One quick tip - if you use tax software like TurboTax or H&R Block, they actually have options to help you look up a provider's EIN if you have the business name and address. Saved me from having to make an awkward call last year!

As someone who's been through this exact situation, I totally understand the anxiety! Here's what worked for me: I actually started by checking if my daycare had an online parent portal or app. Many centers include their EIN in the account settings or billing information section that parents often overlook. If that doesn't work, when you call, you can also phrase it as "I'm completing my tax return and need your federal tax ID number for the dependent care credit." Some smaller providers are more familiar with "tax ID" than "EIN" even though they're the same thing. Also, don't stress if they need to call you back - sometimes the person answering the phone needs to check with their bookkeeper or director. Most places are super understanding about this request, especially during tax season. You've got this! 🙂

Does anyone know if we need to fill out a separate state tax return if our internship was in a different state than where we go to school? My internship was in NYC but I'm a resident of Ohio for tax purposes.

Great question! I went through this exact same situation with my internship last year. Just to add to what others have said - if you're still in college, definitely check if your school offers free tax preparation services through programs like VITA (Volunteer Income Tax Assistance). Many universities have accounting students who provide free tax help, and they're usually really good with internship/student worker situations. They helped me navigate having both my campus work-study job and summer internship income on the same return. Also, don't stress too much about the timing - you've got plenty of time since W-2s don't come out until late January anyway. The fact that you're thinking about this in October shows you're already being more responsible than most of us were at that age!

Has anyone considered a third option? You could lease your truck to the S-Corp through a formal lease agreement. The S-Corp pays you lease payments (which are fully deductible business expenses for the company) and you report the lease income on your personal return. This avoids the whole depreciation issue while still giving the company a deduction for the vehicle use.

Great question Sofia! As others have confirmed, you're correct that the S-Corp cannot claim bonus depreciation on your personally-owned truck. Since the asset isn't owned by the corporation, only you as the individual owner can claim depreciation on your personal tax return. However, I'd suggest comparing all your options carefully. The accountable plan reimbursement you're currently using is actually quite beneficial - you get tax-free reimbursements from the company, and the S-Corp gets a full business deduction for the payments. Before considering selling the truck to the S-Corp (which creates potential tax complications as Dmitry mentioned), run the numbers on both the standard mileage rate versus actual expenses through your accountable plan. Given that you have a heavy truck over 6,000 lbs with high operating costs, the actual expense method will likely be more advantageous than the 67 cents per mile standard rate. The key is maintaining detailed records of business versus personal use regardless of which method you choose. Your current setup might already be optimal from a tax perspective!

Pro tip: If your broker is decent, they'll track all your cost basis info and include it on your 1099-B form. Companies like Fidelity, Vanguard, etc. make this super easy because they report your full cost basis to the IRS automatically. RobinHood and some of the app-based platforms aren't as reliable with complete cost basis reporting IMO. That's when you need to be extra careful about tracking your purchases and sales yourself.

You might actually be able to use your overall losses to offset that small gain. If you're down overall for the year, you can report up to $3,000 in net capital losses against your other income, which could lower your taxes. Don't miss out on claiming those losses!

What about just paying yourself a very minimal salary? Like $5,000 a year? That way you're technically taking a salary but keeping the payroll taxes low while you grow.

Based on my experience with a similar S-Corp situation, I'd strongly recommend getting professional guidance on this. The IRS really does enforce the reasonable salary requirement for working S-Corp owners, even when you're not taking distributions. In your case, with $98k revenue and you doing all the work, you're clearly providing substantial services. The IRS won't care that you're reinvesting everything - they'll still expect reasonable compensation for your labor. I learned this the hard way when I tried to justify zero salary for my first year. What helped me was researching what similar positions in my industry actually pay, then setting a salary at the lower end of that range given my company's financial constraints. For a business generating $33k in profit with one person doing everything, you'd probably need to allocate at least $20-25k as salary, but definitely get professional advice for your specific situation. The payroll taxes are a pain, but they're way less painful than dealing with IRS reclassification and penalties down the road. Better to be compliant from the start than try to fix it later!