Seriously, don't skip professional liability insurance if you're starting a tax prep business! I learned this the hard way when I made a calculation error on a client's Schedule C that resulted in them owing penalties. The client threatened to sue for the penalties plus damages. Insurance saved me thousands. Also, make sure you understand and use proper engagement letters with every client that clearly outline your responsibilities and theirs. This includes what happens if there's an audit, who's responsible for providing accurate information, and your fee structure.

Great advice from everyone here! I'm in a similar position - worked at a regional CPA firm for a few years but thinking about branching out on my own. One thing I'd add is to consider starting very small and growing gradually. Maybe begin with just 20-30 clients your first year to really understand the business side of things. Also, don't underestimate the technology costs beyond just tax software. You'll need secure file storage, client portals for document sharing, appointment scheduling systems, and potentially a separate business phone line. These costs can add up quickly but are essential for running a professional operation. One last tip - consider specializing in a particular niche rather than trying to be everything to everyone. Whether it's small business owners, freelancers, or people with rental properties, having expertise in specific areas can help you command higher fees and build a reputation.

I've been dealing with IRS delays myself and found that persistence with the phone system really does pay off eventually. One thing that helped me was calling the IRS Collections line at 800-829-7650 instead of the main number - it sounds counterintuitive, but when they answer, you can explain that you're calling about a refund delay and they'll often transfer you to the right department. The wait times seemed shorter on this line in my experience. Also, if you're comfortable with it, try reaching out to your local IRS Taxpayer Assistance Center. Even though they're not taking walk-ins right now, some locations will take calls and can sometimes provide more detailed information than the national hotlines. One more tip - when you do get through to someone, ask them to put detailed notes in your account about what they find and what they tell you. That way if you need to call again, the next agent can see the history instead of starting from scratch. I learned this the hard way after having to explain my situation multiple times to different agents. The 3-month delay you're experiencing is unfortunately pretty common right now, but don't give up. Your refund will come through!

I went through this exact same nightmare last year and finally got results using a multi-pronged approach. Here's what worked for me: **Phone Strategy:** Call 800-829-1040 at exactly 7:00 AM EST on Tuesday or Wednesday. Press 1 for English, then immediately press 2-1-3-2 without waiting for the prompts to finish completely. When it asks about forms, don't say anything - just wait in complete silence for about 20 seconds and it should transfer you to a live agent. **Documentation Tip:** Before calling, gather your filing confirmation, any IRS notices you've received, and write down your exact filing date. When you do reach an agent, be very specific: "I filed on [date], it's been X days, and I need to know the specific reason for the delay." This gets much better results than just asking "where's my refund?" **Backup Options:** - Try the Taxpayer Advocate Service at 877-777-4778 (mention if the delay is causing any financial hardship) - Call the Collections line at 800-829-7650 and ask to be transferred to refund inquiry - Contact your Congressional representative's office - they have caseworkers who deal with IRS issues **What to Expect:** 3-month delays are unfortunately common right now, especially if your return has certain credits or needs manual review. The agents can see much more detail than the "Where's My Refund" tool shows. Don't give up - persistence really does pay off with the IRS phone system!

Honestly might be worth checking if any of these places offer free consultations first. I've heard some will at least look over your docs and give you a rough estimate of complexity/cost before you commit. That way you can shop around without getting locked into their fees upfront.

Just want to add that regardless of which chain you choose, bring ALL your documents organized beforehand. I've seen people get charged extra fees just because they showed up unprepared and the preparer had to spend more time sorting through their stuff. Also, double-check everything before you sign - these places can get busy during tax season and mistakes happen more often when they're rushing through returns.

Don't overthink the building management fees! I spent hours researching this same question last year. The admin fee and move-in fee are definitely deductible in year 1 as rental expenses. The working capital contribution is trickier - technically it's a deposit into the building's reserve, so it's not immediately deductible. Also, make sure TurboTax is prorating your expenses correctly for the partial year. For things like property taxes and insurance, you can only deduct the portion that applies to when the property was actually a rental (Oct-Dec in your case). So that would be 3/12 of your annual amounts. This might be why some of your numbers look off.

I had a very similar situation with my first rental property! Your cost basis calculation is definitely off - with a $520k purchase price, that $134,628 figure suggests there's an input error somewhere in TurboTax. A few things to double-check: 1. Make sure you entered the correct land/building allocation. Based on your tax assessment ($215k land, $100k improvements), you should allocate roughly 68% to land and 32% to building from your purchase price. 2. Verify you didn't accidentally enter a partial ownership percentage or put in the wrong purchase price. 3. The bathroom renovation ($15k) should be added to your depreciable basis since it was done before placing in service. Your depreciable basis should be approximately: ($520k - $353k land value) + $15k renovation = ~$182k for the building portion. For the closing costs, most of what you listed (recording fees, title insurance, legal fees) get capitalized into your basis rather than expensed immediately. The admin fee and move-in fee to building management can typically be expensed in year 1, but the working capital contribution is usually treated as a capital asset. Also make sure TurboTax is correctly prorating your expenses for the 3-month rental period (Oct-Dec). Your actual deductible expenses should be much higher than $257 for three months of operation.

FYI, I've filed the final 990-N for two small organizations and it's super easy! You just go to the IRS website, log in to the e-Postcard system, and there's literally a checkbox for "This is the final return." You check that, enter the dissolution date, and that's pretty much it. The whole process took me maybe 10 minutes.

Just want to add that you should definitely not ignore the IRS notice, even for a dissolved nonprofit. I learned this the hard way when I thought I could just let a tiny organization "fade away" without proper closure. The IRS will eventually revoke your tax-exempt status retroactively, which can create complications if anyone ever questions the organization's tax status during the years it was active. Even though your nonprofit only had minimal income, having a clean closure on record protects you from any future issues. The 990-N filing really is straightforward once you know what to do. Since you already transferred the assets to the parent organization in 2023, you have everything you need to complete the final filing. Just make sure to use 2023 as your dissolution date when you file the final return.