Hey Zara! I totally get the confusion - I was in the exact same boat when I started my first ambassador program last year. The tax paperwork feels super intimidating when you've never dealt with it before, but it's actually not as complicated as it seems! For your W9 form: - **Business name section**: Leave this completely blank since you're just working as yourself, not as a registered business - **Federal tax classification**: Check "Individual/sole proprietorship or single-member LLC" - this is the standard choice for anyone doing independent contractor work like brand ambassadorships The W9 is basically just SHEIN's way of collecting your tax info so they can report payments to the IRS. If they pay you more than $600 in a year, they'll send you a 1099-NEC form next January that you'll need for your tax return. My biggest piece of advice is to start tracking your earnings right from your first payment - even just a simple note in your phone with dates and amounts. It'll save you so much stress later! Also, consider setting aside about 25-30% of whatever you earn in a separate savings account for taxes, since as an independent contractor you'll owe both regular income tax and self-employment tax. Don't stress too much about "messing up" - the W9 is pretty straightforward once you know which boxes to check, and SHEIN's team has definitely seen this form filled out by tons of college students before. You've got this! 🙂

I totally understand your confusion - tax paperwork can feel overwhelming when you're dealing with it for the first time! The advice here is solid, but I wanted to add a few practical tips that helped me when I started doing brand partnerships. For your W9: - **Business name**: Definitely leave blank since you're working as an individual - **Tax classification**: "Individual/sole proprietorship" is correct for campus ambassadors - **Address**: Use wherever you want tax documents mailed next year (if you're graduating soon, consider using your parents' address) One thing I wish I'd known earlier - start a simple tracking system immediately. I use a basic Notes app entry where I log each payment with the date, amount, and which campaign it was for. Takes 30 seconds but saves hours during tax season. Also, don't feel weird about asking SHEIN's support team basic questions about their payment timeline or process. They work with tons of college students and are usually pretty helpful with logistical stuff. The W9 itself is honestly the hardest part - once that's submitted, SHEIN handles most of the tax reporting on their end. You'll just need to report your earnings when you file your return next year. The fact that you're being proactive about understanding this stuff already puts you ahead of most people!

Pedro, I went through almost the exact same situation when I dissolved my S Corp in 2023. The high basis with minimal assets is actually really common when you've been keeping a struggling business afloat with personal funds. Here's what I learned that might help you: **Yes, you can recognize the loss** - When you dissolve and receive only $4K against your $65K basis, that's a $61K capital loss. But before you accept being limited to $3K per year, definitely look into Section 1244 treatment that others have mentioned. **The basis confusion is normal** - Your basis includes not just profits, but every dollar you put into the business. This could be your initial investment, emergency cash infusions, personal guarantees on business loans, or even business expenses you paid personally and never got reimbursed for. My basis was similarly high because I had made multiple emergency capital contributions over the years that my previous accountant had properly tracked (thankfully). **Document everything** - The IRS will scrutinize large loss claims. I had to provide bank statements showing capital contributions, loan documents for money I lent the business, and all previous K-1s to support my basis calculation. **Timing matters** - Make sure you're calculating basis as of the actual dissolution date, including any 2024 losses that occurred before dissolution. The math may seem weird, but it's completely legitimate. A business can consume every dollar you put into it and still leave you with substantial basis if you've been funding losses over time.

Pedro, I've been through this exact scenario and want to add a few practical insights that might help clarify things for you. Your $65K basis with only $4K in assets is actually completely normal for an S Corp that's been struggling. Here's why: basis isn't just about retained earnings or current assets - it's a cumulative total of every dollar you've put into the business over time. This includes your initial investment, any additional capital you contributed during tough periods, loans you made to the company, and even your share of business income that was reinvested rather than distributed. The fact that you have high basis despite losses actually suggests your previous accountant may have been tracking things correctly. S Corps that are bleeding money often end up in this situation because the owner keeps pumping cash in to keep operations going. For your dissolution, yes - you can recognize the $61K loss ($65K basis minus $4K received). However, before you resign yourself to the $3K annual capital loss limitation, definitely explore Section 1244 treatment. If your S Corp qualifies as small business stock, you could potentially treat up to $50K of that loss as ordinary loss, allowing you to deduct it fully against your current year income rather than spreading it over decades. Key things to verify before filing: make sure you've accounted for ALL distributions you received over the years (including informal distributions, loan repayments, or personal expenses paid by the company), and include any 2024 losses that occurred before dissolution in your basis calculation. The dissolution loss is legitimate - just make sure you have documentation to support your basis calculation since the IRS tends to scrutinize large loss claims on dissolved S Corps.

Quick question about state filing requirements - does anyone know if a single member LLC holding company needs to file a separate state return? My LLC is registered in Wyoming but I live in California and I'm getting conflicting advice.

Just wanted to add some clarity on the Schedule C question from the original post. Even though your single-member LLC is a disregarded entity, you should NOT file Schedule C for passive investment activities. Schedule C is specifically for active business income and expenses. The key distinction is that holding investments - even through an LLC - is generally considered investment activity, not business activity. Your dividends go on Schedule B, capital gains/losses on Schedule D, and any rental income on Schedule E, just as others have mentioned. However, be careful if you start actively trading frequently or providing services related to your investments - that could potentially cross into business activity territory and change your filing requirements. The IRS looks at factors like frequency of transactions, time spent, and intent to make a profit from trading activities rather than long-term appreciation. Keep good records showing your LLC's investment nature versus any business activities, as this distinction can be crucial if the IRS ever questions your classification.

As a tax professional, I can confirm everything mentioned here about state vs federal processing differences. One thing I'd add is that many people don't realize states also have different "acceptance dates" - when they actually start processing returns. While the IRS typically starts accepting returns in late January, some states don't begin processing until mid-February or even March, which adds to the delay. Also, if you're expecting a large state refund (over $1,000 in many states), it often gets additional scrutiny regardless of when you file. States have learned that identity thieves often file fake returns claiming large refunds early in the season, so they've built in extra verification steps. For future reference, you can usually find your state's current processing timeframes and any delays on their tax department website. Many states update these weekly during tax season. If you're past their stated timeframe by more than 2 weeks, that's when it's worth calling or using one of those callback services people mentioned.

This is such a common frustration! I've been dealing with the same thing for years. One thing that helped me manage expectations was learning that some states actually budget for the "float" interest they earn on refunds - essentially using our money as a short-term loan while they process returns. If you're really needing that $870 soon, you might consider adjusting your state withholdings for next year so you owe a small amount or break even instead of getting a large refund. I know it's not helpful for this year's situation, but it prevents the cash flow issue in the future. You could put what would have been overwitheld into a savings account and earn interest on it yourself rather than giving the state an interest-free loan. For immediate help with your current return, the services others mentioned (taxr.ai for status tracking or Claimyr for actually talking to someone) seem legit based on the follow-up posts from people who were initially skeptical. Five weeks does seem to be pushing the upper end of normal processing time, so it might be worth checking if there's a specific issue holding up your return.

Has anyone else noticed how absurdly complex our tax system is for expats and people with foreign accounts? I literally have a basic savings account in Canada (I'm dual citizen) and I need to file FBAR, possibly Form 8938, and deal with FATCA. The compliance costs are insane compared to the actual tax owed (which is usually zero because of foreign tax credits)!

Just want to echo what others have said - you definitely need to file Form 8938 based on your $65K year-end balance. The "either/or" rule is really important to understand. One thing I'd add is that you should also double-check if you need to file an FBAR (FinCEN Form 114) since that has its own separate $10,000 threshold. With $65K in foreign accounts, you'd almost certainly need to file that too if you haven't already. Also, don't feel bad about your accountant's mistake - international tax rules are incredibly complex and many preparers who don't specialize in expat/international situations miss these nuances. The key is catching it now before you file. Good luck getting it sorted out!