One thing nobody's mentioned - be careful about how this affects your estimated tax payments! If you were paying quarterly estimated taxes as a sole prop and then switched to S-Corp mid-year, the calculation gets tricky. When I converted, I underpaid my estimated taxes and got hit with a penalty. Make sure your accountant helps you figure out the right amounts for each business structure during the respective periods.

You're absolutely right to be concerned about that second accountant's advice. Filing S-Corp returns for periods when you weren't actually operating as an S-Corp is risky and could cause serious issues down the road. The incorporation date error needs to be corrected properly. Here's what I'd recommend: 1. File Form 8822-B to correct the business information with the IRS. Include a detailed letter explaining the error and attach documentation showing your actual incorporation date. 2. For 2024 taxes, file as a sole proprietor (Schedule C) for January through June, then file a short-year S-Corp return (Form 1120-S) for July through December when you were actually operating as an S-Corp. 3. Don't worry about "drawing attention" to yourself - correcting errors is normal and expected. The IRS processes these corrections regularly. The key issue is that S-Corp status comes with specific requirements like taking reasonable salary, maintaining separate accounts, and following corporate formalities. If you claim S-Corp status retroactively for periods when you weren't meeting these requirements, you could lose your liability protection and face problems in an audit. Better to take a few extra steps now to fix this properly than to deal with much bigger headaches later. Find a new accountant who understands the importance of getting this right!

Anyone have recommendations for specific kWh meters that work well for EV charging? There are so many options online and I don't know which ones would be accepted by the IRS for documentation purposes.

Great question! I've been dealing with this exact situation for the past year. You're absolutely right that you can expense the electricity used for charging your work vehicle at home - it's treated just like fuel expenses for gas vehicles. A few practical tips from my experience: 1. **Meter installation is key** - I went with a Sense Energy Monitor that tracks individual circuits. It cost about $300 but has paid for itself many times over in documented deductions. 2. **Keep detailed records** - Date, time, kWh used, your electric rate, and calculated cost per charge. I use a simple Google Sheet that automatically calculates the dollar amount based on my utility's rate structure. 3. **Know your electric rate** - Many utilities have time-of-use pricing, so charging at night might be cheaper. Make sure you're using the correct rate for each charging session. 4. **Business use percentage** - Only deduct the portion that's actually business use. I keep a simple mileage log showing business vs personal trips to support my percentage. The IRS treats this the same as any other vehicle operating expense, so as long as you have good documentation, you're in solid territory. I've been claiming about $180/month in charging costs with no issues.

One big mistake I made with my business vehicle - I didn't take photos of the odometer on January 1st and December 31st each year! IRS auditor flagged this and I had a nightmare proving my mileage. Also get a good app to track trips - I use MileIQ and it's saved me tons of time.

Great discussion everyone! As someone who went through this exact decision last year with my Tesla Model Y for my consulting business, I wanted to add a few practical tips: 1. **Documentation is everything** - I use a simple spreadsheet with columns for date, starting odometer, ending odometer, destination, and business purpose. Takes 30 seconds per trip but saved me during a recent audit. 2. **The business use percentage calculation** - Don't just estimate! Track for a full month to get an accurate baseline, then use that to project your annual percentage. Mine ended up being 42% which was higher than I initially thought. 3. **Consider the long-term strategy** - I started with actual expenses method because the Tesla's depreciation in year 1 was substantial. But run the numbers both ways - sometimes standard mileage wins, especially in later years when depreciation decreases. 4. **Tesla-specific tip** - Keep all your Supercharging receipts if you go with actual expenses. The app makes this easy, and electricity costs add up faster than you'd think for business driving. Also want to echo what others said about state incentives - I got a $2,000 state rebate that I almost missed because I didn't research it until after purchase. Check your state's energy department website!

Rewatched the movie and I think we all missed a key line where Belfort talked about "ratholing" cash. In broker language, this means hiding money to avoid reporting it. So money in his US accounts was probably already not fully reported as income. Basically: 1. Make money through stock fraud 2. Some goes into official company accounts (reported) 3. Some goes into personal accounts but not reported as income to IRS 4. Move the unreported money offshore to hide it further 5. Bring it back as "loans" that aren't taxable The issue wasn't moving money between accounts - it was that the money wasn't properly reported as income in the first place, THEN moving it around to make it harder to trace. Classic layering in money laundering.

This thread has been incredibly helpful! I work in tax preparation and get questions like this all the time. The confusion about the Wolf of Wall Street scheme is super common because the movie simplifies the financial crimes for entertainment purposes. What most people don't realize is that having money in a US bank account doesn't automatically mean it's been properly reported as taxable income to the IRS. Banks report interest earned and certain transactions, but they don't tell the IRS "this deposit represents taxable income." That's the taxpayer's responsibility. In Belfort's case, he was likely using a combination of techniques: underreporting income on his tax returns while depositing the full amounts in US accounts, then moving the unreported portions offshore to create distance from the IRS. The cash smuggling violated currency reporting laws regardless of whether taxes were paid, and the Swiss accounts were used to eventually bring money back as "loans" to avoid taxation. The key lesson here is that tax evasion often involves multiple violations - not just avoiding income tax, but also violating currency reporting requirements, banking regulations, and money laundering statutes. It's never just about one simple scheme.

Has anyone successfully adjusted their W-4 to have less withheld without ending up owing at tax time? I'm tired of getting these huge refunds every year but I'm scared to mess with my withholding.

This is a great question that I think a lot of people wonder about! To add to what others have said, there's one more scenario where you might see FICA-related adjustments - if you're a minister or work for a church. Religious workers sometimes have unique situations where they can elect out of Social Security coverage or have special withholding arrangements. Also, just wanted to emphasize what Sophie mentioned about the wage base limit. For 2024 (the tax year you're filing for), the Social Security wage base was $160,200. So if you had multiple employers and your total wages exceeded that amount, you definitely want to check if you overpaid Social Security tax. This is pretty common for people who switch jobs mid-year or work multiple high-paying positions. One thing that might help for future years - if you're consistently getting large refunds, it means you're essentially giving the government an interest-free loan all year. You could be putting that extra money into a high-yield savings account or investments instead. The IRS withholding calculator that others mentioned is really helpful for getting your withholding closer to what you'll actually owe.