This is such a helpful thread! I'm dealing with a similar situation where my single-member LLC had losses in 2023 but I'm expecting profits in 2024. One thing that's been confusing me is the interaction between NOL carryforwards and the QBI (Qualified Business Income) deduction. If I use my NOL carryforward to offset business income in 2024, does that reduce my QBI deduction for that year? It seems like the NOL would reduce my taxable business income, which would then reduce the amount eligible for the 20% QBI deduction. Has anyone navigated this combination of NOL carryforward and QBI? I'm trying to figure out if there's an optimal strategy for timing the use of my NOL to maximize both benefits.

This is exactly the kind of complex tax situation where having multiple moving pieces can create unexpected interactions. The NOL/QBI timing question is particularly tricky because you're essentially choosing between immediate tax relief and future deduction optimization. One approach I'd suggest is creating a multi-year projection model. Map out different scenarios: using all available NOL immediately vs. spreading it over several years to preserve QBI benefits. Don't forget to factor in potential changes to your business income, other income sources, and even possible changes to tax law. Also consider that the QBI deduction has income limitations (phases out completely at $364,200 for single filers in 2024), so if you expect your income to grow significantly, it might make sense to maximize QBI in earlier years when you're still under those thresholds. The 80% limitation on NOL usage gives you some natural spreading anyway - you can't use NOL to offset more than 80% of your taxable income in any given year. This might actually work in your favor for preserving some QBI benefit even when using carryforwards. Have you considered consulting with a tax professional who specializes in business taxation? This kind of multi-year strategic planning is where their expertise really pays off.

I just went through this whole process of filing 3 years of back taxes. My biggest piece of advice is to gather ALL your documents before starting. Make a checklist: - W-2s from all employers for each year - 1099s (interest, dividends, contractor work, etc) - Mortgage interest statements - Student loan interest - Health insurance forms - Any major life events (buying home, education, etc) Once you have everything organized by year, the software is actually pretty straightforward. I used TaxSlayer for all my back years and while it was a bit pricey (about $40 per year including state), their interface was really easy to use for someone who was overwhelmed like I was.

Just wanted to add one more important tip for anyone filing back taxes - make sure you have your Adjusted Gross Income (AGI) from your most recently filed return before you start. Most tax software will ask for this to verify your identity, especially for prior year returns. Since you mentioned you filed 2023 taxes with TurboTax, you'll need that 2023 AGI when you're setting up your 2021 and 2022 returns. If you can't find it, you can get it from your tax transcript on the IRS website, but that adds extra steps to the process. Also, don't stress too much about getting everything perfect on the first try. If you realize you made a mistake after filing, you can always file an amended return (Form 1040X). The most important thing is just getting those returns submitted so you're back in compliance and can start receiving any refunds you're owed. You've got this!

Another excellent practice resource is the **AARP Tax-Aide program materials**. Even though it's designed for seniors, they have some of the best beginner-friendly explanations of tax concepts I've ever seen. You can find their training presentations online, and they break down complex topics like itemizing vs standard deduction in really clear terms. For hands-on practice, I'd also suggest checking out your local library - many have tax prep software available for free use, and librarians are surprisingly knowledgeable about tax resources. Some libraries even offer basic tax workshops in January/February. One thing that really helped me was creating "tax scenarios" for friends and family members (with their permission) - like "what if my sister had moved states mid-year" or "what if my dad had started a side business." Working through hypothetical situations with the practice software helped me understand edge cases I never would have thought of with just my own simple situation. The fact that you're starting this learning process now instead of panicking in March shows incredible maturity. You're going to save yourself so much stress and probably money too by catching deductions you might have missed otherwise!

Wow, this thread is amazing! Thank you all for such detailed advice. I'm honestly a bit overwhelmed by how many great resources there are - I was expecting maybe one or two app recommendations and instead got a whole education roadmap! I'm definitely going to start with the VITA training materials and IRS Interactive Tax Assistant to build my foundation, then move on to practicing with TurboTax for the educational content. The idea of working through last year's documents (once I get them from my parents) and then trying different scenarios is brilliant. A few follow-up questions if anyone's still reading: - How long should I expect this learning process to take? I want to be realistic about timing. - Should I focus on understanding just the basics first, or try to learn about more advanced stuff like itemizing even if I probably won't need it yet? - Any red flags I should watch out for when practicing to make sure I don't accidentally mess something up? You've all been incredibly helpful - this community is the best! I feel so much more confident about tackling this independence milestone now.

Has anyone switched from standard mileage to actual expenses after the first year? I'm wondering if it's worth keeping track of everything just in case actual expenses end up being higher in future years.

Just to add some clarity on the depreciation calculation if you do switch from mileage to actual expenses - it's actually not too complicated once you understand the concept. When you use standard mileage, the IRS considers that you've already "taken" depreciation at a rate of 27 cents per mile for 2024 (this is built into the 67 cents total rate). So if you drove 10,000 business miles in your first year using standard mileage, you've already "used up" $2,700 of depreciation ($0.27 x 10,000 miles). If you switch to actual expenses in year 2, you'd subtract that $2,700 from your vehicle's basis before calculating remaining depreciation. For your $26,500 Forester with 60% business use, your depreciable basis would be $15,900 (60% of $26,500). If you used standard mileage in 2024 and drove, say, 8,000 business miles, you'd subtract $2,160 in "deemed depreciation" from that $15,900 basis. Then you'd depreciate the remaining amount over the rest of the 5-year recovery period using straight-line method. The math gets a bit involved, but it's definitely doable with a good tax software or spreadsheet once you understand the concept.

I'm dealing with a very similar situation right now! Been married for about a year and just discovered that my withholding has been set to single this whole time. Reading through all these responses has been such a relief - I was honestly worried I might face some kind of penalty or audit for the mismatch. The advice about being specific with HR really resonates. I've been getting vague responses when I ask them to "fix my tax withholding," but I'm going to try the direct approach of requesting a new W-4 form by name. Also planning to check our employee self-service portal first - can't believe I didn't think of that! One thing I'm curious about: has anyone here actually calculated how much extra they were paying throughout the year? I'm trying to figure out if I should prioritize getting this fixed ASAP or if it's okay to wait a few more weeks since I know I'll get the money back eventually. Either way, it's comforting to know this is such a common issue and not something to panic about!

I'm so glad I found this thread! I've been in almost the identical situation - married for about 4 years but my withholding got set to single when I switched jobs earlier this year. I was absolutely panicking when I realized what happened, thinking the IRS was going to come after me for some kind of fraud or something. Reading everyone's experiences here has been incredibly reassuring. It sounds like this is way more common than I thought, and the consensus seems to be that having too much withheld is definitely the better mistake to make. I'm particularly grateful for all the practical advice about dealing with HR - I've been getting the same "we'll look into it" responses for weeks now. I'm definitely going to try the direct approach of specifically requesting a W-4 form by name, and I'll check our employee portal first to see if I can handle it myself online. The tip about going directly to payroll instead of general HR is genius - that never occurred to me but makes perfect sense. Thanks to everyone who shared their stories and advice. It's such a relief to know I'm not alone in this situation and that it's really not the disaster I thought it was!