Mine was supposed to come the 3rd and still nothing. Starting to get worried ngl

Also waiting on my March 10th deposit here in Ann Arbor! Filed Feb 2nd and got the same date. From what I've seen in other MI tax groups, seems like a lot of us are in the same boat. The state website is pretty much useless for real-time updates unfortunately. Fingers crossed it hits soon 🤞

Don't forget about the Qualified Business Income Deduction (Section 199A)! As a martial arts instructor with your own business, you likely qualify for this. It lets you deduct up to 20% of your qualified business income, which can significantly reduce your taxable income. So if your profit after expenses is $5000, you might be able to take another $1000 off your taxable income with this deduction. It's on Form 8995. Lot of small business owners miss this!

Great advice from everyone here! As someone who also operates a small martial arts business, I'd add a few practical tips for Mateo: 1. **Keep detailed records NOW** - Don't wait until next tax season. Track every business expense, no matter how small. I use a simple spreadsheet with columns for date, amount, description, and category. 2. **Separate business and personal expenses clearly** - Even though you're using your SSN, treat this as a legitimate business. If you buy equipment that you also use personally, only deduct the business portion. 3. **Consider quarterly estimated tax payments** - With $8400 in profit, you'll owe self-employment tax plus income tax. The IRS expects you to pay as you earn, not just at year-end. Use Form 1040-ES to calculate and avoid underpayment penalties. 4. **Document your business use of home** - If you use part of your home for business planning, storing equipment, or administrative work, you might qualify for the home office deduction. Measure the square footage and keep records. The 1099-K can be intimidating the first time, but once you understand that it's just a reporting document and not necessarily your exact taxable income, it becomes much more manageable. You've got this!

double check ur direct deposit info on ur return. I had the wrong routing number last year and it took forever to sort out

I'm in the same situation with my Michigan refund! Shows Feb 11 deposit date but still waiting. Based on what others are saying it sounds like MI is just running behind this year. I'll give it until Friday before I start panicking. Thanks everyone for sharing your experiences - makes me feel better knowing I'm not the only one!

I had this exact same experience with TurboTax this year! The processing fee is definitely separate from the preparation fee - it's what they charge you for the convenience of deducting their fees from your refund instead of paying upfront. I think what makes it so frustrating is that they don't make this crystal clear until you're deep into the filing process. When you see "pay with refund" it sounds like a free convenience, but that $40+ processing fee can really add up. For next year, I'm planning to just pay the prep fee directly with my credit card to avoid this extra charge entirely. It's one of those situations where the "convenient" option ends up being the more expensive one.

This is such a frustrating experience that so many of us seem to share! As someone new to this community, I really appreciate everyone breaking down exactly what these fees are. I had no idea that the "processing fee" was basically a loan fee for letting them take their prep costs from your refund. It's honestly pretty sneaky marketing - they make "pay with refund" sound like this convenient, no-strings-attached option when really it can add $40+ to your total cost. I'm definitely bookmarking this thread for next tax season so I remember to pay upfront with my card instead. Has anyone here tried switching to completely free filing options like FreeTaxUSA or the IRS Free File program? I'm curious if those avoid these kinds of hidden fees entirely.

Just a heads up - make sure your employer's educational assistance program actually qualifies under Section 127! My company thought their program qualified, but turns out it didn't meet all the requirements. A qualified program needs a written plan document, can't favor highly compensated employees, can't give more than 5% of benefits to shareholders/owners, and some other requirements. If the program doesn't qualify, ALL of the educational assistance becomes taxable income. Worth double-checking with your HR department!

Great question about verifying your company's Section 127 program! You can start by asking HR for a copy of the written plan document - this is actually required for qualification. The plan should outline eligibility requirements, types of education covered, and how benefits are administered. Key things to look for: the plan can't discriminate in favor of highly compensated employees (those earning over $135,000 in 2024), no more than 5% of benefits can go to shareholders/owners, and it must be a separate written plan (not just mentioned in an employee handbook). If HR can't provide the plan document or seems unsure about these requirements, that's a red flag. You might want to ask your tax preparer to review the plan details, or consider getting clarification from the IRS directly about whether your specific situation qualifies for the exclusion. Better to find out now than during an audit later!