Your tax software should have a list of assets and their current status! When I used turbotax it gave me a nice "asset list" PDF with all my business equipment and showed how much was left to depreciate each year. Check if you can download an "asset list" or "depreciation report" from whatever software you used.

For QuickBooks Online specifically, there's a helpful workaround if you're struggling with the manual depreciation entry process. You can create a "catch-up" journal entry to record all the accumulated depreciation from 2022-2024, then set up the assets going forward with their remaining basis. Here's what worked for me: Go to the "+" menu > Journal Entry, then debit your Depreciation Expense account and credit Accumulated Depreciation for each asset. Use the memo field to note "Catch-up depreciation 2022-2024 for [asset name]" so it's clear in your records. Once that's done, you can set up the depreciation schedule in QBO for the remaining book value going forward. For your equipment ($12,500) and lighting ($4,200), you'll need to calculate how much depreciation you've already taken based on the method used (5-year MACRS is common for equipment, 7-year for fixtures). The remaining undepreciated amount is what QBO will work with for future years. This approach keeps your books clean and makes the 2025 tax prep much easier since everything will be properly tracked going forward.

What tax software are you using? This matters because different programs handle 1099-NEC entry differently. I use TurboTax and it automatically asks about Schedule C after I enter a 1099-NEC, but it doesn't double-count the income.

I ran into this exact same problem when I first started doing freelance work! The key thing to understand is that you're not actually filing "both" - the 1099-NEC and Schedule C work together as part of one process. Here's what's probably happening in your tax software: You entered the 1099-NEC information correctly the first time, but then later when the software asked about "business income" or "self-employment income," you entered that $12,500 again thinking it was a separate requirement. That's why you're seeing $25,000 total. The fix is simple - go back and remove one of those entries. Keep the 1099-NEC entry and let the software automatically flow that information to Schedule C. Don't manually add the same income amount anywhere else in the program. Even though you have zero business expenses, you still need the Schedule C because it's required for all self-employment income. It will show your gross income ($12,500), zero expenses, and net profit ($12,500). This is also what triggers the calculation of your self-employment taxes. Most tax software handles this pretty intuitively once you know not to double-enter the same income. Which program are you using? That might help others give you more specific guidance on where to look for the duplicate entry.

4 Is there any risk in filling out this form if we truly have zero connection to the US? I'm concerned about putting my foreign company on the IRS radar unnecessarily.

Just wanted to share my recent experience dealing with this exact situation. I have a small consulting company in Canada with no US income, and my bank (TD) also requested W-8 forms for FATCA compliance. After reading through all the guidance here and doing some additional research, I can confirm that W-8BEN-E is definitely the correct form for foreign corporations like ours, even without US income. The form is really about certifying your foreign status to prevent unnecessary withholding and reporting. One tip I'd add - when you get to Part I, line 9 (address), make sure you use your company's registered business address, not a P.O. box or personal address. Some banks are particular about this matching their records exactly. Also, for anyone still confused about the Active vs Passive NFFE classification on line 5: if your company actively provides services or sells products (like consulting, manufacturing, etc.), you're likely an Active NFFE. If most of your income comes from investments, rent, or other passive sources, you'd be a Passive NFFE. The whole process was actually much more straightforward than I expected once I understood which form to use. Thanks to everyone who contributed to this thread - it really helped clear up the confusion!

PSA: Always keep your paystubs! I learned this the hard way lol

This is actually more common than people think! I work in HR and we see this issue pop up a few times each tax season. Usually it's either a payroll system glitch or the employer coded the withholdings incorrectly. Definitely follow the advice about contacting payroll ASAP and getting that W-2c. Also, if your employer gives you any pushback, you can file Form SS-8 with the IRS to report the discrepancy. They take this stuff seriously.

Just be super careful filling out the form correctly! I made a small mistake on my W-8BEN (I used my mailing address instead of my permanent residence address) and ended up having 30% withheld instead of the treaty rate of 15% on all my US dividends for almost a year before I figured out the problem.

I'm dealing with a similar situation right now - Canadian investor with US stocks through TD Direct Investing. After reading through all these responses, I think I understand the confusion now. The W-8BEN form itself doesn't require ID documents from the IRS perspective, but each brokerage has its own internal policies. What I found helpful was calling my broker directly and asking specifically what THEY require, not what the IRS requires. TD told me they only need the electronic W-8BEN form since they already have my identity verification from when I opened the account. But when I tried to open a small account with Interactive Brokers, they wanted additional documentation. For anyone still confused, I'd suggest: 1) Check with your specific broker about their requirements, 2) Make sure you use consistent information across all your forms (name, address, etc.), and 3) Double-check that you're claiming the right tax treaty benefits. The 15% vs 30% withholding rate difference is huge over time!