I've used H&R Block for the past three tax seasons and can confirm they use Axos Bank (formerly BofI). Here's the funny thing though - last year I switched from their Refund Transfer option to direct deposit to my own bank account and got my refund almost a week earlier! 😂 The Refund Transfer might seem convenient, but it's basically adding a middleman (and extra days) to your refund journey. Plus, you're paying for that convenience. For gig workers especially, I'd recommend skipping any refund transfer products and just having the IRS deposit directly to your personal account.

Based on everyone's input here, it sounds like H&R Block uses Axos Bank for their refund transfers, but honestly as a fellow freelancer, I'd recommend skipping their banking products altogether. I made the mistake of using a refund transfer service two years ago thinking it would be faster, but it actually delayed my refund by almost a week. The IRS processes everything the same regardless of which tax prep company you use - the real bottleneck is usually on their end, especially with gig income that might trigger additional review. Save yourself the fees and processing delays by just having your refund deposited directly to your own bank account. The tax prep software doesn't really impact refund speed as much as we think it does.

Does anyone know if I need to do anything special for payroll taxes when converting? I'm the only employee of my C Corp and will be the only member of the LLC.

One thing I haven't seen mentioned yet is the impact on your Qualified Small Business Stock (QSBS) eligibility if you have any. If your C Corp stock qualifies for QSBS treatment under Section 1202, converting to an LLC will terminate that benefit going forward, and you'll lose the potential for tax-free gains on sale. Also, don't forget about the accumulated earnings and profits (E&P) in your C Corp. When you liquidate, any distribution in excess of your stock basis will be taxed as capital gains. If you have significant retained earnings from profitable years, this could create a substantial tax hit even if your assets haven't appreciated much. I'd strongly recommend running the numbers on both the asset appreciation and the E&P distribution before making the final decision. Sometimes the tax cost of conversion outweighs the administrative benefits, especially if you're planning to sell the business in the next few years anyway.

Has anyone used TurboTax to handle this kind of situation? I'm wondering if it walks you through determining whether something is a repair vs improvement or if I need to figure that out ahead of time.

I just went through this exact situation last year with a $16k roof replacement on my rental property. After doing a lot of research and consulting with my CPA, here's what I learned: The IRS has specific criteria for distinguishing repairs from improvements, and unfortunately, a complete roof replacement almost always qualifies as an improvement that must be depreciated. The key factors are: 1. **Betterment** - Does it improve the property beyond its previous condition? 2. **Adaptation** - Does it adapt the property to a new use? 3. **Restoration** - Does it restore the property to like-new condition? A full roof replacement typically hits the "restoration" criteria since you're essentially putting a brand new roof on the property. However, don't give up hope on getting some immediate deduction! If you can document that portions of the work were repairs to the existing roof structure (like fixing damaged decking, replacing a few shingles, or repairing flashing), those specific costs might be immediately deductible while the bulk of the replacement gets depreciated. The key is having detailed invoices that break down the work performed. Generic "roof replacement" invoices make it harder to argue for any immediate deductions. I ended up depreciating mine over 27.5 years, but I was able to immediately expense about $2,800 in repairs that were clearly restoration work on the existing structure. Every bit helps when you're looking at a big expense like this!

I'm confused about the AMT implications of ISOs. My company is pre-IPO and the shares aren't liquid. If I exercise ISOs, I'll have to pay AMT on the spread between strike price and current 409A valuation, right? But if the company later fails, do I get that AMT back?

This is a great discussion! I want to add some practical perspective as someone who's been through multiple startup equity situations. One thing that's been really helpful for me is creating a spreadsheet to model different scenarios before making decisions. I track: - Current 409A valuation vs my strike price - Projected company valuation growth - My tax bracket and AMT threshold - Cash requirements for different strategies The key insight I've learned is that there's no universal "best" approach - it really depends on your individual situation. For my first startup, ISOs worked great because I could exercise gradually and manage AMT. But at my current company, I went with early exercise + 83(b) because the strike price equaled FMV at grant time, eliminating immediate tax consequences. Also worth noting: if your company offers both restricted stock and ISOs, you might be able to negotiate a mix. I know folks who've gotten 75% ISOs and 25% restricted stock, which gives flexibility for different tax strategies. Don't forget to factor in state taxes too - some states don't have capital gains taxes, which can significantly impact your decision if you're planning to relocate.

Just to add another perspective, I've been filing MFS for 3 years because of income-based student loan repayment. While you don't need to report your spouse's income on your tax return, be aware that some tax software makes MFS filing really complicated or charges extra for it. I've found that FreeTaxUSA handles MFS the best among the cheaper options. And remember - even though you're filing separately, you still need to include your spouse's name and social security number on your return. That's different from reporting their income amounts.

Your father is incorrect - when filing married filing separately, you do NOT need to report your spouse's income amounts on your return. That's literally the whole point of choosing MFS status! Each spouse only reports their own income, deductions, and credits. The only information about your husband that needs to go on your return is his name and Social Security number - no income details required. Your dad might be confused because he's used to preparing joint returns where both spouses' income is combined. You can tell your father that the IRS specifically designed MFS to allow couples to file independently while maintaining their married status. Your husband's privacy concerns are completely valid and legally supportable. Just make sure you coordinate on whether to itemize or take the standard deduction, since if one spouse itemizes, the other must as well. Good luck standing your ground on this - your husband's financial privacy is worth protecting!