Back in 2022, I had this exact same setup with Jackson Hewitt and the Serve card. I remember checking my card balance obsessively! One thing I learned from that experience is that the day of the week matters a lot. If the IRS releases your refund on a Friday, Jackson Hewitt often doesn't process it until Monday or Tuesday of the following week. Last year I filed on a Monday and got my refund exactly 14 days later on a Monday. The year before I filed on a Thursday and got it 16 days later on a Saturday. Since you filed on February 12th (a Monday), you might see it hit your card early next week.

I used Jackson Hewitt with the Serve card this year and filed on February 5th. Got my advance immediately but didn't receive the remainder until February 22nd - so 17 days total. What's frustrating is that the IRS "Where's My Refund" tool showed my refund as sent on February 19th, but it took Jackson Hewitt 3 additional days to process and load it onto my Serve card. I think the delay you're experiencing might be normal this year. I noticed on Jackson Hewitt's website they mention that newly married couples filing jointly for the first time sometimes get additional IRS review, which could add 5-7 days. Since you mentioned this is your first year filing jointly after getting married, that could explain why it's taking longer than your single filing last year. Have you checked if your refund status changed on the IRS website recently?

Great thread! I'm seeing a lot of helpful advice here. Just wanted to add that timing is absolutely critical for the Form 2553 election. Even after you get the state-level corporation established, remember that the S-Corp election must be filed by the 15th day of the 3rd month of the tax year you want it to take effect (March 15th for calendar year taxpayers). If you miss this deadline, you'll have to wait until the following tax year OR request late election relief under Revenue Procedure 2013-30, which requires showing reasonable cause for the delay. The IRS is pretty strict about this timing requirement. Also, make sure all shareholders (including the converted LLP partners who become shareholders) sign the Form 2553. Missing signatures are another common reason for rejection that I've seen in practice.

This is such a comprehensive discussion! As someone who's dealt with several entity conversions, I want to emphasize the importance of getting professional guidance early in the process. The two-step conversion process (state corporation formation first, then IRS S-Corp election) is absolutely critical, but there are so many nuances that can trip you up. Beyond the technical filing requirements, you really need to consider the broader business implications that Micah mentioned - liability structure changes, corporate formalities, shareholder restrictions, and exit planning implications. One thing I'd add is to make sure you're documenting everything properly throughout the conversion process. Keep detailed records of the state filing dates, corporate resolutions, and any correspondence with state agencies. This documentation becomes crucial if the IRS has questions about the conversion timeline or if you need to demonstrate reasonable cause for any timing issues. Also, don't underestimate the ongoing compliance burden that comes with S-Corp status. While the self-employment tax savings can be substantial, S-Corps require reasonable salary determinations for shareholder-employees, payroll tax compliance, and more rigorous bookkeeping. Make sure your client understands and is prepared for these ongoing requirements before making the switch.

Something nobody has mentioned yet - check if your state has more favorable treatment for in-kind donations than the federal government. I'm in Pennsylvania, and our state has some additional deductions for certain types of in-kind professional services to qualifying organizations. Also, while the discount itself isn't deductible, don't forget that all your normal business expenses related to these events are still fully deductible business expenses. You're not getting a charitable deduction, but you are reducing your taxable income by those costs.

My husband's consulting company handles this by separating their work into two distinct parts: full-price services rendered (which they get paid for completely) and then they make cash donations completely separate from the service contracts. Works much better for tax purposes and the non-profits still get the benefit. The paperwork is cleaner for both sides too. The non-profits get to report actual cash donations and his company gets the legitimate deduction.

This thread has been incredibly educational! I'm actually in a very similar situation - been using margin to buy growth stocks for about 18 months now and just realized I can't deduct any of the interest I've been paying because I have zero investment income. Reading through everyone's experiences, I think I need to get more strategic about this. The covered call approach that Yuki mentioned sounds really interesting, especially since I'm already holding the stocks anyway. And the point about qualified dividend elections is something I definitely need to research more. One question for the group - has anyone tried using bond ladders or Treasury bills as a way to generate consistent investment income? I'm thinking I could allocate maybe 10-15% of my portfolio to fixed income specifically to create a baseline of investment income each year to offset at least some margin interest. The returns might be lower than my growth stocks, but if it lets me deduct thousands in margin interest, the net effect could be positive. Also, for record keeping, I've started using a simple Google Sheet to track my monthly margin interest payments alongside any investment income I receive. Figure it's better to stay organized from the start rather than trying to reconstruct everything at tax time like I did this year! Really appreciate everyone sharing their experiences and strategies. This is exactly the kind of practical advice you can't get from reading IRS publications.

Great discussion everyone! I'm dealing with this exact issue and have learned so much from reading through all your experiences. One approach I haven't seen mentioned yet is using I Bonds (Series I Savings Bonds) as part of your investment income strategy. You can buy up to $10,000 per year per person, and while the interest compounds tax-deferred until you redeem them, you can elect to report the interest annually as investment income. This could provide a small but consistent source of investment income to offset margin interest, especially if you're married filing jointly (allowing $20,000 in annual purchases). The current I Bond rates are pretty attractive, and since you control when to report the interest income, it gives you flexibility in timing. Plus, unlike the covered call strategy, there's no risk of losing your underlying positions or capping your upside. I'm also planning to implement the Treasury bill ladder approach that Zainab mentioned. Between T-bills, some dividend-focused ETFs, and potentially covered calls on my most stable positions, I should be able to generate enough investment income to start chipping away at my accumulated carryforwards. Thanks to everyone for sharing such practical strategies - this has been more helpful than anything I've found in tax guides!

I went through the exact same frustrating experience with my ITIN application last year! The "missing information" rejection without specific details is unfortunately very common. Here's what I learned from my experience: First, definitely look for a rejection code on your notice - it's usually a small number or letter that corresponds to the specific issue. Sometimes it's easy to miss because it's not prominently displayed. Second, I'd strongly recommend calling the ITIN line (1-800-908-9982) early in the morning - I found I had better luck getting through around 8 AM when they first open. Have your rejection notice and W-7 form ready when you call. For treaty benefits specifically, make sure you're using the correct treaty article and exemption code on your W-7. I initially put the wrong code because I misunderstood which article of the treaty applied to my situation. The IRS website has country-specific treaty tables that show exactly which codes to use for different types of income. Also, since you moved here last year, double-check that your supporting documents (passport, etc.) are still valid and that any required translations are properly certified. Good luck - don't give up! It's worth getting right for the treaty benefits you're entitled to.

I completely understand your frustration - ITIN rejections with vague explanations are unfortunately very common, especially for first-time applicants. The good news is that this is definitely fixable! A few immediate steps I'd recommend: 1. **Look for a rejection code** - Even though the letter seems vague, there's usually a small code (like "R 07" or similar) somewhere on the notice that indicates the specific issue. It might be in small print or in a corner. 2. **Call the ITIN hotline early** - Try 1-800-908-9982 right when they open at 8 AM. Yes, you'll likely wait 30-60 minutes, but it's much better than the impossible wait times later in the day. Have your rejection notice and original W-7 form ready. 3. **Double-check your treaty code** - Since you mentioned claiming treaty benefits, verify you selected the correct exemption code for your specific country and income type. The IRS has detailed treaty tables on their website that show exactly which codes apply to different situations. 4. **Consider a Certified Acceptance Agent** - They can review your documents in person and catch common issues before submission. Plus, you won't have to mail original documents. Don't give up! The treaty benefits you're entitled to are worth the extra effort to get this right. Most people succeed on their second attempt once they know exactly what needs to be corrected.