I'm dealing with a similar situation but with different gig work - been doing TaskRabbit and Fiverr freelancing. One thing that's helped me is setting up a separate bank account just for business income and expenses. Makes tracking everything so much easier when tax time comes around. Also, don't beat yourself up about the quarterly payments - tons of first-time gig workers miss this. The IRS is used to it. When you do talk to them (if needed), just be honest about it being your first year with self-employment. They're usually pretty understanding. Quick tip: start putting aside 25-30% of your weekly earnings into a separate savings account NOW for next year's taxes. Even if it's just $50-100 a week, it'll save you from this same panic next year. I learned this lesson the hard way but now I never have to stress about having the money ready. Good luck with everything - you're definitely not alone in feeling overwhelmed by this stuff!

One thing I haven't seen mentioned yet is the home office deduction - if you use part of your home exclusively for managing your Uber Eats business (like a desk where you track expenses, plan routes, or handle paperwork), you might be able to deduct a portion of your rent/mortgage and utilities. It's called the simplified home office deduction and you can claim $5 per square foot up to 300 square feet. Also, don't forget about other potential deductions like: - Hot/cold bags and other delivery equipment - Car phone mounts or GPS devices - Hand sanitizer and masks (still deductible if used for work) - Parking fees and tolls during deliveries The key thing to remember is that you're running a small business, so think like a business owner when it comes to expenses. Keep receipts for everything and when in doubt, ask a tax professional. Many will do a quick consultation for free to tell you if something is deductible. You're going to be fine! The first year is always the scariest but once you get through it, you'll have a system down for next time.

Has anyone used TurboTax or other tax software to handle territorial tax situations? I'm moving to Puerto Rico next month and trying to figure out the best way to handle my taxes.

Great question about the income threshold! The $75,000 limit exists because the IRS recognizes that lower-income bona fide residents pose minimal tax compliance risk. Most tax evasion schemes involve higher amounts, so focusing resources on tracking higher earners makes sense administratively. Your approach of keeping good documentation is smart. I'd recommend maintaining: - Annual territorial tax returns - Documentation of days spent in the territory vs mainland - Employment records showing work location - Bank statements showing primary financial activity in the territory The information sharing between IRS and territorial tax authorities isn't perfect, but it does exist. If you ever get questioned, your territorial tax filing history will be your strongest defense. Since you're consistently under the threshold and filing locally, you're doing everything correctly. One thing to consider - if your income approaches $75,000 in future years, you might want to file Form 8898 voluntarily just to establish the paper trail before it becomes required.

Does anyone know if there are gift tax implications for the person GIVING the stocks/crypto? I know there's an annual gift tax exclusion but I'm not sure how it applies to investments versus cash.

This is such great information! I'm actually dealing with a similar situation where my grandmother wants to gift me some mutual fund shares she's held for over 5 years. Based on what everyone's shared here, it sounds like I'd inherit her holding period, which is fantastic since I might need to sell them within the next year for graduate school expenses. One follow-up question though - does anyone know if there are any special considerations when the gift involves mutual funds versus individual stocks? I'm wondering if the dividend reinvestment over the years complicates the cost basis calculation at all, or if it's handled the same way as regular stock gifts. Also really appreciate the mentions of the various tools and services people have used - this stuff can get pretty complex and it's reassuring to know there are resources available when you need professional guidance!

I'm also dealing with code 570 right now and it's been such a stressful experience! Mine appeared about 10 days ago and I've been checking my transcript way too frequently. It's really reassuring to read everyone's experiences here - it sounds like this is much more common this tax season than I initially thought. I filed a pretty basic return too (just W-2 income and standard deduction), so I'm hoping it's just a routine review. The hardest part is definitely the waiting and not knowing what's going on! Based on all the timelines people have shared, it seems like most are seeing resolution within 2-4 weeks. I'm trying to be patient and only check my transcript a couple times a week instead of daily. Thanks to everyone for sharing their experiences - it really helps to know we're all going through this together!

I'm currently in week 3 of dealing with code 570 and wanted to share my experience for anyone else going through this. Like many others here, I filed a basic return (W-2 + standard deduction) and was completely caught off guard when this code appeared. What I've learned so far: - Code 971 appeared with my 570, indicating a notice was being sent - The notice arrived exactly 10 days later explaining it was an "income verification review" - My employer's W-2 had a small discrepancy in the state tax withholding amount (off by $12) - Called the IRS using the number on the notice and waited 2.5 hours but finally got through - Agent confirmed it was just a minor verification issue and said to expect resolution within 1-2 weeks The waiting is absolutely nerve-wracking, especially when you need that refund for bills. But reading everyone's experiences here has been so helpful - it's clear this is happening to a lot of people this year and most are getting resolved within the 2-4 week timeframe. Hang in there everyone!

One thing to consider that others haven't mentioned - if you're purchasing the RV primarily for business use, you might be able to take advantage of Section 179 deduction to write off a significant portion in the first year. This would be separate from the home office deduction and would apply if you're using it primarily (>50%) for business. Talk to a CPA though because this gets complicated with mixed-use property.

don't forget about state tax issues!!! depending on which state you register the RV in and which states you work in you could end up with really weird tax situation. i work from my rv and travel between states and it's a nightmare filing in multiple states. some states have minimum time requirements before you have to file there.