Just a heads up, the IRS might consider this a hobby rather than a business if you never had income or customers. I tried to deduct expenses for my photography "business" a few years ago and got audited because I had no income for 2 years.

I was in a very similar situation when I started my CPA practice! The key distinction here is that you had legitimate business intent before circumstances changed due to your employment situation. This isn't a hobby case at all. You should definitely be able to claim these as startup costs under IRC Section 195. Since you invested with genuine profit motive and only stopped due to employment restrictions (not lack of interest), you can deduct up to $5,000 in startup expenses in the first year, with any remaining amount amortized over 15 years. Make sure to document everything: your original business plan, any research you did, receipts showing business intent, and especially your new employer's policy that prevented you from continuing. The IRS looks favorably on situations where external circumstances (like employment contracts) prevent business operations. One tip: If you think you might resume this business after leaving your current job, keep all your documentation. You could potentially carry forward unused startup costs to future tax years when the business becomes active.

24 One thing nobody's mentioned - check with your university's accounting department! Most accounting programs have partnerships with local VITA sites and can get you direct access to training and certification. My university accounting club ran its own VITA site, and they provided in-person training sessions where we went through the materials together and then took the certification exam as a group. Was WAY easier than trying to figure it out on my own.

As someone who just went through the VITA certification process last month, I can confirm that the system updates are real and frustrating! I had the same error page issues you're experiencing. Here's what worked for me: I contacted my local IRS Taxpayer Assistance Center directly (you can find yours at irs.gov/help/contact-your-local-irs-office). The staff there was able to tell me exactly when the Link & Learn system would be back online and even provided me with a backup contact for the VITA program coordinator in my area. Also, make sure you're using the most current URL for Link & Learn - sometimes the links in older materials point to outdated addresses. The current site should be accessible through the main IRS VITA page. Don't give up! The certification is absolutely worth it for the hands-on tax experience, and many accounting firms really value that practical background when hiring. Just keep checking back in September when the new tax year materials typically go live.

One thing nobody's mentioned - make sure you keep good records of all payments! My cousin loaned me money years ago and we had disagreements later because we had different records of what had been paid.

Great question! As others have mentioned, you as the borrower don't need to issue a 1099-INT form - that's typically only required for businesses and financial institutions, not individuals. However, I'd strongly recommend double-checking that your 3% interest rate meets the IRS Applicable Federal Rate (AFR) requirements. The current short-term AFR is around 4.5-5%, so your 3% rate might be below the minimum threshold. If it's too low, the IRS could treat the difference as a gift from your uncle to you. To avoid any complications, consider adjusting the rate to at least match the current AFR, or consult with a tax professional to understand the gift tax implications. Your uncle will need to report the interest income he receives regardless of the amount, but having the rate at or above AFR keeps everything clean from a tax perspective. Make sure you document everything properly with a written agreement that includes the loan amount, interest rate, payment schedule, and terms. This protects both of you if questions ever arise.

This is such a helpful breakdown! I just went through this whole process for the first time this year and was completely confused when I saw SBTPG on my bank statement instead of the IRS. One thing I'd add for anyone reading this - make sure you keep all your tax prep receipts and documentation. When I was trying to figure out why my refund was $47 less than expected, I had to dig through my emails to find the TurboTax receipt that showed the itemized fees. The refund transfer fee wasn't super obvious during the filing process, but it was definitely disclosed in the final summary before I submitted. Also, if you're planning ahead for next year, consider whether paying the tax prep fees upfront might be worth it to avoid the processing fees and get your refund faster. For me, the convenience was worth the extra cost this year, but now that I understand the process better, I might pay upfront next time.

This thread has been incredibly helpful! I work in tax preparation and see confusion about SBTPG every single year. One thing I always tell my clients is to carefully read through ALL the fee disclosures before hitting "submit" on their return. The refund transfer service can definitely be convenient if you don't have the cash upfront for tax prep fees, but it's important to understand the total cost. What I've noticed is that many people focus on the advertised price of the tax software ($39, $59, etc.) but don't factor in that additional $35-45 refund transfer fee. For folks who are tech-savvy and have relatively simple returns, consider using the IRS Free File program at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free - it's completely free for people under certain income thresholds and your refund comes directly from the IRS with no third-party processors involved. Also, if you do use SBTPG and run into issues, definitely document everything. Keep screenshots of your taxpayer portal, save confirmation numbers, and note the dates and times of any phone calls. This makes resolving problems much faster if something goes wrong with your refund.

I've been running an etsy shop for 2 years. My advice: save 30% of everything you make for taxes. Better to have extra money left over than be caught short. I use QuickBooks Self-Employed ($15/month) to track everything and it automatically calculates my quarterly payments. Also lets me categorize business expenses super easy.

Hey Beatrice! I started my print-on-demand business about 18 months ago and went through the exact same confusion. Here's what I wish someone had told me from the beginning: 1. Yes, you're now self-employed! You'll report your income on Schedule C (Profit or Loss from Business) and pay self-employment tax on Schedule SE. 2. For TeePublic specifically - they'll send you a 1099-K if you make over $600 in a year. But here's the key: you need to report ALL income whether you get a 1099 or not. 3. PayPal will also send you a 1099-K if you process over $600 through them. Sometimes you might get duplicate reporting between platforms, so keep good records to avoid double-counting income. 4. Start tracking expenses NOW - design software subscriptions, computer equipment, internet bills (business portion), phone bills (business portion), any courses or books about design/business. These are all deductible against your business income. 5. Open a separate business checking account if you haven't already. Makes everything so much cleaner for record-keeping. The most important thing is to save about 25-30% of your profits for taxes. Since TeePublic won't withhold taxes like a regular employer, you're responsible for paying both income tax and self-employment tax (Social Security/Medicare). Good luck!