Quick question - I have an SMLLC with no income but I did put about $5,000 into a business bank account. Does this count as "income" for tax purposes that I need to report somewhere? Really confused about what counts as activity.

For anyone still confused about SMLLC filing requirements, here's a quick summary that might help: Since your Single Member LLC is a "disregarded entity" for tax purposes, you don't file a separate business tax return. Instead, you report everything on your personal return using Schedule C - even if it's all zeros. The key thing to remember is that "zero income" doesn't mean "no filing" - you still need to show the IRS that your business exists but just didn't generate revenue that year. Also, make sure you're not mixing up federal and state requirements. While federal might be straightforward, your state could have completely different rules about annual reports, franchise taxes, or minimum fees regardless of income level. I learned this the hard way when I got hit with a $200 penalty for missing a state filing I didn't even know existed!

Got my paper check exactly 6 days after the mailed date on my transcript! Was super nervous about it getting lost but it showed up perfectly fine. Pro tip: sign up for USPS Informed Delivery so you can see when it's coming - made me way less anxious about the whole thing. Good luck with yours!

Mine took about 10 days to arrive last year, but that was during tax season when everything was super backed up. The USPS tracking through Informed Delivery definitely helps with the anxiety! Also keep an eye on your transcript for any updates - sometimes there can be last minute holds or changes that delay the mailing. Fingers crossed yours comes quickly! 🤞

I feel you on the stress! I had code 971 pop up back in March and waited almost 6 weeks for the actual letter to arrive. Turns out they needed me to verify my identity because I had moved during the tax year. The whole process took about 3 months total once I sent back their requested documents. Pro tip: you can call the IRS directly at 1-800-829-1040 and they can sometimes tell you what the review is about even before the letter arrives. Just be prepared for long hold times! Hang in there - most of these reviews do get resolved eventually.

I'm going through the exact same thing right now! Got code 971 about 2 weeks ago and have been checking my mailbox obsessively every day. Filed in early February and was expecting my refund by now. The waiting is killing me because I really need that money for some unexpected medical bills that came up. Has anyone found that calling the IRS actually helps, or do they just tell you to wait for the letter? I'm torn between being patient and trying to be more proactive about figuring out what's going on.

10 One additional consideration - the insurance company might allow your brother to "disclaim" a portion of the benefit, which would then potentially pass to contingent beneficiaries if any were named. Or they might allow a beneficiary to direct payment to multiple parties even if they're the only named beneficiary. Worth asking the insurance company directly about these options before the payout happens. I worked in insurance for years and companies often have procedures for these situations that aren't immediately obvious.

I'm sorry for your loss. This is a really tough situation to navigate during an already difficult time. One thing I'd suggest is asking MetLife to do a thorough search of their records for any communication from your mom about updating beneficiaries. Sometimes paperwork gets misfiled or processed under different policy numbers. They should be able to check if there were any phone calls, emails, or partial submissions that might support her intention to add you and your sister as beneficiaries. Also, depending on your state, there might be specific laws about how life insurance proceeds are handled when there's evidence of the policyholder's intent to change beneficiaries. Some states have provisions for "substantial compliance" where even incomplete beneficiary change attempts can be honored if there's clear evidence of intent. I'd recommend consulting with an estate attorney in your state who can review the specific facts and advise whether there are any legal options to pursue before defaulting to the gift tax approach. The consultation might cost a few hundred dollars but could potentially save thousands in taxes and complications down the road.

Has anyone used QuickBooks for their property management accounting? I'm trying to decide if it's worth the monthly cost or if I should just stick with Excel spreadsheets.

Great question! I've been managing properties for about 3 years now and can confirm what others have said - you only report your management fees ($750/month) as business income, not the full rent amounts that pass through to owners. One thing I'd add is to make sure you're consistent about when you recognize income. Since you mentioned cash basis, you'll report the management fees when you actually receive them, not when they're earned. Also, don't forget you can deduct business expenses related to your management activities - things like mileage for property visits, supplies for maintenance coordination, phone/internet costs for the business portion, etc. I'd highly recommend opening a separate business bank account for your LLC right away, even before you officially start managing properties. It makes everything so much cleaner when tax time comes around. Good luck with your new venture!