This thread has been incredibly helpful! I'm dealing with a similar situation but have an additional complication - some of my stock transactions involved ESPP (Employee Stock Purchase Plan) shares with different basis calculations. For anyone else in this boat, make sure you're using the correct cost basis for ESPP shares. The basis includes both the discounted purchase price AND any compensation income that was already reported on your W-2. I almost made the mistake of using just the purchase price, which would have resulted in double taxation on the discount portion. Also, if you have any foreign tax credits from international funds or ADRs, don't forget Form 1116. I learned this the hard way when I missed claiming credits for taxes paid to foreign governments on my international index funds. Every little bit helps when you're dealing with capital gains!

Just wanted to add another perspective on this Form 8949 situation. I'm a tax preparer and see this confusion every single year during tax season! One thing that might help is to think of Form 8949 as creating separate "buckets" for your transactions. Each checkbox (A through F) represents a different combination of holding period (short vs long term) and whether the basis was reported to the IRS or not. You absolutely cannot mix different types of transactions on the same form. A few additional tips: - If you're missing cost basis information, check your old brokerage statements or contact your broker's tax department. They often have historical data going back several years. - For inherited stock, remember that you get a "stepped-up basis" equal to the fair market value on the date of death (or alternate valuation date). Don't use the original purchase price the deceased person paid. - Keep copies of everything! The IRS can ask for supporting documentation years later, especially if you have large capital gains or losses. The key is being methodical and not rushing through it. Better to spend extra time getting it right than dealing with IRS correspondence later.

I had the same issue with MI last month! Turned out my return was still in "processing" status even though it had been weeks. The state website doesn't update until it's fully processed, unlike the federal system. You might want to try calling their automated line at 517-636-4486 - sometimes it gives you more info than the website does. Hang in there, it's frustrating but normal this year!

Michigan resident here who went through this exact same thing last year! The "no match found" error is super common when their system is backlogged. I ended up waiting about 5-6 weeks before my return showed up in their lookup tool. One thing that helped me was keeping a screenshot of my submission confirmation from when I e-filed - that way you have proof you submitted it on time. Also, if you're really worried, you can request a payment trace after 6 weeks if your refund still hasn't shown up. Don't stress too much, MI is just notoriously slow compared to federal!

Another commission earner here! Don't forget that you can also do estimated tax payments directly to the IRS if your withholding is too high on big commission checks. I've found it easier to have less withheld throughout the year and then make quarterly estimated payments based on my actual earnings. Gives me more control over my cash flow.

This is such a common frustration for commission earners! What you experienced is totally normal - the payroll system essentially projects your annual income based on that single large paycheck and withholds at the corresponding tax bracket. So when you made $14,000 in one week, the system calculated as if you'd make $728,000 annually ($14,000 × 52 weeks) and withheld at that higher bracket. The good news is this is just withholding, not your actual tax rate. When you file your return, your tax will be calculated on your actual total annual income. If you're overwithholding (which is likely), you'll get a refund. A few options to consider: You could adjust your W-4 to reduce withholding on regular paychecks, use estimated quarterly payments instead of relying solely on withholding, or work with payroll to see if they can process large commissions separately using the flat supplemental rate (which is currently 22% for most people). Many of the tools and strategies mentioned in the other comments could really help you optimize this!

I've been in the ticket reselling business for about 4 years now, and I can definitely confirm that expired/unsold tickets are legitimate inventory losses. The IRS treats them just like any other business that has unsold merchandise - once the event passes, those tickets have zero fair market value. For your Taylor Swift tickets specifically, since you bought them with the intent to resell (even if it was just part of your side business), they qualify as business inventory. When they went unused, that's a $280 loss you can absolutely deduct against your ticket reselling profits. The most important thing is maintaining good records. I always keep: - Original purchase confirmations/receipts - Screenshots of any sales attempts (StubHub listings, Facebook posts, texts to potential buyers) - Documentation of the event date passing - Bank statements showing the purchase One thing I learned the hard way - don't wait too long to claim these losses. File them in the tax year the event occurred, not when you finally give up trying to sell them. So those Taylor Swift tickets from this year should be claimed on your 2024 return. The fact that you're making legitimate profits from successful flips shows clear business intent, which is exactly what the IRS looks for to distinguish this from hobby activity.

I've been dealing with similar ticket reselling tax questions and wanted to share what I learned from my accountant. The unsold ticket deduction is definitely legitimate, but there's one important detail that hasn't been mentioned yet - you need to be careful about how you classify yourself. If this is truly a "side gig" like you mentioned, make sure you're prepared to demonstrate business intent to the IRS. They look for things like: keeping business records, having a separate business bank account (even if it's just a designated checking account), treating it consistently as a business activity, and making genuine efforts to be profitable. For your $280 Taylor Swift tickets, absolutely claim that loss. But also document WHY they went unsold - was it because the market price dropped below what you paid? Did you list them but get no buyers? This kind of documentation helps establish that you were genuinely trying to operate a business, not just buying tickets speculatively. One more tip: consider tracking your time spent on this activity. Even if it's just a few hours a week, having a log of time spent researching, listing, communicating with buyers, etc. can help support the business classification if you ever need to justify it. The tax savings from properly deducting these losses can be significant, so it's definitely worth doing it right!

Miguel, don't feel embarrassed at all - partnership taxation is genuinely complex and your questions are spot on! I went through this exact same confusion when our small consulting group formed an LLC. You're absolutely right that you'll file Form 1065 and each partner will get a K-1. When you file your personal 1040, the K-1 income/loss goes on Schedule E (Supplemental Income), NOT Schedule C. This is a crucial distinction - Schedule C is only for sole proprietorships. For those business expenses you mentioned (car, equipment), here's what I learned: these should be handled at the partnership level on the 1065, not on your personal returns. The partnership takes the deduction, then your share of the reduced profit flows to your K-1. If you've already paid for business stuff personally, you have two clean options: 1. Have the LLC reimburse you (with receipts and documentation) 2. Treat it as a capital contribution to the partnership Either way, the deduction happens on the 1065. Don't try to deduct business expenses on your personal return while also reporting K-1 partnership income - that mixes two different tax treatments and can raise red flags. My biggest recommendation: set up an expense reimbursement policy in your operating agreement ASAP. It'll save you headaches down the road and create the paper trail you need for tax compliance.

I just went through this exact situation with my 4-member LLC last tax season and wanted to share what worked for us! The learning curve is steep but totally manageable once you get the basics down. First, you're on the right track with Form 1065 and K-1s. Each partner reports their K-1 income on Schedule E of their personal 1040 - definitely NOT Schedule C. I made that mistake initially and had to amend my return. For business expenses paid personally, we developed a simple system: anything under $100 gets submitted monthly for reimbursement with just a receipt and quick description. Larger expenses need pre-approval via our group chat. The LLC reimburses within 30 days and takes the deduction on the 1065. One thing that really helped us was opening a dedicated LLC business account and credit card right away. It makes tracking partnership expenses so much cleaner than trying to sort through personal purchases later. Also, don't stress too much about getting everything perfect in year one. We made some mistakes with expense categorization and documentation, but we learned from them and tightened up our processes. The important thing is establishing good habits early and being consistent about separating partnership business from personal finances. Your friend group LLC sounds like it's starting off on the right foot by asking these questions upfront!