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

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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.
Ryan
Seller (Online or independent seller)
Q. I refinanced my student loans and as a result, the original loan provider's Form 1098E has a very large amount of paid interest. Should I still report that I paid that large amount?
Report interest paid on the refinanced loan only, not the original loan. Ignore large amount on Form 1098E from old provider. Refinanced loan interest is what matters for tax reporting.
Mark ****
Freelance marketer
Q. We manage google ads for clients. We pay Google the ad costs and deduct them from our monthly retainer. How should this be reported since its not really a COGS, but more of a service we handle for them.
You may classify the Google ad costs as an operating expense, not tied to generating revenue. Operating expenses cover general costs of business like rent and utilities. FlyFin's exclusive CPA team will file your tax returns for $192, which includes a year's subscription to our deduction tracker.
Kimberly ********
Seller (Online or independent seller)
Q. Hi, I recently started a new career as a life insurance producer. I am new to 1099 employment and I am located in West Virginia. I want to make sure I get started on the right path for managing my own taxes. Where and how should I begin.
"As a 1099 independent contractor, you are responsible for paying income and self-employment taxes. Keep records of business income, expenses, and receipts. Consider using tools to streamline tax management. Consult with a CPA for personalized guidance."
Tyler
Freelance designer
Q. Can I send out 1099 MISC forms to individuals on plain white paper?
Unfortunately, you cannot send out 1099-MISC forms on plain white paper. The IRS has specific requirements for the format of these forms to ensure accurate processing. Using plain white paper may lead to processing issues or penalties. For more information on the format requirements, please refer to this link.
Michael *****
Construction contractor
Q. How much taxable income do i need for 2023 to make a $7000,00 IRA contribution and still qualify for maximum tax credits on healthcare.gov?
To determine the optimal taxable income for a $7,000 IRA contribution while still qualifying for maximum tax credits on healthcare.gov, assess your total income and deductions. Use your income and deduction details to calculate taxable income and identify the threshold for the IRA contribution. Contact us for personalized advice. 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.
Ryan
Seller (Online or independent seller)
Q. I refinanced my student loans and as a result, the original loan provider's Form 1098E has a very large amount of paid interest. Should I still report that I paid that large amount?
Report interest paid on the refinanced loan only, not the original loan. Ignore large amount on Form 1098E from old provider. Refinanced loan interest is what matters for tax reporting.
Mark ****
Freelance marketer
Q. We manage google ads for clients. We pay Google the ad costs and deduct them from our monthly retainer. How should this be reported since its not really a COGS, but more of a service we handle for them.
You may classify the Google ad costs as an operating expense, not tied to generating revenue. Operating expenses cover general costs of business like rent and utilities. FlyFin's exclusive CPA team will file your tax returns for $192, which includes a year's subscription to our deduction tracker.
Kimberly ********
Seller (Online or independent seller)
Q. Hi, I recently started a new career as a life insurance producer. I am new to 1099 employment and I am located in West Virginia. I want to make sure I get started on the right path for managing my own taxes. Where and how should I begin.
"As a 1099 independent contractor, you are responsible for paying income and self-employment taxes. Keep records of business income, expenses, and receipts. Consider using tools to streamline tax management. Consult with a CPA for personalized guidance."

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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