Something no one's mentioned yet - make sure you're taking advantage of all your photography business deductions to lower your taxable income in the first place! Equipment, studio space (even home office), software subscriptions, website costs, travel to shoots, professional development courses, etc. The less profit you show, the less you'll owe in quarterly payments.

One thing that helped me when I was starting out - consider making your quarterly payments slightly higher than the minimum required if your cash flow allows it. I know it sounds counterintuitive when money is tight, but hear me out. If your business grows throughout the year (which hopefully it will!), you'll avoid underpayment penalties and won't get hit with a massive tax bill in April. Plus, any overpayment gets refunded or can be applied to next year's taxes. I learned this the hard way when my freelance income doubled mid-year and I suddenly owed way more than expected. The safe harbor rule (paying 100% of last year's tax or 110% if your AGI was over $150k) can be a lifesaver for new businesses with unpredictable income.

Has anyone actually tried telling the IRS they just don't have the money? Like what happens if you literally can't pay?

I went through something similar last year - owed about $11k in self-employment taxes and was frantically looking for ways to reduce it. Unfortunately, as others have mentioned, charitable donations won't help with your current tax debt since they're deductions, not credits, and they only apply to future tax years anyway. What helped me was actually going through all my business expenses with a fine-tooth comb to make sure I hadn't missed any legitimate deductions when I originally filed. Things like home office expenses, business meals, professional development courses, even subscriptions to industry publications - it all adds up. I ended up finding about $2,800 in deductions I had overlooked and filed an amended return. For the remaining balance, I set up a payment plan with the IRS. The monthly payment was much more manageable than trying to come up with the lump sum, and the penalties/interest weren't as bad as I expected. The key is to contact them before they start collection actions - they're actually pretty reasonable to work with if you're proactive about it.

Has anyone actually checked the max earnings needed for the 4 credits in 2024? I think it went up from the 2023 numbers the OP mentioned.

I work as a tax preparer and unfortunately see this confusion all the time. Your accountant is definitely mixing up different rules. The quarterly requirement they're thinking of likely relates to either estimated tax payments (which are quarterly) or possibly unemployment insurance in some states. For Social Security credits, the SSA website is crystal clear: "We base Social Security credits on your yearly earnings." The system looks at your total W-2 and 1099 income reported on your tax return, not when you received those payments during the year. I've had clients who earned their entire annual income in a single month (seasonal workers, contractors with big year-end bonuses, etc.) and they all received the full 4 credits as long as their total earnings met the threshold. The timing within the year is completely irrelevant for Social Security credit calculation. You might want to gently share the official SSA publication "How You Earn Credits" (Publication No. 05-10072) with your accountant so they can update their understanding of the current rules.

Something a lot of people miss in these wash sale scenarios is that your broker might not correctly identify wash sales on your 1099-B, especially for these partial lot situations. The ultimate responsibility for correctly reporting wash sales falls on YOU, not your broker. Check your 1099-B carefully. In many cases, especially with same-day transactions, the broker's system might not connect the partial lots correctly. I've seen numerous cases where traders had to manually adjust their tax returns to account for wash sales their brokers missed.

This is actually a really common misunderstanding about wash sales. What matters isn't the lot numbers but the timing. Whenever you have a loss sale with a purchase of substantially identical securities within the 61-day window (30 days before/after), you have a potential wash sale. I had this exact situation last year with NVDA stock - sold some at a loss and had other shares purchased within the window. My accountant explained that the way the IRS applies the rule, you look at all purchases of the same security within the window, regardless of lot designation.

One thing nobody mentioned yet - if you're frequently buying and selling gift cards (like as a side hustle), the IRS might consider that a business activity rather than just selling personal items. In that case, different rules would apply. But for your situation with just accumulated personal gift cards, I wouldn't worry about it. I sell unwanted gift cards every year and have never reported it since I'm always selling at a discount from face value.

If your gift cards were received as gifts (not as payment for services or work bonuses), selling them for less than face value is basically a personal loss. I'm not a tax professional, but I've been in the US on a work visa for 6 years and have done this many times. Think of it like selling a used item from your home - if you sell your used TV for less than you paid for it, you don't report that as income. Same concept applies here.