This is a really common confusion for gig workers! The key thing to remember is that when you choose the standard mileage deduction, you're essentially trading off the ability to claim vehicle depreciation or losses for the simplicity of just tracking miles. The IRS considers that depreciation component already "built into" those standard mileage deductions you've been taking over the past 3 years. Since you mentioned keeping good records of business vs personal miles, that's great practice to continue! Even though you can't claim the loss on this sale, those records will be valuable if you get audited or when you start using your next vehicle for business purposes. One thing to keep in mind - if you do replace this car with another vehicle for your delivery work, you'll need to decide again between standard mileage or actual expenses for the new car. Just remember that whichever method you choose in the first year of business use for that new vehicle, you'll be locked into for the life of that car.

I went through this exact same situation last year with my delivery car! Used standard mileage for 2+ years, then sold at a loss. I was so frustrated thinking I was missing out on a tax deduction, but after doing a lot of research (and talking to a tax pro), I learned that the standard mileage rate actually works out pretty well overall when you factor in all the wear and tear costs it covers. Think about it this way - over those 3 years of deliveries, you've been deducting around 65+ cents per business mile (the rates have gone up each year). That adds up to thousands in deductions that already account for your car's depreciation. While you can't claim the loss now, you've likely saved more in taxes over the years through those mileage deductions than you would have with the actual expense method. For your next car, definitely consider whether actual expenses might work better if you expect to put a lot of business miles on it quickly. But honestly, for most delivery drivers, standard mileage is still the simpler and often more beneficial choice!

5 Has anyone tried MyExpatTaxes? Their website claims to specialize in US taxes for expats, but I can't find many reviews from actual users.

I've been filing as an expat in Canada for the past 4 years and wanted to share my experience with FreeTaxUSA. While it's not specifically marketed for expats, it actually handles Form 1116 and Form 2555 quite well once you upgrade to their Deluxe version ($14.99). The interface isn't as polished as some of the other services mentioned, but it gets the job done for straightforward expat situations. I particularly like that they don't try to upsell you constantly like some other platforms do. However, fair warning - their customer support isn't great if you run into complex international tax questions, so you'll need to do your homework beforehand. One thing I learned the hard way: make sure whatever service you choose can handle amended returns easily. I had to file a 1040X my second year abroad to correct a mistake with my foreign tax credit calculation, and FreeTaxUSA made that process relatively painless.

Based on everyone's responses here, it sounds like you're definitely on the right track - you don't need to check the multiple jobs box since you're only working one job currently. One thing I'd add is that if you're worried about your withholding being accurate (especially with the salary increase from $62k to $71k), you might want to run the IRS withholding calculator in a few months once you have a couple paystubs from your new job. That way you can see if you need to adjust anything for the rest of 2025. Also, keep in mind that having that gap between jobs might actually work in your favor tax-wise since your total 2024 income was probably lower than it would have been if you'd worked the full year at either salary level.

Great question! I went through something similar when I switched jobs last year. Everyone here is absolutely right - that multiple jobs checkbox is only for when you're working more than one job at the same time, not for sequential employment like your situation. Since you're only working one job now, you can skip that entire section. The W4 is all about setting up proper withholding going forward from your current employer, not accounting for what happened earlier in the year. One tip though - since your new job pays more ($71k vs $62k), you might want to check the IRS withholding estimator in a month or two once you have a few paystubs. The higher salary could put you in a different tax situation, and it's better to catch any underwithholding early rather than owe a big chunk next April! But for now, just fill out the W4 as if this is your only job (because it is), and you should be all set.

This has been an excellent deep dive into corporate liquidation tax rules! As someone who handles corporate restructuring, I see these Section 336 issues frequently and this discussion really captures the key nuances. One additional point that might be helpful: when advising clients on liquidations, it's important to consider the timing strategically. If Zenith had significant E&P and wanted to avoid the loss recognition (perhaps due to limitations on loss utilization), they could have considered distributing the loss property in a non-liquidating distribution first (where Section 311 would disallow the loss), followed by a later liquidation of remaining assets. Of course, that strategy has its own complications and may not achieve the shareholders' business objectives, but it illustrates how the choice between liquidating vs. non-liquidating distributions can have dramatically different tax consequences for the corporation. The explanations here about Section 336's "deemed sale" treatment and the 5-year anti-abuse rules under 336(d)(2) are spot-on. This is exactly the kind of technical analysis that helps distinguish between seemingly similar answer choices on these corporate tax problems. Really appreciate everyone's contributions!

This thread has been absolutely invaluable for understanding corporate liquidation tax rules! As a CPA working with small corporations, I encounter these Section 336 vs Section 311 issues regularly, and the explanations here have really clarified some concepts I've been struggling with. What I found most helpful was the step-by-step breakdown of why this is treated as a "deemed sale" under Section 336 rather than a regular distribution under Section 311. The key insight that complete liquidations have their own special tax regime really clicked for me. I've been making the mistake of trying to apply regular distribution rules to liquidation scenarios. The discussion about the 5-year rule under Section 336(d)(2) was particularly enlightening. I had a similar case last year where property was contributed 3 years before liquidation, and now I understand why only part of the loss was recognized. The built-in loss limitation makes so much sense from a policy perspective. For other practitioners dealing with these issues, I'd recommend always documenting the contribution dates and built-in gains/losses at the time of contribution. It's crucial for determining how much loss the corporation can actually recognize in a subsequent liquidation. Thanks to everyone who contributed - this has been one of the most educational threads I've seen on corporate tax!

For business gifts, I'd strongly recommend avoiding cash or personal checks entirely - they're almost impossible to properly document and will likely raise red flags if audited. The IRS wants clear evidence that this was a business expense, not personal spending. A few solid alternatives that work well: - Visa gift cards are actually fine IF you keep excellent records (receipt, business purpose note, proof of delivery) - Branded promotional items that prominently display your logo can potentially qualify as marketing expenses beyond the $25 limit - Gift baskets with a mix of branded and non-branded items (document the branded portion separately) The key is documentation. Whatever you choose, make sure you have: (1) receipt showing purchase, (2) written note explaining the business relationship and purpose, and (3) proof it was actually given to the client. I keep a simple spreadsheet tracking all client gifts with photos of receipts attached. Remember that even if you spend more than $25, you can only deduct $25 per person per year for true gifts. But legitimate promotional/marketing expenses with clear business purpose may qualify for full deduction if properly documented.

Just to add another perspective on this - I've found that timing can be really important with client gifts. If you're giving a gift immediately after landing a new client or receiving a referral, it's much easier to document the clear business purpose. But if you wait months or give gifts randomly without a specific business event, it becomes harder to justify as a legitimate business expense. I typically give gifts within 30 days of a referral or major milestone, and I always include a handwritten note that specifically mentions the business reason (e.g., "Thank you for referring Smith Industries - looking forward to working with them!"). This creates a clear paper trail linking the gift to a specific business purpose. Also worth noting that if you're planning to do this regularly, consider setting up a simple system from the start. I use a basic spreadsheet with columns for date, client name, gift description, amount, business purpose, and receipt location. Makes tax time much easier and shows the IRS you're treating this seriously as a business expense rather than just random personal gifts.