Another important thing to consider is keeping meticulous records throughout the year rather than scrambling at tax time. I learned this lesson the hard way my first year of sports betting. Now I keep a simple spreadsheet with the date, platform, bet amount, winnings/losses, and screenshot everything. It makes tax preparation so much easier. Also, if you're worried about audits, the IRS is actually pretty reasonable about sports betting as long as you report everything accurately. The red flags usually come from people who try to hide winnings or claim losses they can't document. Just be honest and keep good records - that's your best protection. One last tip: consider setting aside a percentage of your winnings throughout the year for taxes. I put about 25% of any big wins into a separate savings account so I'm not scrambling to pay taxes in April. It's saved me a lot of stress!

As someone who went through this exact same panic last year, I can tell you it's not as scary as it seems once you get organized! The key things that helped me were: 1) Download your complete betting history from each platform ASAP - some only keep records for a limited time, 2) Don't try to net everything out yourself - report the full winnings and then deduct losses separately if you itemize, and 3) Consider talking to a tax professional if your winnings are substantial (over $5K or so). One thing I wish someone had told me earlier is that you can actually request detailed transaction reports from most sportsbooks that break everything down by bet type, which makes record-keeping much easier. Most platforms have this buried in their account settings under something like "Tax Documents" or "Account History." Also, don't stress too much about the audit risk - sports betting is becoming so common that the IRS has pretty standard procedures for handling it. Just be accurate and keep good documentation. You've got this!

Has anyone had experience with filing multiple years of unfiled state taxes? I just realized I forgot to file state taxes for the last TWO years 😬 Will the penalties be compounded or calculated separately for each year?

Don't beat yourself up about this - it's way more common than you think! I work as a tax preparer and see this situation frequently. Here's what you need to do: 1. **File ASAP** - The penalties and interest keep accumulating, so don't delay any further 2. **Gather your documents** - W-2s, 1099s, receipts for deductions, etc. from that tax year 3. **Download the correct forms** - Go to your state's tax department website and get the forms for the specific tax year you missed 4. **Calculate what you owe** - Most state websites have penalty calculators to help estimate your total liability The good news is that if you're getting a refund, there's typically no penalty for filing late (though you won't earn interest on that refund). If you owe money, expect a failure-to-file penalty (usually 5% per month up to 25% max) plus interest. Many states also offer "reasonable cause" exceptions if you have a valid reason for the delay. Even if not, first-time penalty abatement is often available for taxpayers with good compliance history. Don't panic - just take action now. The state wants their money (or to give you your refund), so they'll work with you to resolve this.

I'm a bit confused about all this. If I was born in 1962, does that mean I don't have to take money out of my 401k until I'm 75? What happens to the RMD tables between now and 2033? Will they just keep the old ones until then?

I've been following this thread closely as someone in a similar situation, and I wanted to add some practical context about planning with these future changes. Even though the age 75 requirement won't kick in until 2033, it's worth considering how this affects your overall retirement withdrawal strategy now. One thing I learned from my financial planner is that the delayed RMD age might actually create some tax planning challenges. If you're waiting until 75 to start required withdrawals, you could end up with larger account balances that force bigger RMDs when they do start. This could potentially push you into higher tax brackets in your later 70s and 80s. The key is thinking about voluntary distributions in your early 70s to manage your tax bracket, especially if you have other income sources like Social Security or pensions that will increase your taxable income over time. The flexibility to choose when to start taking money out (versus being forced to) is actually a valuable planning tool. Has anyone else considered how these changes might affect their overall tax strategy, not just the technical compliance with RMD rules?

Can I ask what state you're in? Different states have additional child tax credits on top of the federal ones. For example, here in NY we have an Empire State Child Credit that's worth up to 33% of the federal credit for kids over 4. Doesn't help with infants but something to keep in mind for future years.

Just wanted to add another perspective on timing - if you're planning to have more kids in the next few years, keep in mind that the Child Tax Credit applies per child, so it scales up nicely. But the Dependent Care FSA stays capped at $5,000 total regardless of how many kids you have. Also, don't forget about the Child and Dependent Care Credit (Form 2441) that someone mentioned earlier - this is actually different from the Child Tax Credit and can be claimed on top of your FSA contributions, though you can't double-dip on the same expenses. At your income level, this credit phases out pretty quickly, but it's worth having your tax preparer calculate it just in case. One more tip: if either of you has a flexible work schedule, consider timing your FSA contributions to align with when you'll actually need the childcare. Some people front-load their contributions early in the year when daycare costs are highest, then adjust later in the year if needed during open enrollment.

Warning from personal experience: be super careful about mixing personal and business use with that Tesla rental! I did something similar last year and got audited because I couldn't properly document my business percentage. Make sure you're taking photos of your odometer at the beginning and end of EVERY shift, and maybe even use a backup tracking app too. The IRS is really cracking down on gig workers claiming 100% business use when they're actually using vehicles for personal stuff too. My tax bill ended up being crazy high because they disallowed a bunch of my deductions. Don't make the same mistake!

Great question about the Tesla rental deduction! I've been doing rideshare taxes for several years and can confirm that you're on the right track. When you rent a vehicle specifically for business use, you can indeed deduct the rental costs as a business expense rather than using the standard mileage rate. For your situation with switching mid-year, you'll need to keep separate records for each period: - Personal vehicle period: Use standard mileage deduction based on business miles driven - Rental period: Deduct actual rental costs (business percentage only) A few important tips from my experience: 1. Keep detailed records of when you switch vehicles - exact dates matter 2. Track your business vs personal usage percentage for the rental meticulously 3. Save all rental agreements and payment receipts 4. Consider using a mileage tracking app to document business use The fact that it's an official Uber partner rental program actually helps support the legitimacy of the business expense. Just make sure you're honest about the business percentage - the IRS can cross-reference your claimed usage with your actual trip data from Uber if they audit you. Good luck with the Tesla rental! Many drivers find the electric vehicle savings make it quite profitable once you factor in the tax benefits.