an extension) - Form 940: File annually by January 31 to report FUTA for employees - Form 941: File quarterly by the last day of the month following the quarter - Form 944: File annually by January 31 if total tax liability is $1,000 or less.
Islam
Seller (Online or independent seller)
Q. I formed an LLC company in Delaware only me is the owner and shareholder. I sale online diving safari trips in Egypt. No US source income, so is it must to fill a tax return with IRS or Delaware State?
"As an LLC owner in Delaware selling online diving safaris in Egypt, you are required to file tax returns with both the IRS and Delaware, even if you have no US source income. Any foreign taxes paid can be claimed as a credit against your federal tax liability. Contact a CPA for assistance with your tax filings."
Sylvia
Retired
Q. I received 1099C for debt reduction. The firm charged me a fee for negotiating the debt I need to report the 1099C as additional income on 1040 sch.1 Can I include the fee charged on 1040 sch.1 line 24z
"If you received a 1099-C for debt reduction and were charged a fee for negotiating the debt, report the 1099-C amount as additional income on your 1040 Schedule 1. The fee charged for debt negotiation is not typically deductible. Thanks." - Team FlyFin
Don
Artist
Q. What form do I use to write off investment real estate loss? This is a dirt lot I had over 20 years and sale price was less than original purchase price.
To write off investment real estate loss on a dirt lot, use form 8949 and Schedule D on your U.S. federal tax return. Include sale details like acquisition date, sale date, sales price, and cost basis. FlyFin's expert CPA team can also assist with tax filing.
Cash *********
Healthcare professional
Q. Hello, With the new bill passing that allows a small business owner to write off 100% of the depreciation for equipment could someone turn their primary home into a rental investment and write off the improvements as a business cost? Thank you, Cash
You can deduct costs associated with converting your primary home into a rental property, including improvements for rental purposes. Qualified improvements are eligible for full depreciation under Sec 179 deductions. - Team FlyFin
Daniel ******
Artist
Q. I have one question: what is the maximum one can write-off against their taxes via their small business in the state of Missouri?
"Business owners in Missouri can deduct various expenses from their taxes, such as operating costs, employee wages, travel expenses, depreciation, and home office deductions. Ensure to keep track of these expenses to maximize your deductions. Hope this helps!"
Miranda
Healthcare professional
Q. Hi, I'm trying to understand when the different tax forms are filed? I just started working for myself as a sole proprietor this year and Flyfin says there are 4 forms to turn in: Form 1040/Schedule C, 940, 941 and 944. Do those all get turned in at the same time?
Here's a summary of the tax forms you may need to file as a sole proprietor: - Form 1040/Schedule C: File annually by April 15 (or by October 15 with an extension) - Form 940: File annually by January 31 to report FUTA for employees - Form 941: File quarterly by the last day of the month following the quarter - Form 944: File annually by January 31 if total tax liability is $1,000 or less.
Islam
Seller (Online or independent seller)
Q. I formed an LLC company in Delaware only me is the owner and shareholder. I sale online diving safari trips in Egypt. No US source income, so is it must to fill a tax return with IRS or Delaware State?
"As an LLC owner in Delaware selling online diving safaris in Egypt, you are required to file tax returns with both the IRS and Delaware, even if you have no US source income. Any foreign taxes paid can be claimed as a credit against your federal tax liability. Contact a CPA for assistance with your tax filings."

Facts and figures about
Island County, Washington

washington
population

86,857

County Population

population

Coupeville

County Seat

population

209 sq mi

County area

population

9%

Island County sales tax rate

😵‍💫 1 Washington CPA for every 300 residents results in high CPA rates

😓 19 million taxpayers missed the filing deadline last year

😨 30 million taxpayers miss deductions without the right tax expert

😣 Almost 1/2 of all Americans pay more tax than necessary

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Washington State Income Tax Rates & Brackets for 2023

The following tables represents Washington's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

n.a

7.00%

MARRIED FILING JOINTLY

Brackets

Rates

n.a

7.00%

Filing Status

Standard Deduction Amt.

Single

$250,000

Couple

$250,000

Island county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Oak Harbor

9%

Oak Harbor

Camano Island

8.80%

Island

Coupeville

8.80%

Island

Clinton

8.80%

Island

Langley

8.80%

Island

Freeland

8.80%

Island

Greenbank

8.80%

Island

Frequently Asked Questions

How does online tax filing in Island County Washington work?

What does CPA mean in Island County Washington ?

What exactly does a Island County Washington CPA do?

What makes Smart CPAs different?

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Why does FlyFin offer Smart CPAs?

FlyFin was developed for freelancers, gig workers, independent contractors and sole proprietors because they're responsible for so much more when it comes to taxes and are more in need of expert tax advice than perhaps any other kind of taxpayer. With a robust artificial intelligence, FlyFin tracks business expenses automatically for self-employed individuals and identifies every possible tax-saving write-off. FlyFin also makes it possible for any kind of taxpayer to file taxes and leave 95% of the work to FlyFin CPAs. They prepare tax returns with guaranteed 100 percent accuracy, saving taxpayers time and money. By downloading the FlyFin app, they can complete the process of getting their taxes in fewer than 15 minutes.
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Expert tax CPAs ensure 100% accurate tax filing

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A.I. finds every tax deduction eliminating 95% of your work

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