Another consideration is the Qualified Business Income (QBI) deduction. If you form a US LLC that elects to be taxed as a pass-through entity, you might be eligible for the 20% QBI deduction on your effectively connected income. However, as a non-resident, there are limitations. You'd need to ensure your business qualifies and that you're filing the appropriate forms. This could significantly reduce your US tax burden if structured correctly.

Don't overlook the Foreign Investment in Real Property Tax Act (FIRPTA) if you plan to eventually sell your Amazon US business. As a non-resident, if you build a successful business and later sell it, there could be withholding requirements on the sale proceeds. Also, consider trademark and intellectual property protection. If you register trademarks for your products in the US, that creates another layer of US presence and potential tax implications.

Ooof, I'm sorry but this thread is why everyone thinks rich people don't pay taxes. Trying to write off a freaking Ferrari??? Come on man.

The key thing everyone's missing here is that the IRS doesn't actually prohibit deducting luxury vehicles - they just limit HOW MUCH you can deduct through depreciation caps. I've seen this work successfully for clients in industries where image matters (luxury real estate, high-end consulting, wealth management). The Ferrari becomes part of your professional brand and client experience. But here's what you absolutely MUST do: 1. Keep a detailed mileage log for EVERY trip (business apps like MileIQ make this easier) 2. Document the business purpose for each trip 3. Keep receipts for all vehicle expenses 4. Consider having it titled under your business entity 5. Be prepared to justify the business necessity if audited The luxury auto limits mean you're looking at roughly $19K max deduction in year one regardless of the car's actual cost. So from a pure tax perspective, you're not getting the full benefit anyway. Bottom line: It's legal if done correctly, but make sure the business benefit justifies the audit risk and limited deduction amount.

pro tip: check your transcripts weekly. sometimes they release it early without sending another notice

I went through this exact same thing last year! The CP05 is basically the IRS saying "hold up, we need to double-check some things on your return before we send your refund." In my case, they were verifying my Earned Income Tax Credit and a dependent I claimed. The good news is that if everything checks out (which it usually does), you'll get your full refund plus interest for the delay. The bad news is yeah, it really can take the full 60 days or sometimes even a bit longer depending on their workload. Hang in there - I know the waiting is brutal but you're not alone! 💪

Has anyone used CoinTracker or Koinly for this? I've heard mixed things but wondering if they're worth trying.

I went through this exact situation last year with about 400+ crypto transactions. Unfortunately, the IRS doesn't allow averaging for crypto held in personal wallets - you're correct that averaging methods are only permitted for certain custodial arrangements. However, there are a few things that helped me manage the paperwork burden: 1. You can use the "summary statement" approach mentioned by Emma - attach a detailed spreadsheet with all transactions and reference it on Form 8949 with "See attached statement." 2. Group similar transactions together when possible. For example, if you have multiple Bitcoin purchases/sales, you can list them consecutively to make the forms more organized. 3. Consider whether any of your transactions qualify as "like-kind exchanges" if they happened before 2018, though this probably doesn't apply to your 2024 activity. The key is maintaining detailed records with acquisition dates, sale dates, cost basis, and sale proceeds for each transaction. Even though it's a pain, proper documentation will save you major headaches if you ever get audited. The IRS has been increasingly focused on crypto compliance, so it's worth doing it right the first time. Good luck with those forms - I know the feeling of staring at hundreds of transactions!

Something similar happened to me a few years ago. I just reported what I made based on my bank deposits since it was such a small amount. I think I used form 4852. Didn't have any issues with the IRS about it.

Just to add some clarification on the $600 threshold mentioned earlier - that's actually for 1099s, not W2s. For W2s, employers are required to issue them for ANY amount if federal income tax, Social Security tax, or Medicare tax was withheld, regardless of how small the amount. Even if no taxes were withheld, they still need to issue a W2 if you earned $600 or more. But since you mentioned you're pretty sure they withheld taxes from your $115-140 shift, they're definitely required to send you a W2. Given that it's already February and you haven't received it, I'd suggest calling the employer first. If that doesn't work, the IRS can help after February 14th. Keep records of your attempts to contact the employer - the IRS will ask about that when you call them.