Don't overthink this. I've been selling vintage toys for years and what I do is just track total inventory purchases vs total sales. I take my total purchase cost for the year, subtract the value of stuff I still have on hand, and that's my COGS. Easy peasy. Never had an issue with the IRS. Just keep your receipts in case they ever ask questions.

As someone who's dealt with similar inventory tracking issues in my small business, I'd recommend going with the retail inventory method that Camila mentioned - it's specifically designed for situations like yours where you have purchase records but can't match specific items to sales. Here's what worked for me: Calculate your average cost per item from all your Korean receipts (total spent ÷ total items purchased), then use that to value your ending inventory. The IRS accepts this approach for small businesses, and it's much more defensible than guessing or ignoring COGS entirely. Also, for future reference, consider using a simple spreadsheet or app to track inventory as you purchase it. Even basic descriptions in English will help enormously next year. You don't want to miss out on legitimate COGS deductions - they can significantly reduce your tax burden compared to just reporting everything as other income.

Small business owner here (5 employees). I handle my sales tax myself but use Gusto for payroll. Here's what I've learned: 1. Gusto is great for payroll taxes but remember they only file/pay the PAYROLL taxes. You still need to handle income tax estimates quarterly. 2. For sales tax, if you're only in one state, doing it yourself with Stripe's reports is totally doable. If you expand to multiple states, get help because nexus issues get complicated fast. 3. The specialist might be overkill now but could be worth consulting occasionally as you grow. Learning the basics yourself is smart - gives you better financial understanding of your business!

Has anyone compared Gusto with QuickBooks payroll? I'm using QB for accounting and wondering if their integrated payroll would be better than a separate system like Gusto?

I've been in a very similar situation and wanted to share what finally worked for me. After trying several different approaches, I found that the key is starting simple and then getting more detailed as needed. First, definitely try the IRS Withholding Estimator that others mentioned - it's the most reliable baseline since it's straight from the source. But you're right that it has limitations for complex situations. For something more comprehensive, I ended up using a combination approach: I use FreeTaxUSA's calculator (mentioned by Sofia) for quarterly check-ins because it's free and handles multiple income types well, then I validate those numbers against TaxCaster for a second opinion. Since your income situation changed this year, here's what I wish someone had told me earlier: focus first on avoiding underpayment penalties rather than getting the exact amount perfect. The safe harbor rule that Adaline mentioned is crucial - if you pay 100% of last year's total tax (110% if your AGI was over $150k), you're protected from penalties even if you end up owing more. One practical tip: set up a simple spreadsheet to track your quarterly estimates vs. actual payments. Update it each time you get paid and recalculate every quarter. This helped me catch issues early rather than being surprised at tax time. Given that your husband has a side business, you'll definitely want something that can handle self-employment tax calculations properly - that's where the basic calculators often fall short.

I've been through this exact situation and want to add a few practical tips that helped me when my income became unpredictable. First, for the spreadsheet approach, I'd highly recommend creating a simple monthly tracking system where you input actual income as it comes in rather than trying to project the whole year at once. This is especially helpful with variable side business income like your husband has. One thing that saved me a lot of stress was setting up automatic transfers to a separate "tax savings" account. Every time we got paid (whether W-2 or business income), I'd immediately transfer 25-30% to this account. It sounds high, but it covers federal, state, and self-employment taxes, plus gives you a buffer. Way better than scrambling to find money for quarterly payments. For free tools, I'd actually suggest starting with the IRS estimator to get your baseline, then using Excel or Google Sheets with a simple formula to calculate self-employment tax (business profit × 0.1413 for the SE tax portion). The beauty of doing it yourself is you can update it as often as you want throughout the year. Also, don't forget that business expenses can significantly impact your tax liability. Keep track of everything - office supplies, business meals, mileage, home office expenses if applicable. These deductions can really add up and change your projections substantially. The key is building a system you'll actually use consistently rather than trying to find the perfect tool that does everything.

I can definitely relate to that panic feeling when you see unfamiliar messages on your IRS account! What you're experiencing is totally normal - I had the exact same "Information Not Available" message for 2024 on my account just last week. The IRS system basically uses this as a default placeholder for the current tax year before any returns are filed or processed. Since we're still in early 2025 and most people haven't filed their 2024 taxes yet, there's simply no information for the system to display. The fact that your 2023 shows $0.00 is actually perfect - it confirms you have no outstanding balance and are in good standing with the IRS. That adjustment message is just standard language that appears whenever the system doesn't have current data to show. I've been checking my account periodically and seeing the same thing, so you're definitely not alone! Once tax season gets into full swing and people start filing, you'll likely see this update with actual information. Until then, no need to worry at all - this is just how the IRS system handles the current tax year.

Just wanted to chime in as someone who's been dealing with IRS accounts for years - what you're seeing is absolutely normal! The "Information Not Available" message for 2024 is standard because the tax year is still being processed. Think of it this way: the IRS system needs actual data to display, and since most people haven't filed their 2024 returns yet (and won't until March/April), there's literally nothing for it to show. Your 2023 balance of $0.00 is exactly what you want to see - it means you're completely current with no outstanding obligations. The adjustment disclaimer is just boilerplate text that appears whenever the system is in a "waiting for data" state. I've probably seen this same message dozens of times over the years and it always resolves once you file or when the IRS processes updates. Really nothing to lose sleep over!

Just wanted to share something important that bit me last year. If you use the trailer for personal use AT ALL, you need to track the percentage of business vs personal use. Section 179 deduction gets reduced proportionally. So if you use that dump trailer 80% for business and 20% for personal projects, you can only deduct 80% of the cost under Section 179. Keep a log of usage if there's any chance of personal use - dates, job sites, clients, miles, etc. Solid documentation is crucial if you ever get audited!

Great question about the Section 179 deduction! I actually went through this exact situation with my landscaping business last year when I bought a used skid steer. The good news is that used equipment absolutely qualifies for Section 179 as long as it meets the requirements - which it sounds like your dump trailer will. A few key points to keep in mind: Make sure you have solid documentation of the purchase price and business use percentage. Since you mentioned it'll be used 100% for business, that's perfect. Also, consider the timing - the equipment needs to be "placed in service" (actually used in your business) by December 31st to qualify for this year's deduction. One thing that helped me was keeping a simple business use log from day one, even though I was using the equipment 100% for business. It's just good practice in case the IRS ever has questions. The documentation really pays off during tax season when you're filling out Form 4562. For a $5500 purchase, Section 179 can save you a significant amount compared to depreciating it over several years. Just make sure your LLC has enough taxable income this year to take full advantage of the deduction, since Section 179 can't create a business loss.