This is such a common confusion point for new LLC owners! I went through the exact same thing when my business partner and I started our consulting LLC two years ago. The short answer is: with a standard two-member LLC (taxed as a partnership), you don't need formal payroll. You can take owner's draws as needed throughout the year. Just remember that you'll both be taxed on your 50% share of the business profits regardless of how much you actually take out. A few practical tips that would have saved me stress: - Set up a business bank account immediately and keep it completely separate from personal accounts - Track every draw you take (even a simple spreadsheet works) - Set aside about 25-30% of profits for taxes (self-employment tax is 15.3% plus regular income tax) - Consider getting an EIN from the IRS even if not required - it makes banking easier You'll each get a Schedule K-1 at tax time showing your share of profits/losses. The business itself doesn't pay income taxes, but you'll need to make quarterly estimated payments since no taxes are being withheld. Don't stress too much about getting everything perfect right away - you can always adjust as you learn! The important thing is to keep good records from day one.

Adding to the great advice already shared here - one thing that really helped us when we started our LLC was understanding the difference between "guaranteed payments" and regular draws. If you and your partner decide to take regular monthly amounts (like a salary), those are called guaranteed payments and get reported differently on your K-1s. But if you're just taking money out as needed based on cash flow, those are simple owner draws. Also, don't forget about the LLC's annual tax return (Form 1065)! Even though the LLC itself doesn't pay income tax, you still need to file this partnership return and issue K-1s to yourselves by March 15th (or get an extension). I learned this the hard way our first year when I thought we didn't need to file anything since "the LLC doesn't pay taxes." Pro tip: If your business has seasonal income fluctuations, consider making your quarterly estimated payments based on the "safe harbor" rule (pay 100% of last year's tax liability, or 110% if your AGI was over $150K). This helps avoid underpayment penalties even if your business income varies throughout the year.

As another newcomer who just went through this exact nightmare, I wanted to share what finally worked for me. After reading through all these helpful comments, I checked my email more thoroughly and found not one, but THREE different emails from TurboTax about my refund advance - one initial confirmation, one from Green Dot with setup instructions, and a third one that got buried in my promotions tab with the actual account details. The Green Dot app route that NeonNinja mentioned saved me too! My advance had been sitting there for almost a week while I was frantically checking my regular bank account. What's really frustrating is that TurboTax's own "Refund Status" page just showed "processing" with no mention of where to actually look for the funds. It's clear from everyone's experiences that this isn't just user error - TurboTax has genuinely created a confusing system with multiple banking partners and poor communication. I'm definitely joining the "direct deposit only" club next year. Thanks to this community for being more helpful than TurboTax's actual customer service!

As someone completely new to this community and currently stuck in the same TurboTax refund advance maze, I can't thank everyone enough for sharing their experiences here! I've been checking my regular bank account obsessively for the past week with no luck. After reading through all these posts, I immediately went to check my spam/promotions folders and found the buried Green Dot email from 5 days ago - my advance has been sitting there this whole time! It's absolutely ridiculous that TurboTax markets this as a streamlined service when it requires community forums and detective work to actually access your own money. The fact that they're using multiple banking partners (Green Dot, Credit Karma Money, etc.) without clearly communicating which one applies to each customer is just terrible service design. This thread provided more clarity in 15 minutes than hours of navigating TurboTax's confusing interface. Count me in with everyone else who's swearing off these advance products - direct deposit to my own bank account is definitely the way to go next year. Thanks again to everyone, especially NeonNinja, for the Green Dot tip that actually solved this!

I went through this exact same issue last year! The mismatch between federal and state withholding is super common and honestly not as scary as it seems at first. Like everyone else has mentioned, having "Single" status for state withholding actually means you've been paying MORE in state taxes each paycheck, not less. I was in a similar panic when I discovered the discrepancy on my W-2, but it turned out I got an extra $600 back on my state refund because of the overwithholding. That extra money actually helped cover a small amount I owed federally due to some freelance income I hadn't properly accounted for. The key is definitely getting it fixed going forward though. When I talked to HR, they explained that many companies default to the more conservative "Single" state withholding to avoid employees getting hit with surprise tax bills. It's actually a pretty thoughtful approach, even if it's confusing when you first notice it. Since you caught this now rather than at tax time, you're in great shape to get it corrected for the rest of the year. Just ask HR for your state's withholding form and make sure both your federal and state elections match your actual filing status. The peace of mind is totally worth the 5 minutes it takes to fill out the form!

I'm so glad you found this thread helpful, Zainab! As someone who's worked in tax preparation for several years, I can confirm that what everyone here is telling you is absolutely correct. The federal/state withholding mismatch has become incredibly common since the 2020 W-4 redesign, and you're definitely not alone in experiencing this confusion. What you're describing - federal withholding as "Married" and state as "Single" - is actually the most favorable version of this mix-up. You've essentially been making extra payments toward your state taxes all year, which creates a nice safety net. With your combined income of $94,000, the overwithholding at the state level will likely more than compensate for any potential federal underwithholding issues. Here's what I always tell my clients in your situation: think of that extra state withholding as an interest-free loan you've been making to your state government. You'll get it all back when you file your return, and it often results in a much larger combined refund than people expect. When you talk to HR on Monday, just ask for your state's withholding certificate or allowance form. They deal with this request constantly, so don't feel embarrassed about it. Getting it corrected now will ensure your final few paychecks of the year are accurate and prevent this same confusion next year. You're handling this exactly the right way by addressing it proactively rather than waiting until tax season!

I think a lot depends on what kind of disability pension you have from France. I went through this with my Spanish disability pension. There are two main types: contributory (based on what you paid into their system) and non-contributory (more like social benefits). They're treated differently under most tax treaties. If it's a government pension (paid because you worked for the French government), that's another category with different rules. Article 18 vs. Article 19 of the treaty applies differently. Also check if it's considered "not taxable in France" - some disability pensions aren't taxed in the country of origin, which affects how the US treats them.

The key thing to understand is that US citizens are subject to worldwide income taxation, so yes, you do need to report your French disability pension on your US return. However, you're absolutely right that this creates a double taxation issue - and that's exactly what tax treaties are designed to prevent. Since your pension is contributory (you paid into the French system) and partially taxed in France, you should be able to claim a Foreign Tax Credit on Form 1116 for the French taxes already paid. This will reduce your US tax liability dollar-for-dollar. Make sure your accountant is familiar with the US-France tax treaty, particularly Article 18 which covers pensions. Some disability pensions may qualify for reduced taxation or exemptions under the treaty provisions. You might also need to file Form 8833 if you're claiming specific treaty benefits. The IRS Publication 514 (Foreign Tax Credit for Individuals) has detailed guidance on how to calculate and claim the credit. Don't let the complexity discourage you - proper application of the treaty and foreign tax credit should prevent true double taxation.

This thread has been incredibly helpful! I'm in a similar situation with a triplex I just purchased. One thing I want to emphasize for fellow newcomers is the importance of getting this allocation right from the start, because it affects your entire depreciation schedule for decades. I made the mistake of initially treating all my closing costs as a single "acquisition expense" without splitting between land and building. My accountant had to help me correct this before filing, and it would have cost me thousands in lost depreciation deductions over the years. For anyone feeling overwhelmed by all this, don't be afraid to invest in professional help upfront. A good tax professional who specializes in real estate can save you way more money in properly structured depreciation than they cost in fees. The rules around what counts as acquisition costs vs. loan costs vs. immediately deductible expenses can be tricky, especially for first-time investors. The 50/50 split approach using tax assessment values is solid, but also consider getting an appraisal if those assessed values seem way off from what you actually paid or current market conditions. Some areas have outdated assessments that don't reflect true land vs. building values.

This has been such a comprehensive discussion! As someone who just bought my first rental property last month, I'm saving this entire thread for reference. One thing I want to add for other newcomers - don't forget about the Section 179 deduction for personal property items that come with your rental. Things like appliances, carpeting, and window treatments can often be deducted in full the first year rather than depreciated over their normal recovery periods. This can provide some immediate tax relief while you're getting used to managing the longer-term building depreciation. Also, I learned the hard way that you need to start thinking about these allocations before you even close. I wish I had asked my realtor or attorney during the purchase process to help me identify which closing costs were which. Going back through the settlement statement weeks later trying to figure out what each line item represents was much more difficult than addressing it in real time. The 50/50 split approach definitely seems like the way to go for most situations. I used my county's online property records to verify that my tax assessment breakdown was reasonable compared to similar recent sales in the area. Having that extra documentation gave me more confidence in my allocation.