Anyone know if TurboTax handles the cash basis inventory situation better than Tax Act? I'm having the exact same issue and wondering if switching software would help. I sell handmade jewelry and have about $4,000 in materials inventory at any given time. Definitely under the $25M threshold lol but still confused about how to report it.

This is exactly the confusion I ran into last year! The key thing to understand is that even as a cash basis business, the IRS still wants you to track inventory if it's "material" to your business operations. What helped me was realizing that Tax Act (and most software) is just following the standard Schedule C format, but there are options buried in the settings. Look for something like "inventory accounting method" or "simplified inventory method" - it's usually not on the main inventory screen but in an advanced settings area. Since you're clearly under the $25M threshold, you should be able to elect the simplified method. This lets you treat your inventory purchases more like regular business expenses. The software will still ask for beginning/ending inventory values because the form requires it, but it will calculate your COGS differently based on the method you select. One tip: make sure you're consistently applying whichever method you choose. The IRS doesn't like when businesses flip back and forth between inventory accounting methods without proper justification. If you've been expensing inventory purchases in previous years and it worked, you might want to stick with that approach or consult with a tax professional about making a formal accounting method change.

Just a heads up about Credit Karma Tax (now Cash App Taxes) - they're great for simple returns but can be limited with stock transactions. I switched to FreeTaxUSA last year and they handle ESPP and RSUs much better.

I went through this exact same situation last year! Form 3922 is basically just a record-keeping document that shows the details of your ESPP purchase - it's not something you directly input into your tax software like a W-2 or 1099. The key thing to understand is that you only need to worry about reporting anything related to your ESPP shares when you actually sell them. Until then, just keep that Form 3922 in a safe place because you'll need it later to calculate your cost basis and determine if you have a qualifying or non-qualifying disposition. If you haven't sold any shares yet, you're all set for this year's taxes. Credit Karma should work fine for your current situation. The confusion you're experiencing is totally normal - most people don't realize that Form 3922 is informational only and doesn't require any immediate action on your tax return.

Has anyone tried just filing without the K-1 info and then amending later? I'm in the same situation every freaking year and I'm tempted to just estimate based on last year and file on time, then deal with amendments if needed. The penalties for late filing seem worse than filing an amendment.

I feel your pain - I've been dealing with chronically late K-1s for years from a real estate partnership I'm in. One thing that worked for me last year was escalating beyond just the finance person. I sent a certified letter (not just email) directly to the managing partner referencing the September 15th deadline and IRS penalties for late filing. Within 48 hours of them receiving that letter, my K-1 was in my mailbox. Sometimes you need to make it clear this isn't just a "when you get around to it" situation - there are real legal deadlines and consequences. Also, for future reference, I now include a clause in any new partnership agreements requiring quarterly estimates and timely K-1 delivery. It's worth negotiating this upfront if you're considering any new partnership investments. The good partnerships don't have issues with this request - it's usually a red flag if they push back on basic tax reporting timelines.

Has anyone noticed that the refund tracker seems to update more often on Wednesdays? I've filed taxes for 7 years now and it always seems like Wednesday is when my status changes. Might be coincidence but I've heard other people say the same thing.

I feel your pain! I went through the exact same thing last year - filed early, expecting my refund quickly, and then watched that "Return Received" status for what felt like forever. The tracker is generally reliable but it's definitely not real-time, so all that refreshing really is pointless (though I totally get the compulsion!). 12 days isn't actually that long in IRS time, especially during peak season. The fact that your friends who filed after you got theirs faster could be due to their returns being simpler - no credits that need verification, straightforward W-2 income, etc. Your $2,850 refund suggests you might have some credits or deductions that require a bit more processing time. Try to resist checking more than once a day (easier said than done, I know). The system usually updates overnight, so checking in the morning is your best bet. Hang in there - you're still well within the normal processing window!

For a straight-to-the-point resource, check out "475 Tax Deductions for Businesses and Self-Employed Individuals" by Bernard Kamoroff. It's organized by category and gives practical examples for each deduction.

As someone who went from zero tax knowledge to confidently managing my small business taxes, I'd highly recommend starting with "J.K. Lasser's Small Business Taxes" - it's updated annually and has excellent worksheets you can actually use. The book walks through real scenarios step-by-step, which sounds perfect for your note-taking style. For a landscaping business specifically, pay close attention to equipment depreciation rules and vehicle expense tracking - these are huge deductions that many new business owners miss or calculate incorrectly. The book covers both Section 179 deductions and bonus depreciation in plain language. Definitely take that community college accounting course! I did the same thing (also came from a non-business background) and it was invaluable. The structured learning helped me understand the "why" behind tax strategies, not just the "what." Plus, you'll network with other small business owners facing similar challenges. One tip: before your first meeting with your tax preparer, read through at least one of these books so you can have an informed conversation about tax planning strategies for next year, not just compliance for this year.