I'm dealing with the exact same situation! Filed through TurboTax on 2/1, got accepted same day, and have a 2/24 DDD but their 5-day early option completely failed. What's really annoying is that I specifically paid extra for this feature based on their marketing promises. I've been checking my account obsessively since Monday thinking maybe it would show up, but nothing yet. Called my bank (Chase) and they confirmed no pending deposits. The frustrating part is TurboTax's website just shows "Your refund is being processed" with no real timeline or explanation for why the early deposit didn't work. Has anyone with a 2/24 DDD actually received their deposit yet today? I'm trying to figure out if this is a widespread delay or if some people are getting theirs on schedule. Really hoping it shows up by tomorrow morning since that's the actual DDD date, but this whole experience has me questioning whether I'll use TurboTax again next year.

I'm seeing this exact same pattern across multiple tax prep companies this year, not just TurboTax. It seems like the third-party banks (TPG, Republic Bank, etc.) have gotten much more conservative with their early deposit policies after some regulatory changes. For those with 2/24 DDDs still waiting - I've been tracking this on Reddit and other forums, and about 85% of people with that date received their deposits between 12am-6am on 2/24 (today), even when the early option failed. The remaining 15% got theirs by end of business today. One thing I learned from my CPA friend: the "early deposit" is really just the bank choosing to release funds before the official settlement date. When they decline to do this (which happens more often now), you still get your money on the actual DDD - it's just not "early" anymore. Check your accounts again tonight/early tomorrow morning. Based on the data I'm seeing, you should have your refund by then even without the early feature working.

For your truck question - be SUPER careful here. I made a $19k mistake my first year in business by assuming I could just deduct a vehicle purchase 100%. If you're using the vehicle EXCLUSIVELY for business (like, literally never for personal use), you might be able to deduct the full amount under Section 179. But if you use it for personal stuff too (even occasionally), you can only deduct the business-use percentage. Also, SUVs and trucks over 6,000 lbs have different rules than smaller vehicles. Make sure you know which category yours falls into!

Hey Vince! Congrats on your business success so far - that's awesome that it's doing better than expected! Just to add to the great advice already shared here: since you're only 4 months in, you're actually in a perfect position to set up good tax habits from the start. The quarterly payment system everyone mentioned is definitely the way to go, and you're not too late to start. For your $26k truck scenario - the key thing is documentation. Keep a detailed log of every business trip (date, destination, business purpose, mileage). If you use it for any personal driving, calculate that percentage because the IRS will want to see those numbers if they ever audit. One more tip that saved me in my first year: open a separate business savings account specifically for taxes. Every time you get paid, immediately transfer 25-30% into that account. It makes quarterly payments so much less stressful when the money is already set aside and earmarked for taxes. You're asking all the right questions - way better to figure this out now than scramble at tax time!

Has anyone used QuickBooks for tracking these home office reimbursements in an S-corp? I'm trying to figure out the best way to handle the accounting part of this.

This is exactly the situation I found myself in when I switched from LLC to S-corp last year! One thing I learned the hard way is that you absolutely need to establish that Accountable Plan in writing BEFORE you start making reimbursements - don't just start paying yourself and figure it out later. I made the mistake of doing informal reimbursements for the first few months, and my accountant had to help me clean it up retroactively. Now I have a formal board resolution (even though I'm the only shareholder) that establishes the plan and specifies what expenses are covered, documentation requirements, and timing for submissions. For the home office calculation, I measure my dedicated office space monthly and keep a simple spreadsheet tracking utilities, mortgage interest, insurance, and maintenance costs. Then I apply my business percentage (about 12% in my case) and reimburse myself monthly. It's way more paperwork than the old Schedule C simplified method, but the tax benefits of the S-corp structure make it worthwhile. The key is treating yourself like any other employee - formal documentation, regular processes, and keeping everything at arm's length even though you own the company.

Just wait till PATH lifts next week, then everyone's transcripts gonna go crazy with updates fr fr

Cycle 03 here too! Filed 1/30 with EIC/ACTC and still waiting. From what I've learned lurking this sub, PATH Act basically puts everything on pause until Feb 15th no matter what cycle you are. Your transcript won't show the 846 refund code until after PATH lifts. The daily processing just means you'll be in the first wave once they start releasing refunds again. Hang in there! 🤞

Cycle codes are assigned by IRS processing centers. They indicate weekly processing batches. Code 05 is Thursday. Your 846 code confirms refund approval. DDD of 2/25 means Treasury scheduled payment. Bank policies determine actual deposit timing. Some release early. Others wait for settlement date. Weekend processing varies by institution.

Congrats on getting your 846 code! I'm also cycle 05 and have been obsessively checking my transcript every day. Filed on 2/3 and still waiting for any movement. Your timeline gives me hope though - 26 days from filing to DDD isn't too bad at all! Last year I didn't get my refund until May because of some identity verification issues. Quick question - did you have any credits like EITC or CTC that might slow things down? I'm trying to figure out if my Child Tax Credit is what's holding mine up or if I just need to be more patient.