Im a tax attorney and I'll give you the honest (maybe unwelcome) answer: the Ferrari is a red flag. Can you deduct a percentage based on business use? Technically yes, with proper documentation. But luxury sports cars are audit magnets. The IRS specifically looks for business owners claiming exotic cars. They know most people dont buy Ferraris for business necessity. Regarding your sisters plane: the IRS allows deductions for travel between business locations. If those properties are legitimate business investments requiring her physical presence, then yes, reasonable travel costs can be deductible. But heres the key difference: Her travel serves a clear business purpose. Your desired Ferrari's primary purpose appears to be personal enjoyment with incidental business use.

As someone who's dealt with this exact question for my consulting business, I can tell you the reality is much less exciting than those YouTube videos make it seem. The IRS has what's called the "ordinary and necessary" test - your business expenses have to be both ordinary (common in your industry) and necessary (helpful and appropriate for your business). A Ferrari for a digital marketing agency? That's going to be really hard to justify. Even if you could somehow argue business necessity, you're looking at strict depreciation limits. For 2024, passenger vehicles are capped at around $11,200 in first-year depreciation regardless of the purchase price. So even if you bought a $300k Ferrari and used it 100% for business (which would be nearly impossible to prove), your deduction would still be limited. The mileage tracking requirement is no joke either. You need date, destination, business purpose, and mileage for every single business trip. "I drove to Starbucks to work" probably won't cut it unless you're meeting actual clients there. My advice? If you want the Ferrari, buy it because you love it and can afford it personally. Don't try to force a tax justification that could land you in audit trouble. The potential savings aren't worth the headache and risk.

I'm in the exact same situation with cycle code 0705! Filed on January 30th and have been checking my transcript obsessively. After reading all these responses, I feel so much better knowing this is normal for our cycle code. I had no idea about the Thursday update pattern - I've been wasting so much time checking randomly throughout the week. It's also really helpful to know what codes to look for (especially that 846 code everyone mentions). I'm dealing with a similar situation where I need the refund for some urgent car repairs, so the waiting has been pretty stressful. But seeing that other late January 0705 filers are starting to get their DDDs this week gives me hope! Thanks everyone for sharing your experiences - this community is incredibly supportive.

I'm also dealing with the 0705 cycle code situation and filed January 29th! Reading through everyone's experiences here has been incredibly reassuring - I had no idea there were so many of us in the same boat. Like many of you, I've been checking my transcript randomly throughout the week and getting more anxious each day. The Thursday update schedule makes perfect sense now, and I'm definitely switching to that pattern instead of my daily obsessive checking. I'm in a similar spot where I need my refund for some urgent expenses (medical bills in my case), so the uncertainty has been really stressful. But seeing that other late January 0705 filers are starting to get their DDDs gives me so much hope! I've learned more about transcript codes in this thread than anywhere else - especially about looking for that magical 846 code. Thank you to everyone who's shared their knowledge and experiences. This community has turned my anxiety into patience, which is exactly what I needed. Here's hoping we all see some positive movement on our Thursday transcript checks!

I've been tracking refund patterns this tax season, and I'm seeing a clear trend of transcripts updating 3-5 days before WMR updates. What specific codes do you see on your transcript? Have you checked for a 570 code (indicates a temporary hold) or a 971 code (notice issued)? If you only see the 846 code with a future date, that's very promising. Did you claim any refundable credits like the Child Tax Credit or Earned Income Credit that might trigger additional verification?

This is so relatable! 😤 I'm going through the EXACT same thing right now - transcript updated showing my refund date but WMR is still stuck on that useless first bar. It's honestly infuriating how their systems can't sync up properly in 2025! From what I've learned lurking in this community, the transcript is definitely the more reliable source. If you see that 846 code with a date, that's typically when your deposit will hit. I've been documenting everything too after reading horror stories from previous years. The waiting game is brutal though, especially when you have real expenses waiting on that money. Fingers crossed both our deposits come through on schedule! 🤞 Keep us posted when yours hits - it gives the rest of us hope!

PSA: There's a specific code on your transcript (846) that shows when the refund was actually sent. You can verify if it actually went out on 2/26 by checking your transcript. If you don't see that code with the 2/26 date, the money hasn't actually been released yet regardless of what WMR says. You can access this on irs.gov through your online account.

I'm in the exact same boat with CashApp and the 2/26 DD date! Been checking my account obsessively for days now. Reading through all these comments is actually really helpful - sounds like CashApp just takes longer to process IRS refunds than traditional banks. I'm going to check my transcript tonight to see if I have that 846 code with the 2/26 date to confirm the IRS actually sent it. At least now I know it's normal for CashApp to take up to 5 business days. Thanks everyone for sharing your experiences - makes me feel way less anxious about this!

I went through this exact same situation about 6 months ago and can definitely confirm that calling the IRS is still a totally valid option for setting up payment plans without dealing with the biometric data requirements. The phone process was honestly more straightforward than I expected. I called 1-800-829-1040 on a Wednesday morning around 7:45 AM and got through in about an hour. The agent was able to set everything up just by verifying my identity with my SSN, last year's AGI, and some basic info from my tax return - no facial recognition or any of that invasive stuff required. Yes, the phone setup fee is higher ($107 vs $31 for online), but for me the privacy trade-off was absolutely worth it. Plus, once it's set up, making payments through IRS Direct Pay is super simple and doesn't require any account creation. I've been making my monthly payments that way for months now with zero issues. One thing I'd recommend - when you call, be very clear that you want to avoid creating any online accounts due to privacy concerns. The agents are totally used to this request now and will make sure to note it in your file. They'll send you payment coupons by mail, but honestly Direct Pay is way more convenient than mailing checks anyway. The wait times can be brutal, so definitely try calling early in the morning on a Tuesday, Wednesday, or Thursday if possible. Having all your paperwork ready before you call will make the actual conversation much quicker once you get through to someone.

I really appreciate everyone sharing their experiences with the phone route for setting up IRS payment plans. As someone who's been hesitating to deal with my own tax debt because of privacy concerns about the biometric verification, this thread has been incredibly helpful. The consensus seems clear that calling the IRS is still a viable and straightforward option, even with the higher setup fee. The $76 difference really isn't significant when you consider the peace of mind from avoiding biometric data collection, especially given all the data breach concerns we've been seeing lately. I'm planning to follow the advice here and call on a Tuesday or Wednesday morning around 7:30 AM with all my documents ready. It's reassuring to know that the agents are familiar with privacy-conscious taxpayers and can note that preference in your file for future interactions. The Direct Pay system for making monthly payments sounds like it works seamlessly without any account creation, which addresses my main concern about ongoing privacy issues after the initial setup. Thanks to everyone who took the time to share detailed, real-world experiences rather than just general advice. This kind of firsthand information is exactly what people need when navigating these situations where privacy and compliance intersect.