Anyone know if TurboTax is good enough for content creator taxes? I'm making about $40k from YouTube and sponsorships and wondering if I need to spring for an accountant instead.

As someone who went through this exact situation last year, I totally understand the confusion! You're absolutely right to be concerned about setting aside money for taxes - that $37,500 total income puts you in a position where you'll owe both regular income tax and self-employment tax. A few key points from my experience: - Yes, report ALL income even without 1099s. Keep your own records of every payment. - Your equipment purchases are great deductions! That $3,750 in equipment can likely be fully deducted in the year of purchase using Section 179. - For quarterly payments, calculate 25-30% of your net profit and pay that quarterly to avoid penalties. - Self-employment tax is roughly 15.3% on your net earnings, covering Social Security and Medicare. The most important thing is to start keeping meticulous records NOW. Create a spreadsheet tracking all income sources, business expenses, and set aside that tax money in a separate account. Don't make my mistake of scrambling to reconstruct everything at tax time! Consider getting a business checking account to keep your creator income separate from personal expenses - it makes everything so much cleaner for tax purposes.

Has anyone actually tried to report a loss on line 2 of 8995-A using the Free Fillable Forms? I tried entering the negative number with a minus sign and it worked fine for me. Maybe try "-24000" instead of "(24000)" for the format?

Thanks everyone for all the helpful responses! I just tried entering my loss as "-24000" on the Free Fillable Forms and it worked perfectly. I must have been doing something wrong with the formatting before. To summarize what I learned from this thread: I definitely need to include both LLCs on Form 8995-A, with my profitable one showing $273k and the loss one as -$24k, giving me a net QBI of $249k for the deduction calculation. Since neither business is a specified service trade or business, I should be good to go. Really appreciate everyone taking the time to explain this - especially the clarification that losses from one qualified business must offset income from another. This makes total sense now, and I feel much more confident about getting this right on my return.

Another thing to check - does the refund amount on your tax return match what the IRS "Where's My Refund" tool showed? I've seen cases where the discrepancy wasn't because of the preparer but because the IRS adjusted the refund amount due to previous tax debts, child support obligations, or other offsets. If the full amount was sent by the IRS but you didn't receive it all, then it's definitely the preparer. But if the IRS sent less than what was on your return, that's a different issue entirely.

Based on what you've described with the Republic Bank RT Fee and Technology Fee that weren't disclosed, you definitely have grounds for a complaint. I had a similar experience where my preparer used electronic signatures to get authorization for fees they never verbally explained. What worked for me was first sending a formal written demand (email works) to the tax office referencing the specific IRS regulations about fee disclosure. I mentioned Publication 1345 which covers tax preparer responsibilities for clear communication of all charges. Give them 7-10 business days to respond before escalating. If they don't make it right, definitely file Form 14157 with the IRS. I also reported mine to my state's consumer protection agency since this falls under deceptive business practices. The combination of potential IRS penalties and state investigation usually gets their attention quickly. Document everything and keep pushing - preparers who pull this stuff are counting on people just giving up and eating the loss.

Just wanna add that you should check Box 12 of both your W-2s. There's probably a code DD on one of them which indicates employer-sponsored health coverage. The amount next to code DD shows the total cost of your employer-provided health coverage. This amount is not taxable but is reported for informational purposes. Also, if you're getting the Premium Tax Credit for marketplace insurance, make sure you have your Form 1095-A handy when you file. You'll need that to reconcile any advance premium tax credits you received.

My employer does the exact same thing and I've been filing like this for 3 years now. Just enter both W-2s separately in TurboTax. The marketplace one won't increase your federal taxable income since those premiums are exempt from federal tax. The system knows how to handle it based on the fact that Box 2 (federal withholding) is empty. Make sure you're also getting your Form 1095-A from the marketplace. That's a separate form you'll need for the Premium Tax Credit portion of your return.

3 Don't forget the state-specific costs! Here in California, we pay $800 minimum franchise tax regardless of whether we're profitable or not. Made my S Corp totally NOT worth it until I was clearing six figures consistently. Check your state's fees first!

I've been researching S Corp conversion for my consulting business and want to add a few hidden costs that haven't been mentioned yet: - Registered agent fees ($100-300/year in most states) if you don't want to use your home address - Business insurance premiums often increase for corporations vs sole props - Credit card processing fees sometimes have higher rates for corporate accounts - If you travel for business, corporate expense documentation requirements are much stricter One thing that really helped me was creating a spreadsheet comparing my current sole prop costs vs projected S Corp costs over 3 years. At $87K revenue like the OP, you're right at the borderline where it might not make sense initially, but could pay off as you grow. The key is being realistic about ALL the ongoing compliance costs, not just the obvious ones. Also worth noting - if you mess up the corporate formalities or payroll requirements, you can lose the tax benefits retroactively, which would be costly.