Has anyone used TurboTax Business for their partnership return? We're a simple 50/50 LLC with basic income and expenses, wondering if it's worth the $200 or if there's a better option.

Great question! I went through this exact same confusion with my LLC last year. Just to add a few practical tips to what Emily covered: 1. Make sure you get an EIN (Employer Identification Number) for your LLC if you don't already have one - you'll need it for the 1065 form. 2. Keep really good records throughout the year of all income and expenses. The 1065 requires you to categorize everything properly, and it's much easier if you're organized from the start. 3. Don't forget about estimated quarterly payments! Even though the LLC doesn't pay taxes directly, you and your partner will likely need to make estimated payments on your individual returns based on your K-1 income. 4. Consider setting up a separate business bank account if you haven't already. It makes tracking business expenses so much cleaner when tax time comes around. The March 15 deadline is firm, so start gathering your documents in January. If you think you might be cutting it close, file that extension (Form 7004) early - it's better to be safe than sorry with those penalties!

I'm so grateful to have found this thread! I've been in a similar situation for the past couple of months after being let go from my job, and I've been selling off various personal belongings to help make ends meet - old furniture, some jewelry, electronics, books, you name it. Like everyone else here, I'm definitely selling everything for way less than what I originally paid for it. The tax anxiety has been real though! I kept wondering if I was supposed to be reporting these sales or setting aside money for taxes, especially since some weeks I might sell $200-300 worth of stuff. But reading through everyone's experiences here has been such a relief - it makes perfect sense that selling personal items at a loss wouldn't be taxable income. I love the practical advice about keeping a simple spreadsheet with photos. I've been loosely tracking things in my head, but having actual documentation sounds like a smart approach for peace of mind. The point about different platforms having different 1099-K requirements is also really helpful since I've been using multiple selling platforms. What strikes me most about this thread is how supportive everyone has been while sharing genuinely useful, real-world advice. When you're already dealing with the stress of unemployment and financial uncertainty, having a community where people share their actual experiences (rather than just theoretical tax advice) makes such a difference. Thank you all for taking the time to help others navigate this challenging situation!

I've been following this discussion and wanted to add my perspective as someone who went through a very similar situation about 18 months ago. After being laid off, I ended up selling quite a bit of personal property - everything from old camping gear to kitchen appliances to books and DVDs I'd accumulated over the years. What helped me the most was understanding that the IRS really does make a clear distinction between personal property sales and business activity. When you're selling items you originally bought for personal use at a loss, you're essentially just disposing of depreciated personal property. The key factors that kept me in the "personal" category were: 1) I owned everything for personal use originally, 2) I was clearly selling at a loss, and 3) I wasn't regularly buying items with the intent to resell them. I did keep basic records - just a simple list with item descriptions, rough original cost, and selling price. Looking back, this was more for my own peace of mind than anything else, but it did help me see that I was consistently selling everything for 20-40% of what I originally paid. One thing I learned that might be helpful - even if you receive a 1099-K from a platform like eBay, you can still properly account for these as non-taxable personal property sales on your return. The form doesn't automatically mean you owe taxes on that income. Hang in there with the job search - I know how stressful this whole situation can be, but you're asking the right questions and approaching it thoughtfully!

Just to add to the excellent advice here - make sure you keep detailed records of EVERYTHING, even the purchases you don't need to report right now. The IRS uses FIFO (First In, First Out) accounting by default for crypto unless you elect specific identification, so when you do eventually sell, you'll need those early purchase records to calculate your cost basis correctly. I learned this the hard way when I sold some Bitcoin in 2022 and realized I needed purchase records going back to 2019 to properly calculate my gains. Had to dig through old email confirmations and bank statements. Save yourself the headache and create a simple spreadsheet now with dates, amounts, and prices for all your transactions - even the small $50 purchases. Future you will thank you!

@Cynthia Love For someone just starting out like yourself, I'd recommend keeping it simple with a basic Google Sheets or Excel spreadsheet. Create columns for: Date, Platform (Robinhood, etc.), Transaction Type (Buy/Sell), Coin, Amount, Price per coin, Total USD, and any fees. Since you're using Robinhood, they actually make record-keeping easier because everything stays on their platform - just make sure to download your monthly statements. But if you ever move crypto off Robinhood or start using other exchanges, that's when detailed tracking becomes critical. A few free templates you can find online: CoinTracker has a free CSV template, and there are good Reddit threads in r/CryptoCurrency with spreadsheet templates people have shared. Start simple now and you can always upgrade to more sophisticated tools later if your crypto activity increases. The key is just getting in the habit of logging everything as it happens rather than trying to reconstruct months of transactions later!

This thread has been incredibly informative! I'm a tax preparer and I still get clients every year who are confused about the health insurance requirements. One thing I'd add is that even though there's no federal penalty anymore, you should still keep all your health insurance documents (1095-A, 1095-B, 1095-C forms) for your records. These forms are still issued and can be important for several reasons: they help verify coverage dates if you live in a state with its own mandate, they're needed for premium tax credit reconciliation if you got marketplace coverage with advance credits, and they can be useful if the IRS ever questions your filing or if you need to amend a return. Also, a quick tip for anyone using tax software - many programs still ask about health insurance even though it's not federally required. This is often because the software needs to handle state-specific requirements and premium tax credit calculations. Don't panic if you see health insurance questions in your tax prep software!

Great question about document retention! For health insurance forms like 1095s, I generally recommend keeping them for at least 4 years, which aligns with the standard statute of limitations for IRS audits. However, if you're claiming premium tax credits or live in a state with its own mandate, I'd suggest keeping them for up to 7 years to be extra safe. The IRS can go back further in certain situations (like if there's suspected fraud or if you never filed a return), but 4-7 years covers most scenarios. Since these documents don't take up much space, especially if you scan them digitally, it's usually worth erring on the side of caution. One more thing to keep in mind - if you ever need to reconstruct your tax history for things like mortgage applications, financial aid, or certain legal proceedings, having those health insurance documents can help paint a complete picture of your financial situation during those years. They're small documents that can save you big headaches down the road!

I've been having the exact same issue! Called at 7:10 AM this morning and got the "call back during normal business hours" message, which makes no sense when they're supposed to be open. It's incredibly frustrating when you have a time-sensitive tax question. One thing I discovered recently is that the IRS has different phone numbers for different types of issues, and some seem to have better availability than others. If you're calling about a specific notice you received, try using the phone number printed directly on that notice rather than the general taxpayer assistance line. I had much better luck when I called the number on my CP2000 notice compared to the main 1-800-829-1040 line. Also, I've found that calling exactly at 7:00 AM (not even 7:01) gives you the best shot at getting through. Their system seems to hit capacity almost immediately after opening. Set an alarm and have your phone ready to dial right at 7:00 on the dot. If all else fails and you just need basic account information, the automated system at 1-800-829-1040 can actually provide quite a bit of info if you have your SSN and filing details handy. It's not ideal, but sometimes it can answer simple questions without needing to talk to a human. Hope this helps - the IRS phone situation is definitely broken, but persistence usually pays off eventually!

I've been dealing with this exact same frustration for weeks now! The IRS phone system is absolutely broken during tax season. What's worked for me is calling at exactly 7:00 AM EST - not 7:01, but right at 7:00. Their system hits capacity within minutes of opening. Also, try calling on Tuesday or Wednesday mornings if possible. Mondays and Fridays are the worst for wait times. If you're calling about a specific notice, use the phone number printed on that notice rather than the general line - those department-specific numbers often have better availability. For refund questions, the "Where's My Refund" tool on irs.gov updates daily and might save you from having to call at all. But I totally understand wanting to speak to someone when you have a complex situation like an amended return. The "call back during normal business hours" message is just their way of saying they're at maximum capacity - it doesn't mean they're actually closed. Keep trying every 15-20 minutes and you'll eventually get through. It's ridiculous that we need these workarounds just to reach our own tax agency, but persistence does pay off!