I feel your pain on this fiscal year deadline confusion! I went through the exact same thing with my small manufacturing business a couple years ago. The September 15th deadline for June 30 fiscal year corporations is one of those weird exceptions that catches so many people off guard. Since you're already past the September 15, 2024 deadline for your first year, here's what I'd recommend based on my experience: 1. File immediately - don't wait another day. The failure-to-file penalty is 5% of unpaid tax per month and stops growing once you file, even if you still owe money. 2. Include a reasonable cause letter with your return explaining the confusion about fiscal year deadlines. I did this and the IRS accepted it as reasonable cause for a first-time filer. 3. Look into First-Time Penalty Abatement if you have a clean compliance history. You can request this after filing by calling the IRS or including a letter with your return. 4. For next year, set up proper reminders for your September 15 deadline, and consider filing Form 7004 for an automatic extension to March 15 if you need more time. The good news is that this type of deadline confusion is actually pretty common for new corporations with fiscal years, and the IRS recognizes it as reasonable cause. Don't let the stress paralyze you - just get that return filed ASAP and deal with any penalties after the fact. You've got options to reduce or eliminate them.

I can totally relate to this fiscal year confusion! As someone who's helped many small business owners navigate these deadlines, the June 30 fiscal year exception trips up almost everyone initially. Since you missed the September 15, 2024 deadline, here's my recommended action plan: **Immediate Steps:** 1. File your Form 1120 THIS WEEK - seriously, don't wait another day 2. Include a reasonable cause statement explaining the fiscal year deadline confusion 3. Pay any taxes owed to minimize failure-to-pay penalties **Penalty Relief Options:** - First-Time Penalty Abatement (if you have clean compliance history) - Reasonable cause relief for the deadline confusion - The IRS is generally understanding about fiscal year filing confusion for new corporations **Going Forward:** - Mark September 15 in your calendar for future years - Consider filing Form 7004 next year for automatic extension to March 15 - Set up quarterly estimated payment reminders (Oct 15, Dec 15, Mar 15, Jun 15) The failure-to-file penalty (5% per month) is way steeper than failure-to-pay (0.5% per month), so getting that return filed immediately should be your top priority. Once filed, you can work on penalty abatement. Don't beat yourself up over this - the fiscal year deadline rules are genuinely confusing, and you're definitely not the first business owner to get caught by this!

Has anyone considered that this might actually be intentional by the IRS? By sending refunds instead of applying them as requested, they create situations where people either have to scramble to make estimated payments or potentially face penalties later. Just saying...

I went through this exact same situation last year and it was incredibly frustrating! The IRS processed my return incorrectly despite me clearly marking the box to apply my overpayment to estimated taxes. Here's what I learned: Don't cash the check yet. Call the IRS directly (yes, the wait times are awful, but it's worth it) and explain that they sent you a refund check when you specifically requested the overpayment be applied to your 2024 estimated taxes. Have your Social Security number and the exact amount ready. When I called, the representative was able to see my original election on the return and confirmed it was their processing error. They had me write "VOID" across the check and mail it back with a letter explaining the situation. About 6 weeks later, I received confirmation that the amount had been properly applied to my estimated tax account. The key thing is that they noted in my file that this was their error, so there were no penalties for the "late" estimated payment. Keep detailed records of everything - your original return, the refund check, any correspondence with the IRS, and notes from phone calls including dates and representative names if possible. It's definitely their mistake, not yours, so don't let them try to penalize you for it later!

This thread has been incredibly helpful! I'm dealing with a similar situation where my W-2C changed a Box 12 code from D to W, but I also noticed the amounts don't quite match what I thought I was contributing throughout the year. Based on what everyone's shared here, it sounds like I should definitely contact HR first to understand exactly what happened with my contributions before filing. The last thing I want is to file correctly according to the W-2C but then discover there's still an underlying issue with where my money actually went. Has anyone else had experience where the W-2C was correct for tax filing purposes but there were still account corrections needed on the employer's end? I'm worried I might have money sitting in the wrong account type even though the tax reporting is now fixed.

I just want to emphasize how important it is to keep copies of both your original W-2 AND the W-2C for your records, even though you'll only use the corrected information when filing. The IRS recommends keeping both documents in case there are ever questions about the corrections made. Also, if you're using tax software, make sure to look for a specific "W-2C" or "corrected W-2" entry option rather than just updating your original W-2 information. Most major tax programs have a dedicated workflow for handling corrections that will ensure everything is processed correctly. One last tip - if the dollar amounts changed significantly like in your case (from $3,650 to $5,270), double-check that this makes sense based on your actual payroll deductions throughout the year. Sometimes W-2C corrections can reveal other payroll errors that need separate attention from your employer.

Based on your situation, here are the key points for your tax filing: **For your private tutoring income ($560):** - Report this on Schedule C as self-employment income - You can deduct business expenses, but only the portion used for business **Equipment allocation is crucial:** Since you use the same equipment for both your W-2 job (learning center) and private tutoring, you need to split the costs. If you estimate 40% private tutoring use, you can deduct 40% of the $1,140 ($456) on Schedule C. **You have two depreciation options:** 1. Regular depreciation over 5-7 years 2. Section 179 election to deduct the full business portion immediately (since your amount is small, this might be simpler) **Important considerations:** - Keep detailed records of your usage percentage calculation - The educator expense deduction doesn't apply to private tutoring - Make sure your Schedule C deductions don't exceed your self-employment income - Consider quarterly estimated payments if you continue tutoring regularly **Documentation tip:** Create a simple log showing hours worked for each type of tutoring to support your allocation percentage. This will be valuable if the IRS ever questions your deduction. The equipment purchases right when you started private tutoring actually supports your business use claim, so keep those receipts and purchase dates well documented!

One thing I haven't seen mentioned yet is the home office deduction. If you're doing any tutoring sessions from your home (even virtual ones), you might be able to claim a portion of your home expenses as a business deduction on Schedule C. You can either use the simplified method ($5 per square foot up to 300 sq ft) or calculate actual expenses based on the percentage of your home used exclusively for business. Since you mentioned buying a desk and setting up equipment, if you have a dedicated space for tutoring, this could be another valuable deduction. Also, don't forget about internet and phone expenses if you use them for your tutoring business. These are often overlooked but legitimate business expenses that can be partially deducted based on business use percentage. Just make sure any space you claim as a home office is used regularly and exclusively for business - the IRS is pretty strict about this requirement.

Ugh this is so frustrating! I filed on 1/20 too and got accepted the same day but still no advance. The whole "minutes after acceptance" thing feels like false advertising at this point. Really considering switching to a different service next year if they can't get their act together 😤

Been dealing with the exact same thing! Filed 1/19, accepted 1/21, and still waiting on my advance. Called CK support twice and got different answers each time - first they said "technical issues" then "additional verification needed." Really wish they'd be more transparent about what's actually causing these delays instead of keeping us in the dark. At this point I'm just hoping it shows up before the weekend 🤞