That's a really creative approach with the prefab metal building! I'm curious about the logistics - did you run into any issues with electrical and plumbing connections since it's technically "portable"? And how did your insurance company handle coverage for a structure that's classified as equipment rather than part of the building? I'm also wondering if there are any restrictions on what types of business activities you can conduct in these portable structures versus permanent buildings. My importing business would involve some heavy inventory storage, so I want to make sure the foundation and structure can handle the weight loads properly. The 7-year depreciation schedule sounds much more attractive than 39 years! Did your tax professional have to provide any special documentation to the IRS to justify the equipment classification?

This is such a timely question for me! I'm in a very similar situation with my consulting business and have been researching this exact scenario for months. One thing I haven't seen mentioned yet is the potential impact on your state taxes. Some states have different rules for business property depreciation that might affect your overall tax strategy. Also, if you're planning to use the space for both your existing business and the new importing venture, you might need to be extra careful about how you allocate expenses between the two businesses. I'd also suggest documenting everything meticulously from day one - not just the construction costs, but photos showing exclusive business use, utility bills, maintenance expenses, etc. The IRS tends to scrutinize home office deductions pretty closely, especially for larger spaces like a detached garage. Have you considered whether the timing of when you start the construction versus when you launch the new business might affect which expenses can be claimed as startup costs versus ongoing business expenses? I've read that timing can be crucial for maximizing your deductions.

Based on everyone's experiences here, it sounds like you're still well within the normal timeframe for Colorado state refund checks. I had a similar situation last year where my check was mailed March 15th and didn't arrive until March 31st - exactly 16 days! The waiting is definitely nerve-wracking, especially when you're checking the mailbox every day. One thing that helped me was calling my local post office around day 12 to ask if they were experiencing any delivery delays in my area. They mentioned that tax season puts extra strain on their system and that government checks sometimes get sorted differently than regular mail. Since you're at 9 days now, I'd suggest waiting until you hit the 15 business day mark before taking any action. But definitely keep documenting everything like you're doing - that preparation will be helpful if you do need to contact the Colorado Department of Revenue later. The fact that you can confirm it was officially mailed is a good sign that the process is working normally!

I'm dealing with this exact same situation right now! My Colorado refund was marked as mailed on April 8th, so I'm at day 8 and getting a bit anxious too. Reading through all these experiences has been incredibly helpful - it's reassuring to see that 10-17 days seems to be the normal range for most people. What really stood out to me is the suggestion about checking with your local post office around day 12. I never would have thought of that, but it makes perfect sense that they might have insights about local delivery delays that the state wouldn't know about. I'm also planning to wait until the 15 business day mark before contacting Colorado DOR, based on what everyone here has shared. One thing I learned from this thread is to definitely switch to direct deposit next year - 5 days versus 2-3 weeks is a no-brainer! But for now, it sounds like we just need to practice patience. Thanks for starting this discussion, it's really helped calm my nerves about the timeline.

The exact same thing happened to me last year! It was for that Facebook data privacy settlement. Got like $78 and a 1099 with a note saying don't report it. I freaked out too, but my brother who's an accountant explained that certain settlements are considered non-taxable by the IRS - especially ones related to data breaches, privacy violations, or returning money that was wrongfully taken from you. I didn't report it and had zero issues with my return. The 1099 is just the company covering their bases for their own accounting purposes. As long as you keep the documentation showing it said not to report it, you're covered if there are ever any questions.

I'm dealing with something similar right now! Got a $45 settlement check from some consumer protection lawsuit I barely remember signing up for. The paperwork was super confusing - it had a 1099 but also said "this payment may not be taxable income depending on your circumstances." After reading through all these responses, I'm feeling more confident about not reporting it. The key seems to be keeping all the documentation that came with it. I took photos of everything including the envelope it came in, just in case I need to prove what instructions they gave me. One thing that helped me feel better was looking up the actual settlement online. Most of these class action websites have FAQ sections that explain the tax implications. Mine specifically said payments under $100 for consumer harm/restitution are typically not taxable income since they're just making you whole for losses, not providing additional income.

Has anyone tried printing out the 8962 form and just filling it out manually? After fighting with TurboTax for days over PTC calculations, I just downloaded the form and worksheet from IRS.gov and did it myself. Took about 30 minutes with a calculator.

I've been dealing with this exact same issue! TurboTax has been calculating my Form 8962 completely wrong, and like you, the difference is significant - over $800 in my case. What I discovered is that TurboTax seems to have problems when you have any kind of coverage gap or change during the year. In my situation, I had coverage through my employer for the first 4 months, then switched to marketplace coverage, and TurboTax kept trying to apply Premium Tax Credit calculations to months when I wasn't even enrolled in a marketplace plan. The key thing that helped me was going into Forms Mode (under Tax Tools > View Tax Forms) and manually checking each line of Form 8962 against my 1095-A. I found that TurboTax was pulling data from the wrong months and not zeroing out the months where I had employer coverage. Also, make sure you're entering your 1095-A data in the exact same format it appears on the form - don't round numbers or convert formats. TurboTax seems very sensitive to even minor formatting differences. If you're still stuck, definitely consider getting direct IRS guidance. The Premium Tax Credit rules are complex enough that even the software gets confused, but an IRS agent can walk you through the correct calculation method for your specific situation.

Has anyone filed Form CT-3-S for NY? I have an S-Corp (not an LLC) in New York but live in Connecticut, and I'm totally confused about what I need to file where. The NY website is so complicated!

This is exactly the kind of multi-state tax complexity that trips up so many LLC owners! Based on your situation, here are the key points: Since you're a Colorado resident performing all work in Colorado, that's where you'll owe state income taxes on the LLC income - regardless of where the LLCs are registered. Colorado will tax you on your worldwide income as a resident. For Delaware: Good news! Delaware generally doesn't tax income from LLCs that don't have physical presence in the state. You'll just need to pay the annual franchise tax ($300) to maintain registration. For New York: This is trickier. If your NY LLC has any nexus to New York (clients there, meetings there, property there), you might need to file NY returns. Even if you don't owe NY tax because you're not a resident, you may still need to file informational returns. One thing to watch out for: Make sure you're not creating unintended nexus by having business bank accounts, registered offices with mail forwarding, or conducting any business activities in DE or NY. I'd recommend consulting with a multi-state tax professional to review your specific situation, especially given the complexity of nexus rules. Each state interprets "doing business" differently, and you want to avoid any compliance issues.