One thing nobody mentioned yet - track your hot bags, coolers, and any other special equipment you buy for deliveries! I spent about $85 on premium insulated bags and a drink carrier that I use exclusively for DoorDash and was able to deduct the full amount. Also car chargers, phone mounts, etc. Small stuff adds up!

Great thread everyone! As someone who's been doing gig work for a few years now, I wanted to add that you should also consider deducting any car maintenance that's directly related to your delivery work. Things like oil changes, tire rotations, and brake pad replacements can be partially deductible based on the percentage of miles you drive for business versus personal use. For example, if 40% of your annual mileage is for DoorDash, you can potentially deduct 40% of those maintenance costs. Just make sure you're keeping detailed records - I use a simple spreadsheet to track my business miles versus total miles each month. Also, if you choose to deduct actual car expenses instead of using the standard mileage rate, you can't switch back and forth - you have to pick one method and stick with it for that vehicle. The key with all these deductions is documentation. Take photos of receipts, keep a mileage log, and when in doubt, consult with a tax professional who understands gig economy work!

Don't forget that your K-1 might include DIFFERENT types of income and losses, not just investment income! Some K-1 income could actually be considered earned income if it's from a partnership where you materially participated. The tax code treats different boxes on the K-1 differently. For example, Box 1 (ordinary business income) from an S-corporation or partnership where you materially participate could count as earned income for EITC purposes. But passive investment income like interest, dividends, or capital gains on your K-1 wouldn't count as earned income, only toward the investment income limit.

This is exactly the kind of complex tax situation where getting professional guidance is smart! From what you've described, your $65K in 1099 consulting income would definitely count as earned income for EITC purposes. The key things to focus on before your appointment: 1. **Business deductions matter**: Your net self-employment income (after Schedule C expenses) is what counts for EITC, not the gross $65K on your 1099. Track every legitimate business expense. 2. **K-1 details are crucial**: Not all K-1 items are treated the same. If any portion represents active business income where you materially participated, that could count as earned income too. Passive losses generally don't help with EITC qualification. 3. **Investment income limit**: Make sure your total investment income (from K-1 and other sources) stays under the $11,000ish limit for EITC eligibility. 4. **Income phaseout**: With head of household and two kids, you're right around the upper income limits for EITC, so every deduction counts. Come prepared with your K-1 details and a list of all business expenses. Your tax pro will need to see exactly what's in each box of the K-1 to determine how it affects your EITC eligibility. Good luck!

Something important to add here - make sure the work is AGE APPROPRIATE!!! I got audited because I claimed my 12yo was doing "consulting" for my business. The IRS agent basically laughed at the idea a 12yo could provide consulting services. Stick to tasks that make sense for their age like filing, cleaning, simple computer work, etc.

Quick tip from someone who's been doing this for years: open a Roth IRA for your kids with their earned income! Since they likely won't owe taxes on the income (if under the standard deduction), they're essentially getting tax-free money going in AND tax-free growth and withdrawal later. It's one of the best financial head starts you can give them.

I'm in a very similar situation with my Solo 401k! Set it up years ago through Schwab and only recently discovered all the compliance requirements I've been missing. The amount of technical details around plan documents, amendments, and filing requirements is honestly overwhelming. One thing I learned during my research is that even if your plan balance is under $250k, you still need to maintain proper plan documentation and stay current with regulatory changes. The brokerage firms really don't make this clear when you set up the account - they focus on the investment side but leave you hanging on the administrative compliance. I'm definitely going to look into some of the TPA recommendations mentioned here. The peace of mind alone would be worth the annual cost, especially knowing that retirement plan audits can go back several years. Better to get everything properly documented now than deal with potential issues later when we're ready to start taking distributions. Thanks for starting this thread - it's reassuring to know I'm not the only one who was caught off guard by all these requirements!

I completely understand your situation - this is actually much more common than you'd think! I've been working with Solo 401k plans for several years now, and the confusion around compliance requirements is something I see regularly. First off, don't panic about the missed Form 5500 filings. The fact that you've already self-corrected those puts you in a much better position than many people who discover this issue. The IRS has reasonable correction programs specifically designed for these situations. For TPA recommendations, I'd definitely second the mentions of Ubiquity Retirement and also suggest looking into Guideline or Human Interest - both have solid reputations with small business retirement plans. When you're evaluating TPAs, make sure to ask specifically about: 1. Their experience with S-Corp Solo 401k plans (the contribution calculations are different from sole proprietorships) 2. Whether they include plan document updates and amendments in their annual fee 3. How they handle historical compliance reviews for new clients 4. Their process for Form 5500 filings and what backup documentation they maintain Given that you're 6-7 years from retirement and have substantial assets, I'd also recommend asking any potential TPA about distribution planning strategies. Some TPAs can help coordinate with your tax advisor to optimize your withdrawal strategy when the time comes. The annual cost for full TPA services typically runs $800-1500 depending on your plan complexity, but it's absolutely worth it for the peace of mind and professional oversight, especially as you approach retirement.

Just filed with TurboTax last week and can confirm it's First Century Bank now. The transition was pretty smooth but you're right that their tracking interface isn't as user-friendly as TPG was. One thing I noticed is the account numbers are longer now and the deposit notifications come through differently. Make sure to update any auto-save info you might have from previous years since the routing numbers changed too.

Been using TurboTax for years and honestly the bank switching is getting annoying. Every year it's something new - first TPG, now First Century Bank. At least they could give us better heads up about these changes. I just want my refund to show up where I expect it without having to hunt down new routing numbers and tracking systems every tax season 😤