Consider setting up an IRS online account if you haven't already! My wife and I file jointly and it lets us see all payments made regardless of which SSN was used. You can also see if everything is properly applied to your account. Each spouse needs their own separate account, but both can view the joint return information. Makes it much easier to track everything in one place.

Great advice from everyone here! I just want to add one more tip that saved us some stress last year - if you're planning to split payments across different dates (not just different methods), make sure both payments are completed well before the April deadline. We made our first payment in early April and planned to make the second one closer to the deadline, but then got busy with work and almost forgot. The IRS doesn't send reminders for partial payments, so you need to keep track yourself. Also, if you're using a credit card for part of the payment, double-check the processing time. Bank transfers are usually instant, but credit card payments can take 1-2 business days to process. Don't want to accidentally miss the deadline because of processing delays! Setting up those IRS online accounts that @Anastasia mentioned is definitely worth it - you can see exactly when each payment hits your account and confirm everything is applied correctly.

One thing to consider is donor-advised funds (DAFs) as an alternative to starting your own charity. With a DAF, you can donate your $150k this year and get the immediate tax deduction (up to 60% of AGI for cash donations), but then distribute the funds to various charities over time. This gives you the tax benefit now while letting you research and identify the best disability-focused organizations in your area. You avoid all the compliance, self-dealing, and administrative headaches of running your own foundation. Plus, many DAF providers offer investment options so your charitable dollars can potentially grow while you're deciding where to direct them. Major brokerages like Fidelity, Schwab, and Vanguard all offer DAFs with relatively low minimums and fees. You still get to be strategic about your giving, but without the legal complexities of founding your own 501(c)(3).

Just want to emphasize something that's been touched on but bears repeating - make absolutely sure you understand the charitable deduction carryforward rules. If your donation exceeds the AGI limits (60% for public charities, 30% for private foundations), you can carry forward the excess deductions for up to 5 years. This is crucial for your tax planning because it means you don't have to perfectly optimize your donation amount this year. If you donate more than the limit allows, you're not losing those deductions - you're just using them in future tax years. This gives you more flexibility to make a meaningful charitable impact without worrying about "wasting" deductions. Also, since you mentioned being like a "modern Robin Hood," consider that the most tax-efficient approach might be donating appreciated assets directly rather than cash. If you have winning positions in your portfolio beyond the $150k gains you've already realized, donating those shares directly to charity avoids capital gains taxes entirely while still giving you the full fair market value deduction.

25 Are you self-employed at all or strictly W-2? I'm in a similar industry but I'm a mix of 1099 and W-2 work, and I've found I can deduct the meal expenses against my 1099 income even when my W-2 jobs tax the per diem.

This is a tricky situation that many people in the film industry face! The key issue here is that when your employer includes per diem in your taxable wages, it becomes much harder to deduct those meal expenses under current tax law. Since the Tax Cuts and Jobs Act, most unreimbursed employee business expenses (including meals) are suspended for W-2 employees through 2025. Even though you're being taxed on money meant for work expenses, the IRS generally doesn't allow these deductions unless you fall into very specific categories. A few things to consider: 1) Check if you qualify as a "qualified performing artist" under tax code - this is one of the few exceptions that still allows above-the-line deductions 2) Ask your employer about switching to an accountable plan for per diem, which would make it non-taxable in the first place 3) If you have any 1099 income from film work, you might be able to deduct meal expenses against that self-employment income I'd recommend keeping detailed records of all your meal expenses (dates, locations, business purpose) just in case, and consider consulting with a tax professional who understands the entertainment industry since there are some nuanced rules that might apply to your specific situation.

This thread has been incredibly helpful! As someone who just started their first job out of college, I was completely baffled by all the abbreviations on my paystub. The "FED MWT EE" was definitely one of the most confusing ones. I really appreciate everyone explaining that it's just federal income tax withholding - the abbreviation makes it sound so much more complicated than it actually is! It's reassuring to know that this confusion is totally normal and that even the payroll professionals deal with these questions regularly. One thing that's become clear from reading through all these responses is how important it is to actually understand your withholding rather than just accepting whatever gets taken out. The tips about using the IRS Tax Withholding Estimator and double-checking that HR entered your W-4 information correctly are things I never would have thought to do on my own. Thanks to everyone who shared their experiences and tools - this community is awesome for helping newcomers navigate these financial basics that somehow never get taught in school!

This has been such an educational thread! I'm also a newcomer to the workforce and was completely confused by the FED MWT EE deduction on my paystub. It's really reassuring to see that literally everyone goes through this same confusion when they start working. What I found most helpful from all these responses is learning that this is just regular federal income tax withholding - not some mysterious extra fee or Medicare-related charge like I initially thought. The fact that different companies use different abbreviations for the same thing (Fed Income Tax, Federal W/H, etc.) definitely adds to the confusion for new employees. I'm planning to use several of the suggestions from this thread: checking with HR that my W-4 was entered correctly, trying the IRS Tax Withholding Estimator once I have a few more paystubs, and keeping better track of my year-to-date withholding amounts. It's amazing how much more confident I feel about managing my finances just from understanding what these deductions actually represent. Thanks everyone for sharing your experiences and making this less intimidating for those of us just starting out in our careers!

This thread has been incredibly helpful - I'm dealing with almost the exact same situation! My CPA told me we have until March 2026 to file for S corp election, but after reading everyone's responses, I'm now convinced there's been a major miscommunication. The timeline confusion between the election deadline (March 15, 2025 for 2025 tax year) versus the tax filing deadline (March 15, 2026 for 2025 taxes) seems to be more common than I realized. I'm definitely going to bring the Form 2553 instructions to my next meeting with my CPA to clarify this. One thing I'm still trying to wrap my head around - for those who have been through this process, how far in advance did you start preparing? It sounds like there's quite a bit of setup involved with payroll systems, state registrations, and getting the operational side ready before you can actually start taking advantage of S corp status. Also, has anyone had experience with the IRS rejecting an S corp election? I want to make sure I file everything correctly the first time rather than risk having to wait until 2026 if something goes wrong.

Your CPA is definitely confusing two different deadlines here! This is actually a really common mix-up that I see all the time. The March 2026 date they mentioned is when you'll FILE your 2025 S corp tax return (Form 1120S), but to actually ELECT S corp status for 2025, you need to file Form 2553 by March 15, 2025. If you wait until March 2026 to make the election, it would only be effective starting in 2026 - meaning you'd completely lose out on a full year of S corp tax benefits. Depending on your income level, this could easily cost you thousands in unnecessary self-employment taxes. You're absolutely right to be concerned about the salary and distribution setup. You cannot legitimately take S corp distributions until after you've filed the election. The proper sequence is: 1) File Form 2553 by March 15, 2025, 2) Set up payroll for reasonable salary, 3) Then take distributions beyond salary. I'd strongly recommend printing out the Form 2553 instructions and having a clarifying conversation with your CPA immediately. Show them the "2 months and 15 days" rule that's clearly stated in the IRS instructions. This is way too important financially to leave any room for confusion - trust your instincts on this timeline!