An 82% on your first practice test is definitely a solid foundation to build on! I'm currently studying for the same exam and have been researching what it takes to feel confident going into the actual test. From everything I've read and heard from people who've passed, the key difference between practice tests and the real exam is the level of detail in the scenarios. The actual exam presents more realistic, messy situations where you might have to consider multiple tax rules simultaneously or determine which rule takes precedence when there's potential overlap. I'd suggest keeping track of not just your overall scores but also timing yourself on each section. Some people mention that certain calculation-heavy questions can be time-consuming if you're not efficient with your approach. Practice tests are great for learning the material, but developing good time management habits early will pay off on exam day. One strategy I'm planning to use is taking notes on the specific wording of questions I miss. Sometimes the difference between a right and wrong answer comes down to small details in how a scenario is presented, especially with filing status determinations or dependency exemptions. Best of luck with your continued preparation! It sounds like you're approaching this thoughtfully, which is really important for success.

Your 82% on the first practice test is actually really encouraging! I passed my Level 1 exam about 8 months ago and was scoring in the high 70s to low 80s range on my initial practice attempts, so you're already ahead of where I started. One thing I learned during my preparation is that consistency across practice tests matters more than hitting a specific score threshold on any single test. I'd recommend taking all the available practice tests and tracking your performance trends rather than focusing too much on individual scores. The actual exam does present more nuanced scenarios than the practice tests, but they're testing the same core knowledge. What really helped me was creating a "mistake journal" where I'd write down not just what I got wrong, but why I chose the incorrect answer and what led me to that reasoning. This helped me identify patterns in my thinking that were causing errors. Pay special attention to questions involving business income and expenses - these tend to have more variables on the actual exam. Also, make sure you're comfortable with the basic filing requirements and standard deduction amounts, as these foundational concepts often appear in more complex scenarios. The fact that you're planning to take multiple practice tests before attempting the real exam shows you're taking a smart, methodical approach. Keep building on that 82% foundation and you'll definitely be ready when exam time comes!

Does anyone know if you can bundle these kinds of donations with your regular charitable giving to help hit the itemized deduction threshold? My tax guy isn't very clear on this, and I'm below the standard deduction by about $1000, but I gave almost $2000 to various gofundmes this year.

I went through this exact same situation last year and learned the hard way that documentation is everything. Even if you think a GoFundMe might qualify (like when it mentions partnering with a charity), you need official receipts from the actual 501(c)(3) organization to claim any deduction. What I ended up doing was keeping detailed records of all my GoFundMe donations in a separate spreadsheet with notes about why I donated and whether there was any charitable organization involvement. While most weren't deductible, it helped me identify a couple that actually were connected to registered nonprofits - but only after I contacted those organizations directly for proper tax receipts. For future reference, if you want to help individuals while still getting tax benefits, consider looking into donor-advised funds. Some allow you to recommend grants to help specific people in need while still qualifying as charitable deductions since the fund itself is a qualified charity. It's not as direct as GoFundMe, but it's an option for people who want both the personal connection and the tax benefit.

I almost signed up with Optima last year but decided to check reviews first. Thank god I did! Instead, I went directly to the IRS and set up a payment plan myself. It took one phone call (admittedly after being on hold for 2 hours) and I was approved for a monthly payment I could afford. These companies make it sound like you need some special expertise or insider connections to deal with the IRS, but for most basic tax problems, you absolutely don't. They're just inserting themselves as expensive middlemen.

This is exactly why I always tell people to be extremely cautious with these tax relief companies. The pattern you described - big promises upfront, poor communication after payment, and then trying to silence customers with NDAs - is unfortunately very common in this industry. The fact that they're demanding you sign an agreement to remove negative reviews in exchange for a partial refund is a huge red flag. Legitimate businesses don't operate this way. They're essentially admitting their service was inadequate while trying to manipulate their online reputation. For anyone reading this who's dealing with tax problems: before paying anyone thousands of dollars, try these free or low-cost options first: 1. Call the IRS directly to discuss payment plan options 2. Use the IRS Online Payment Agreement tool 3. Contact your local Low Income Taxpayer Clinic (LITC) if you qualify 4. Consult with a local CPA or Enrolled Agent for a transparent fee quote Don't let these companies prey on your stress about tax issues. Most tax problems can be resolved without paying these inflated fees to middlemen who often provide little actual value.

These codes usually mean theyre doing final verification. My taxes were stuck here for like 3 days then boom, got my DDD

I see a lot of people mentioning taxr.ai here - just wanted to add that I tried it last week when I was confused about my codes and it was honestly a game changer! For just $1 it gave me a detailed breakdown of exactly what was happening with my return and even predicted when I'd get my refund (which ended up being spot on). Way better than spending hours trying to decode everything myself. The 570/571 combo you have is actually pretty standard - usually means they're just doing final checks and you should see movement soon 🤞

Does anyone know if a single-member LLC provides the same liability protection as a multi-member LLC for oil royalties? My CPA mentioned something about single-member LLCs having "weaker" liability shields in some states, but wasn't super clear on the details.

Great question about LLC setup for your royalty override! I went through this exact decision last year when I started receiving override payments from my position at a drilling company. One factor I didn't see mentioned yet is the depletion deduction. With an LLC, you can potentially take percentage depletion (up to 15% for oil and gas) or cost depletion, whichever is greater. This can be a significant tax benefit that you might not fully utilize on your personal return depending on your other income. Also consider the professional management aspect - having an LLC makes it easier to bring in partners later if your override interests grow, or if you want to purchase additional mineral rights. It establishes a clear business structure from the start. The key is getting your employment agreement reviewed first (as Oliver mentioned) to make sure there are no restrictions. My company required me to notify HR before setting up the LLC, but they were fine with it once I explained the liability protection benefits. The whole process took about 6 weeks from start to finish including getting the EIN and opening business accounts.