Just to add another perspective - I'm a convenience store owner who deals with lots of cash. Form 8300 is really meant for large cash transactions that might be suspicious. The IRS and FinCEN are looking for potential money laundering, not legitimate small business income. For your freelance work, what matters more is: 1. Keeping good records (which you're doing with your spreadsheet) 2. Reporting all income on your tax return (Schedule C) 3. Making estimated tax payments (which you're also doing) The Form 8300 requirement is really aimed at detecting large cash transactions like someone buying a car with $15k in cash, not multiple small legitimate transactions from different people.

WARNING: One thing nobody has mentioned yet is that even if Form 8300 doesn't apply, banks are still required to file Suspicious Activity Reports if they think you're depositing cash in a way that seems designed to avoid reporting requirements. If you deposit $9,999 in cash, that looks very suspicious. Even making regular cash deposits that seem timed specifically to stay under $10k could potentially raise flags. I'd recommend being very transparent with your bank about the source of your cash income. Maybe even talk to a bank manager to explain your business so they understand why you're making regular cash deposits.

I'm an accountant and see this confusion all the time with clients. Here's another way to think about it: Your employer gave you a $14,800 benefit (the relocation). If they ONLY gave you that, you'd be OUT OF POCKET for the taxes (roughly $7,200 based on your numbers). Instead, they're essentially saying "we don't want you to pay anything for this relocation, so we'll cover both the relocation AND the taxes on it." So yes, you're being taxed on $22,000 of additional income, but without that arrangement, you'd have $14,800 of additional income AND you'd be paying ~$7,200 in taxes out of your own pocket. It's actually a generous benefit! Many employers don't gross up relocation expenses at all.

As someone who recently went through a similar situation, I can confirm everything others have said here is accurate! I was initially panicked when I saw the gross-up amount on my W2 without receiving that money in my paycheck, but it all makes sense once you understand the process. One thing that helped me was getting a copy of my company's relocation policy document. It explicitly stated that gross-up amounts are "imputed income" that exists solely for tax calculation purposes. The policy also showed exactly which relocation expenses they gross up (in my case, it was everything except some small miscellaneous items under $100). If you're still uncertain about your specific situation, I'd recommend asking your HR department for a detailed breakdown of how they calculated your gross-up amount. Most companies are happy to explain it once you ask, and it can give you peace of mind that everything was done correctly.

Just to add my 2 cents - I think the Treasury EIN is actually 72-0000000 for interest payments, not 94-1111111. I had this same issue last year and that's what I used for the payer ID.

I went through this exact same situation two years ago and can confirm the information Lucas provided is correct. For IRS refund interest 1099-INT forms, you should use: - Payer: United States Treasury - EIN: 94-1111111 - Address: You can use either the Ogden, UT or Kansas City, MO service center address I actually called the IRS when I lost mine and after waiting on hold for 2+ hours, the agent confirmed these are the standard payer details they use. She also mentioned that as long as you report the correct interest amount and use the proper Treasury EIN, your return will process normally since they have the matching records on their end. One tip - make sure to keep a digital copy or photo of important tax docs like this in the future! I now scan everything to cloud storage right when it arrives. Good luck with your filing!

I've been through the OIC process twice (long story), and one thing that really helped me was understanding that the IRS actually has published guidelines for what they consider "reasonable" asset retention. For vehicles, they typically allow equity up to about $3,500-$4,000 for basic transportation needs. Since you mentioned you live in a city with excellent public transportation and don't actually need the car, that puts you in a unique position. The IRS will likely view your Audi as an excessive asset given your transportation alternatives. Here's what I'd recommend: if you do sell the car, make sure you can account for every dollar of the proceeds. The IRS will require you to report the sale on Form 433-A, and they'll want to see where that money went. Using it to pay down other debts isn't necessarily bad, but be prepared to explain why those debts were prioritized. Also, start documenting your public transportation usage now - keep receipts for transit passes, note your regular routes to work, etc. This will help justify to the IRS why you don't need a vehicle for basic transportation needs. The timing of the sale matters less than your ability to document and justify it. Focus on transparency rather than trying to game the system.

As someone who's helped many taxpayers navigate OIC applications, I'd strongly recommend being very strategic about your car situation. The IRS has specific formulas they use to calculate your "reasonable collection potential," and a 2007 Audi A8 with $10-13k equity will definitely be flagged as excessive for basic transportation needs. Since you genuinely don't need the car due to excellent public transit, selling it could actually strengthen your OIC case - but timing and documentation are crucial. Here's what I'd suggest: 1. Document your public transportation usage starting now - keep receipts, track costs, maybe even take photos of your regular routes to show accessibility. 2. If you sell the car, be prepared to account for every dollar. The IRS will want to see exactly where that money went on Form 433-A. 3. Consider keeping a small portion to buy a much cheaper, basic transportation vehicle (under $4,000 value) - this shows you're being responsible while dramatically reducing your asset base. 4. Don't rush the sale just to file your OIC. Better to take time to properly document everything than to create red flags by appearing to hide assets. The key is showing the IRS that you're making genuine lifestyle adjustments to address your tax debt, not just moving money around to game the system. Transparency and documentation will serve you much better than trying to time things perfectly.

I remember the shock of my first "real job" paycheck! One thing to understand is that withholding on your first few paychecks is often higher because the payroll system calculates as if you'll earn that same amount for the entire year. Example: If your first check was for 2 weeks but you only worked 1 week during that period, the system might withhold taxes assuming your annual income is half what it actually will be. This often corrects itself after a few pay cycles.

Welcome to the working world! That tax shock is real and hits everyone hard on their first paycheck. A few things that might help explain what you're seeing: First, double-check your pay stub breakdown - make sure you're not confusing pre-tax deductions (like health insurance, 401k contributions, HSA) with actual taxes. These reduce your take-home but aren't technically "taxes." Second, your effective tax rate should be lower than 31% even as a single filer. At $58k, your federal marginal rate is likely 22%, but your effective rate (what you actually pay) should be closer to 12-15% once you factor in the standard deduction. If you're seeing much higher federal withholding, your W-4 might need adjustment. Also consider that your state matters hugely - if you're in a high-tax state like California or New York, combined with local taxes, 31% total withholding becomes more realistic. But if you're in a no-income-tax state like Texas or Florida, that percentage suggests something's off. I'd recommend waiting to see your second paycheck before making major changes, as others mentioned the first one can be calculated incorrectly. Then compare your actual withholding percentages to online calculators to see if adjustments are needed.