8 Microsoft has a free online version of Office (Word, Excel, PowerPoint) that you can use through a web browser at office.com. It's not as full-featured as the desktop version but might be enough for basic work tasks without having to pay for a subscription.

Another alternative worth considering is LibreOffice, which is completely free and open-source. It's compatible with Microsoft Office file formats and includes Writer (Word equivalent), Calc (Excel equivalent), and Impress (PowerPoint equivalent). While it may have a slightly different interface, it handles most business tasks well and could be a good temporary solution while you work on getting your employer to provide or reimburse the Microsoft Office subscription. I've used it for basic document editing and spreadsheet work and found it quite capable for most standard office tasks.

Has anyone here actually calculated the exact savings? I'm curious because my accountant says the benefits of s-corp health insurance are "substantial" but won't give me actual numbers.

Great question! I went through this exact same decision last year when I converted my LLC to S-Corp status. After researching and consulting with my tax professional, I ended up having my S-Corp pay 100% of my health insurance premiums. The math is pretty straightforward - at your $780/month premium ($9,360 annually), having the S-Corp pay saves you about $1,430 per year in FICA taxes (15.3% of $9,360). There's really no downside to going with 100% since you get the full deduction either way, but maximize your payroll tax savings. Just make sure you document everything properly. I have my S-Corp pay the insurance company directly each month, and my payroll service adds the premium amount to my W-2 wages (Box 1) but excludes it from Social Security and Medicare wages. Then I deduct the full amount on Line 17 of my personal return. One tip - if you're doing your own payroll, double-check that you're coding the health insurance correctly. It should be included in federal wages but excluded from FICA wages. I use QuickBooks Payroll and there's a specific payroll item for "Health Insurance (S-Corp >2% Owner)" that handles this automatically. With your $75k salary on $125k revenue, you're in a great position - very reasonable compensation ratio that won't raise any IRS eyebrows!

Has anyone used tax software like QuickBooks or TaxAct for this? I have a similar situation with my S-Corp and wondering if the software handles these unrealized losses automatically or if I need to make manual adjustments.

I went through this exact same situation with my S-Corp last year and it was definitely confusing at first. The advice about Schedule M-1 line 5 is spot on - that's exactly where the unrealized loss goes. One thing I'd add is to make sure you document everything clearly in case of an audit. I kept a simple spreadsheet showing the original purchase price ($1,200), year-end fair market value ($550), and the calculation of the unrealized loss ($650). This helps if you ever need to explain the M-1 adjustment. Also, don't forget that when you eventually sell these stocks, you'll need to reverse this M-1 adjustment since the actual gain/loss will be recognized for tax purposes at that point. The unrealized loss adjustment is temporary - it just reconciles the timing difference between book and tax accounting. Your balance sheet approach sounds correct too - showing the securities at fair market value ($550) with the unrealized loss flowing through to reconcile your retained earnings. It all balances out once you get the M-1 schedule right.

2 I specifically asked my tax preparer about this last year! The key is whether your employer plan is considered a "qualified" plan and whether your portion is paid pre-tax or post-tax. If your $420 contribution is made with pre-tax dollars (most common), you can't deduct it again on your 1099 income. If it's post-tax (less common), you might be eligible for a partial deduction based on your self-employment income percentage.

Great question! This is actually a pretty common scenario for people with mixed income sources. The answer depends on how your employer handles your health insurance premiums. If your $420 is deducted pre-tax from your paycheck (which is most common), you've already received the tax benefit and can't deduct it again for your 1099 income. However, if it's deducted post-tax, you may be able to claim a partial self-employed health insurance deduction on Schedule 1 of your 1040 (not Schedule C). The deduction would be proportional to your self-employment income vs. total income. To check: Look at your pay stub - if the health insurance comes out before taxes are calculated, it's pre-tax. If it comes out after, it's post-tax. You can also verify by checking if your W-2 Box 1 (taxable wages) is lower than your gross pay by more than just the health insurance amount. Even if you can't deduct the health insurance, make sure you're tracking all your other legitimate business expenses for your consulting work - they add up quickly!

Ughhh dealing with BOFA and the IRS is pure hell. I ended up having to get my congressman's office involved after 3 months of getting nowhere with my missing refund. If you're really stuck, seriously consider contacting your rep - they have caseworkers who deal with this stuff all the time and can cut through the red tape.

I'm sorry you're dealing with this frustrating situation! I went through something very similar last year. The confusion comes from the terminology - you don't actually need Bank of America to give you a "trace number." What you need is for the IRS to initiate a payment trace on their end. Here's what worked for me: First, make sure it's been at least 5 business days since the IRS says your refund was deposited. Then you have two options: 1. File Form 3911 (Taxpayer Statement Regarding Refund) with the IRS - you can download it from their website 2. Call the IRS directly at 800-829-1040 to request a payment trace When you contact the IRS, they'll handle reaching out to Bank of America through the proper banking channels. The bank doesn't provide trace numbers directly to customers - it's all handled between the IRS and the bank's ACH department. Before you do anything though, double-check the account and routing numbers you used on your tax return against your actual bank account info. A lot of times these issues happen because of a simple typo in the account number. Hope this helps and you get your refund sorted out soon!