This is a really complex situation that depends heavily on which depreciation method you've been using! Since you mentioned tracking mileage meticulously, I'm curious - have you been using the standard mileage deduction or actual expenses (including depreciation) for your current vehicle? If you've been using standard mileage, your tax situation when selling will be quite different from what some others have described. The standard mileage rate includes a depreciation component (around 27 cents per mile in recent years), so your adjusted basis would be your original cost minus the total depreciation embedded in all those standard mileage deductions over 6 years. However, if you've been claiming actual depreciation and the car is fully depreciated as you mentioned, then yes - you're looking at significant depreciation recapture taxed as ordinary income when you sell. For the new $38,000 vehicle, switching to actual expenses could be beneficial since you'd be able to claim bonus depreciation or Section 179 expensing. Just remember that once you switch to actual expenses for a vehicle, you can't go back to standard mileage for that same car. Given the amounts involved here, I'd strongly recommend consulting with a tax professional before making the purchase. The timing of when you sell the old car versus buy the new one, plus which depreciation method you choose going forward, could save or cost you thousands in taxes.

You're absolutely on the right track with your calculation! Yes, with standard mileage deduction over 6 years, your adjusted basis would be significantly higher than someone who fully depreciated their vehicle using actual expenses, which means a much smaller taxable gain. One additional consideration I'd mention - when you switch to actual expenses for your new vehicle, make sure you're prepared for the record-keeping requirements. You'll need to track not just mileage, but also maintenance, repairs, insurance, registration fees, and all other vehicle-related expenses. It's more work than standard mileage, but with a $38,000 vehicle and current bonus depreciation rules, the tax savings should make it worthwhile. Also, don't forget that your business use percentage (80% in your case) applies to all these deductions. So on that $38,000 vehicle, you'd be looking at bonus depreciation on about $30,400 of the purchase price, which could provide substantial first-year tax savings to offset your gain from the sale. The timing strategy others mentioned is spot-on too - selling early in the year and purchasing late in the year maximizes your depreciation deduction in the year of sale. Good luck with the upgrade!

mine took 84 days last year... good luck fam

The 21-day timeframe is calendar days, not business days. Since you were accepted on 1/22, you're looking at around 2/12 for the 21-day mark. But honestly, don't stress too much about the exact date - refunds can come earlier or later depending on your specific situation. Keep an eye on your transcript through the IRS website, that's your best bet for real updates on processing status.

Remember that even if you use the de minimis safe harbor for items on your Schedule C, you still need to keep records of these purchases! The IRS can still ask for documentation to prove these were legitimate business expenses. I keep a simple spreadsheet with: - Date of purchase - Item description - Cost - Business purpose - Receipt location (digital folder or physical file) This has saved me multiple times during IRS questions about my Schedule C deductions.

For your specific situation, here's what I'd recommend: **$780 in general supplies** - These definitely go on Schedule C line 22 as office expenses. No questions there. **$350 desk chair and $220 bookshelves** - Both qualify for the de minimis safe harbor since they're under $2,500 each. You can put these on line 22 IF you make the de minimis election by attaching a statement to your return. **The election statement** should say something like: "I elect to apply the de minimis safe harbor under Treas. Reg. 1.263(a)-1(f) for the tax year 2025. All property purchases of $2,500 or less per item will be expensed in the year of purchase." **Alternative approach**: You could also use Section 179 on Form 4562 for the furniture, which gives the same immediate deduction result but requires different paperwork. Most people find the de minimis route simpler for smaller purchases like yours. The key is picking one method and being consistent. Don't mix and match - either elect de minimis for qualifying items or use Section 179, but document your choice properly. Your tax software should handle the forms once you tell it which route you want to take.

I completely understand your confusion - those unexpected government deposits can be really nerve-wracking when you don't know what they're for! Based on your description and the "fed-prov/terr Canada" label, this is almost certainly a legitimate benefit payment you're entitled to. The timing with your second job is just coincidence since these payments are calculated from your previous year's tax return. However, that second job might actually work in your favor for next year's benefits depending on your total income bracket. I'd definitely recommend trying the automated phone line at 1-800-387-1193 that several people mentioned - it's by far the easiest way to identify the payment without waiting on hold or dealing with websites. Just enter your SIN and you'll know exactly what it is within minutes. Don't stress about spending the money - if the CRA deposited it, you've earned it based on your tax filing. These systems are pretty accurate and they don't send payments by mistake. Once you know what specific benefit it is, you'll also know if you can expect similar payments throughout the year. It's actually kind of nice to get these surprise reminders that filing your taxes properly pays off!

I've been through this exact same situation! Got a mysterious "fed-prov/terr Canada" deposit last year and spent days worrying it was some kind of error that I'd have to pay back. Turns out it was my GST/HST credit that I had completely forgotten about. The key thing to remember is that these payments are based on your previous year's tax return, so your new second job wouldn't have triggered this deposit. But it's great news for next year - having two jobs might actually put you in a better position for certain benefits depending on your total income. I'd strongly recommend calling that automated line everyone's mentioning: 1-800-387-1193. It's honestly a game-changer - no waiting on hold, just enter your SIN and you get all your recent payment details in under 2 minutes. Way better than trying to navigate the CRA website or waiting hours to speak to someone. Most importantly, don't lose sleep over this! If the government deposited money in your account, you earned it fair and square based on your tax filing. These aren't mistakes that need to be repaid. Once you identify what specific benefit it is, you'll know if it's a one-time thing or part of a regular payment schedule. Enjoy the unexpected bonus!

For RSUs specifically, make sure you understand that they're typically taxed TWICE: 1. When they VEST (this is included in your W-2 as ordinary income) 2. When you SELL the shares (capital gains/losses on any change in value since vesting) The most common mistake people make is not realizing that the vesting value is already on their W-2, then reporting the full sale amount as capital gains. This results in paying tax twice on the same income!

Just wanted to add my experience as someone who went through this exact situation last year. TurboTax Premier absolutely can handle W-2 + 1099-NEC + RSUs, but there are a few things I wish I'd known beforehand: For the 1099-NEC, you'll enter it under "Business Income" and TurboTax will create a Schedule C-EZ for you (since it's under $5,000). Don't forget you can deduct business expenses like mileage and a portion of home office costs if you worked from home for that contract work. For RSUs, the Fidelity import usually works well, but ALWAYS verify the cost basis is correct. I caught an error where TurboTax had imported some of my shares with a $0 cost basis instead of the vesting date value, which would have caused me to overpay by hundreds of dollars. One tip: Keep your Fidelity year-end tax documents handy when doing the import. Sometimes TurboTax asks for clarification on certain transactions, and having those documents ready saves time. Given your situation seems straightforward (no complex deductions or multiple business entities), Premier should work great and save you the cost of a tax professional. Just take your time with the stock transactions and double-check everything before filing!