This has been such a helpful discussion! As someone who just went through this process myself, I wanted to add one more consideration that might save others some headaches. Make sure to check your state's tax treatment too, not just federal. Some states don't conform to Section 179 or have lower limits, so you might end up with different depreciation schedules for state vs federal taxes. In my state, I could take the full Section 179 deduction federally but had to depreciate it over several years for state purposes, which created a timing difference I had to track. Also, if you're considering that concrete pad or foundation work, be aware that permanently affixed improvements might be treated differently than the portable shed itself. The IRS sometimes views foundation work as a land improvement with a longer depreciation period. I ended up keeping the shed on gravel pads specifically to maintain its "portable" status. The financing discussion above is spot-on though - I wish I had considered that option instead of paying cash. Would have freed up working capital for other business needs while still getting the tax benefits.

As someone who's been running a small business for about 5 years now, I want to echo what others have said about keeping detailed records of everything - not just the shed purchase but all the ancillary costs too. I learned this the hard way when I bought equipment early on and didn't track delivery fees, setup costs, etc. One thing I'd add that hasn't been mentioned much is timing. If you're planning this purchase for tax planning purposes, remember that for Section 179, the asset generally needs to be "placed in service" (ready for use in your business) by December 31st to qualify for that tax year's deduction. So if you're buying late in the year, factor in delivery time and setup. Also, since you mentioned this is for inventory and equipment storage, make sure you're not mixing personal items in there later. The IRS can be pretty strict about business use percentages, and having your lawn mower next to your business inventory could complicate things if you ever get audited. I keep a simple log of what's stored in my business structures just to maintain clear documentation of business vs personal use. The advice about those online tools and services for reaching the IRS seems solid - I might have to try that myself next time I need clarification on something!

This is such a helpful thread! I've been making this exact mistake for the past two quarters. I run a small landscaping business and our pay periods often cross month boundaries, so I was reporting everything based on when the work was done rather than when paychecks were issued. After reading through all these responses, I realize I need to go back and file amended 941 forms for Q1 and Q2 this year. I had several March pay periods that got paid in April, and I incorrectly included those wages on my Q1 filing instead of Q2. One question though - when I file the amended returns, do I need to also adjust my federal tax deposits? I've been making deposits based on the incorrect quarterly allocations, so I'm wondering if that creates additional complications with the IRS.

I went through this exact same confusion when I first started handling payroll for our company. The key thing that helped me remember the rule is this: the IRS wants to match your 941 quarterly reports with your actual federal tax deposits, and deposits are based on when you pay employees, not when they earn the wages. So if you have a March pay period but the actual payday is in April, that's when you'd make your federal tax deposit (within the required timeframe after the April pay date), and that's also when it should appear on your 941. This also makes year-end reconciliation much easier because your quarterly 941 totals will match up properly with your W-2 forms, which are also based on payment dates rather than work periods. One tip: keep good records of your pay periods vs. pay dates, especially around quarter boundaries. It'll save you headaches if you ever need to explain the timing to the IRS or your accountant during tax season.

One important thing no one mentioned - once you get your ITIN, you should also fill out a W-8BEN form to give to TikTok. This establishes your status as a foreign person and may reduce the withholding tax rate depending on tax treaties between the US and Australia. Without a W-8BEN, TikTok will likely withhold 30% of your earnings for US taxes. With the form (and depending on the Australia-US tax treaty), you might qualify for a lower rate like 10-15%.

As someone who went through this exact process for my YouTube channel earnings, I can confirm that getting an ITIN as a non-US creator is definitely doable but requires patience and attention to detail. A few additional tips based on my experience: 1. **Start early** - The 7-11 week processing time is real, and it can be longer during peak tax season (January-April). Since you're already accepted into TikTok's program, apply ASAP. 2. **Document everything** - Keep copies of everything you submit. I had to follow up on my application status and having reference numbers and copies made that much easier. 3. **Double-check your W-7** - Small mistakes can cause rejections and months of delays. Pay special attention to the reason codes and make sure your supporting documents exactly match what's required for your situation. 4. **Consider the tax implications** - Once you have your ITIN and start earning, you'll likely need to file annual US tax returns (Form 1040NR) to claim any treaty benefits or refunds from overwithholding. The good news is that once you have your ITIN, it's valid indefinitely as long as you use it on a tax return at least once every three years. So this is a one-time hassle that will serve you for your entire creator career!

I actually went through something very similar with my old Twitch affiliate account! Had about $35 sitting there that I couldn't access because I stopped streaming and never hit the $100 payout minimum. When I got the 1099, I was so confused because I literally never received any money. After doing some research, I learned that platforms like YouTube, Twitch, etc. are required to report earnings once they reach certain thresholds (usually $600+ total), even if they haven't paid you yet due to their internal payout minimums. It's frustrating because you're paying taxes on money you may never see, but legally you do have to report it. The silver lining is that if you ever do reactivate your channel and reach the payout threshold, that $24 is already "tax-paid" so you won't owe anything additional on it when you finally receive it. Still annoying though - wish these platforms would just pay out everything when accounts go inactive!

This is such a common frustration for small creators! I had a similar situation with my old blog's ad revenue - ended up with about $40 stuck in an ad network that I'll never be able to access since I took the blog down years ago. The key thing to remember is that even though it feels unfair, the IRS treats this as "constructively received" income since it was credited to your account, regardless of payout thresholds. You're legally required to report it on your tax return. One thing that might help for the future - some creators I know will occasionally post a simple video or reactivate their channels just to try to reach those payout thresholds before completely abandoning them. Not always practical, but it's an option if you have multiple small balances adding up across different platforms. For your current situation with the $24, definitely report it. The good news is that when dealing with such small amounts, any tax owed will be minimal, and as others mentioned, if you ever do reactivate and get paid, you won't owe taxes on that portion again.

Quick question - I accidentally stapled my federal return in both the top-left AND top-right corners. Should I remove one of the staples or just leave it? I'm worried about tearing the paper if I try to remove a staple...

As someone who's been filing paper returns for over a decade, I can confirm that the single staple method is definitely the way to go. I learned this the hard way after having a return delayed because I used multiple staples and paper clips. One thing I'd add to the great advice already given - make sure you're using a standard office staple, not those heavy-duty staples or colored ones. The processing equipment is calibrated for regular staples, and anything else can cause jams. Also, when you staple, make sure the staple goes through cleanly and the legs are flat against the back. If it's a partial staple or the legs are bent weird, it can catch on the processing equipment. For state returns, I've found some states have slightly different preferences, so it's worth checking your state's specific instructions. But the general rule of one staple, top-left corner works for most. And definitely agree on the certified mail recommendation - I've used it for years and it's saved me twice when returns got lost in transit.