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Walla Walla County, Washington: The Importance of a CPA for Small Business Tax Preparation

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kendall *********
Seller (Online or independent seller)
Q. can i make a solo 401k deduction and a IRA contribution in the same year?
You can make both a solo 401(k) deduction and an IRA contribution in the same year.
Sahil
Handyman
Q. Hello, I live and work in Upstate NY. I am thinking about becoming a co-owner for an apartment in NYC. I will receive rental income from that property. How that works for tax purposes?
"As a co-owner of an NYC apartment, you'll owe federal, NY state, and city income tax on the rental income based on your tax bracket. Remember to report this income on your tax returns. Contact us for more information." - Team FlyFin
Alex
Healthcare professional
Q. I am a partner in a Phyiscal Therapy home care based LLC with profits spit evenly (33%). My taxable income is $139,100 am I eligible to take the Qualified Buisness Income (QBI) even though we’re an SSTB? So complicated!
"Regarding your query on QBI for SSTBs like yours, the phase-out range is from $191,950 to $241,950 for Single Filers and $383,900 to $483,900 for Married Filing Jointly. With a taxable income of $139,100, you should be eligible for the QBI deduction. It's recommended to consult a tax professional for accurate guidance on tax laws. At FlyFin, our expert CPA team can assist with tax filing for $192. Contact us for more information."
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
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.
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
kendall *********
Seller (Online or independent seller)
Q. can i make a solo 401k deduction and a IRA contribution in the same year?
You can make both a solo 401(k) deduction and an IRA contribution in the same year.
Sahil
Handyman
Q. Hello, I live and work in Upstate NY. I am thinking about becoming a co-owner for an apartment in NYC. I will receive rental income from that property. How that works for tax purposes?
"As a co-owner of an NYC apartment, you'll owe federal, NY state, and city income tax on the rental income based on your tax bracket. Remember to report this income on your tax returns. Contact us for more information." - Team FlyFin
Alex
Healthcare professional
Q. I am a partner in a Phyiscal Therapy home care based LLC with profits spit evenly (33%). My taxable income is $139,100 am I eligible to take the Qualified Buisness Income (QBI) even though we’re an SSTB? So complicated!
"Regarding your query on QBI for SSTBs like yours, the phase-out range is from $191,950 to $241,950 for Single Filers and $383,900 to $483,900 for Married Filing Jointly. With a taxable income of $139,100, you should be eligible for the QBI deduction. It's recommended to consult a tax professional for accurate guidance on tax laws. At FlyFin, our expert CPA team can assist with tax filing for $192. Contact us for more information."
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

Facts and figures about
Walla Walla County, Washington

washington
population

62,584

County Population

population

Walla Walla

County Seat

population

1,270 sq mi

County area

population

8.90%

Walla Walla 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

Walla Walla county Sales Tax Rates for 2023

City

Sales Tax Rate

Tax Jurisdiction

Walla Walla

8.90%

Walla Walla Tpa Zone A Sp

College Place

8.90%

Walla Walla Tpa Zone A Sp

Burbank

8.10%

Walla Walla

Waitsburg

8.70%

Walla Walla Ptba

Touchet

8.70%

Walla Walla Ptba

Prescott

8.70%

Walla Walla Ptba

Dixie

8.10%

Walla Walla

Wallula

8.10%

Walla Walla

Frequently Asked Questions

How does online tax filing in Walla Walla County Washington work?

What does CPA mean in Walla Walla County Washington ?

What exactly does a Walla Walla 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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