Everyone in Colorado getting blessed this year fr fr 😈

I'm also in Colorado and can confirm - my refund was about 40% higher than expected! The TABOR refund is definitely real this year. If you're still unsure, you can always run your numbers through a second tax software or consult with a tax professional for peace of mind. Better to double-check than assume it's an error and miss out on money that's rightfully yours.

Has anyone successfully done the reasonable cause statement for late filing of 1120F? I'm in the same boat (Australian company) and unsure how detailed this needs to be. Is it enough to say I wasn't aware of the filing requirements as a foreign corp with no US presence?

I went through this exact situation last year with my Canadian consulting company. The key thing that saved me time and money was understanding that if you truly have no permanent establishment in the US (no office, employees, or fixed place of business), you might qualify for a simplified filing approach under the treaty. Before spending $4000+ on preparation fees, I'd recommend getting clarity on a few points: 1. Confirm your total US-source income - if it's minimal and you have no PE, some accountants can handle this as a "treaty-based return" which is less complex than a full 1120F with all schedules. 2. Look into the IRS's First Time Penalty Abatement program in addition to reasonable cause. If this is truly your first late filing, FTA might be easier to qualify for. 3. Consider reaching out to the IRS Practitioner Priority Service line (if you can get through) to ask specifically about filing requirements for Canadian corps with minimal US income and no PE. Sometimes they'll provide written guidance that can help reduce preparation complexity. The $5500 revenue versus $4000+ in fees ratio is definitely painful - I ended up finding a cross-border specialist who charged $1800 because we established I qualified for a simplified approach. Don't assume you need the most complex filing until you've confirmed your actual requirements.

Oh my gosh, I freaked out about this EXACT thing last month! 😱 I was checking my account transcript and saw NOTHING about my child tax credit! I was so upset thinking they denied my credits! Then someone told me to check my RETURN transcript instead of my ACCOUNT transcript and there it was - all my claimed credits listed! The account transcript won't show the credits until they finish processing your return. I was stressing for nothing! 😅

I'm going through the exact same thing right now! Filed on February 3rd and my account transcript is completely blank for child tax credit even though I claimed it for my two kids. Tax topic 152 has been showing on WMR for over two weeks now. Reading everyone's experiences here is actually really reassuring - I was starting to panic that something was wrong with my return. It sounds like this empty transcript situation is totally normal during PATH Act processing. I guess we just have to be patient and wait for the IRS to work through their verification process. Thanks everyone for sharing your timelines and explanations! 🙏

Just to add another perspective - don't forget about state-specific tax deductions too! Depending on your state, there might be additional deductions or credits available for small businesses or self-employed cosmetologists. For example, in my state, I can deduct the full cost of my continuing education requirements even if they're not directly related to cosmetology but help me run my business better (like taking a basic accounting class).

As a tax professional who works with many salon professionals, I want to emphasize the importance of proper record-keeping from day one. You're smart to ask these questions early! A few additional points that haven't been mentioned: - Set up a separate business bank account and credit card if you haven't already. This makes tracking much easier and looks more professional if you're ever audited. - Keep detailed records of your booth rental agreement. Sometimes there are additional fees or services included that might affect your deductions. - Document your business use percentage for mixed-use items (like your phone). A simple log showing business calls/texts vs personal use will support your deductions. - Consider quarterly estimated tax payments since you won't have taxes withheld from your earnings. This prevents a big tax bill next April and potential underpayment penalties. The equipment and supplies you mentioned are definitely deductible, but make sure you're categorizing them correctly - some items might need to be depreciated over several years rather than deducted all at once, depending on their cost. I'd strongly recommend getting professional help for your first year as self-employed. The cost of a tax consultation is deductible and will likely save you more than it costs. Plus, you'll learn the systems to manage things better in future years.

Great question! I went through this exact same situation two years ago when I was a junior in college. Being claimed as a dependent has absolutely no impact on your ability to get a PTIN - they're completely separate issues. The PTIN application process is straightforward: go to the IRS PTIN website, create an account, fill out the application with your personal info (SSN, address, etc.), answer some ethics questions, and pay the fee (I think it was around $50 when I applied). You don't need to have filed your own taxes independently first. One thing to keep in mind though - once you start earning income from tax prep work, you'll need to report that income on your own tax return (Schedule C for self-employment income) even though you're still claimed as a dependent. Your parents claiming you doesn't change your obligation to report your own earnings. Also, don't forget about self-employment taxes! Even if your regular income is below the filing threshold, if you make more than $400 from self-employment (like tax prep), you'll need to pay SE taxes on that income. Good luck with your tax prep career! It's great experience for an accounting student.

Just want to echo what others have said - being claimed as a dependent definitely won't prevent you from getting your PTIN! I got mine while I was still a dependent and it was no problem at all. One thing I'd add is to make sure you have all your documents ready before starting the application. You'll need your SSN, current address (use your school address if that's where you spend most of your time), and a way to pay the fee. The application itself only takes about 15-20 minutes if you have everything ready. Also, since you're studying accounting, this is perfect timing to get real-world experience! I found that working with actual tax returns helped me understand concepts from my tax classes so much better. Just make sure to start with simpler returns (like 1040EZ situations) while you're building confidence, then work your way up to more complex situations. Good luck with your tax prep venture - it's a great way to earn money during tax season and build your resume at the same time!