I was charged $580 last year for something similar, but my situation included rental property, multiple state filings, and cryptocurrency transactions. For just a Schedule C with a few 1099s, that's much steeper than what I'd expect compared to other tax scenarios I've encountered. My sister-in-law has a nearly identical tax situation to yours and pays around $350 in the Midwest. Even accounting for potential regional differences, $626 seems about $200 too high unless there are complicating factors you haven't mentioned.

I'd definitely get a second opinion on that pricing. I'm an EA and typically charge $385-425 for a 1040 with Schedule C and multiple 1099-NECs, depending on complexity. The $626 quote seems high unless there are additional factors like depreciation calculations, complex inventory accounting, or multi-state issues. A few questions that might affect pricing: Do you have significant business asset purchases requiring depreciation? Any employee-related forms like 941s? Home office deduction calculations? These can add time and complexity. But for straightforward freelance/contractor income with basic business expenses, you should be looking at $350-450 range max. I'd recommend calling 2-3 other preparers for quotes - most will give you a ballpark over the phone once you describe your situation.

Anyone know if there's a de minimis exception for small gifts throughout the year from the same foreign person? My parents send me like $500-$1000 every month from their accounts in Korea for help with my kids' expenses, and it'll add up to more than $100k for the year. Do I seriously need to file this special form for what's basically just family support?

I'm dealing with a similar situation and wanted to share what I learned from my research. Carmen, you definitely need to file Form 3520 since you received $130,000 from foreign persons (your parents) in 2024. The $100,000 threshold applies to the total amount received from ALL foreign persons combined in a single tax year. A few important points to keep in mind: - Form 3520 is due by April 15, 2025 (same as your tax return deadline) - It must be mailed separately - you cannot e-file it with your regular return - The penalties for not filing are severe (starting at $10,000), so definitely don't skip this - While you need to report the gift, you won't owe income tax on it since gifts from foreign individuals are generally not taxable to the recipient I'd recommend getting professional help with this form if you're unsure about any details, especially since the penalties are so high. Better to spend money on proper preparation than face potential penalties later!

I'm in almost the exact same situation and this thread has been so helpful! I filed in early April too and have been stuck with the dreaded 570/810 combo on my transcript. Got my 971 code about a week ago and have been obsessively checking my mail ever since. What's giving me some hope after reading through all these responses is that most people seem to get their notices within 7-10 days, and a lot of the time it's just routine verification stuff - especially for EIC claims like we both have. The fact that your transcript shows those future-dated 766 credits means they've already calculated your refund amount, which is actually a good sign! I also signed up for Informed Delivery after seeing it mentioned here - game changer for reducing the daily mailbox anxiety! At least now I know when something's coming instead of wondering all day. The waiting absolutely sucks but it sounds like most of these reviews resolve within a couple months once they finish whatever verification they're doing. Keeping my fingers crossed that both our letters arrive soon and it's just a standard "we're reviewing your return, hang tight" notice rather than anything requiring documentation. This whole process really makes you appreciate how stressful dealing with the IRS can be!

I'm dealing with the exact same codes right now! Filed in March and have been stuck with that 570/810 combo for months. Just got my 971 code on my transcript a few days ago (dated 05/26/2025) so I'm in the same anxious waiting period for the actual notice to arrive. What's been helping me cope is remembering that the 766 credits with future dates on your transcript are actually a positive sign - it means they've already processed your return and calculated your refund, they're just holding it during whatever review they're doing. The EIC verification makes total sense given your 768 code. I set up USPS Informed Delivery after reading the suggestions here and it's been a lifesaver for reducing the daily mailbox anxiety! At least now I know what's coming instead of making multiple trips to check. From everything I've read in this community, most people get their 971 notices within 7-10 business days of the transcript date, and the majority end up being routine review letters that don't require any action from you. The waiting absolutely sucks but try to stay positive - sounds like we're both in the final stretch of this process!

Anybody know if this same rule applies to other rental expenses too? Like if I buy cleaning supplies that I use at both properties, do I need to split that cost too?

Great question! I actually had a similar situation last year with two rental units in the same building complex. After consulting with my CPA, I learned that the correct approach is definitely to split the mileage proportionally - not claim the full amount for each property. Here's what I do now: I keep a simple spreadsheet where I log each trip with the total miles, then note what percentage of time/work was spent at each property. For your example, if you spent equal time at both units, you'd allocate 7 miles to each property on their respective Schedule E forms. The IRS views this as one business trip that served multiple properties, so the expense should be divided accordingly. Claiming 14 miles on both would indeed be double-dipping and could raise red flags during an audit. I've found that being conservative and well-documented with these allocations has saved me headaches down the road. One tip: I also photograph my odometer readings and keep brief notes about what work I did at each property. Makes tax time much smoother!

One more thing to consider - if you're reporting this income as self-employment on Schedule C, you should look into legitimate business deductions to help offset your tax bill! Things like: - Portion of your phone bill if you use it for work - Any supplies you buy specifically for nannying - Mileage if you drive the kids anywhere - Any professional development related to childcare

I'm in a similar situation as a freelance tutor and had the same panic about tax filing! You absolutely can report your income without a 1099-NEC. I used my bank statements showing the Zelle deposits and created a simple spreadsheet tracking the dates and amounts. The key thing is to keep good records going forward. I started screenshotting every payment notification and keeping them in a folder on my phone. Also, don't feel bad about not discussing this earlier with your employer family - most people don't realize the tax implications of household help until it's time to file. One tip: if you do end up owing a significant amount, you can set up a payment plan with the IRS. It's way less stressful than trying to come up with everything at once!