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4 Is anyone using any specific apps to track their self-employment income and expenses? I'm in a similar situation and looking for something user-friendly that won't cost a fortune.
Congratulations on your unexpected success! You're definitely not alone in this situation - many content creators find themselves in similar positions when their side hustle takes off. The good news is that not having a separate business account isn't a tax disaster. The IRS cares about accurate reporting of income and expenses, not which account they flow through. However, I'd strongly recommend opening a business account going forward to make your life much easier. A few key points for your situation: - You'll need to file Schedule C for your business income and expenses - Don't forget about self-employment tax (15.3% on net profit) - Keep detailed records of ALL income, including those large tips - Track business expenses like supplies, equipment, software subscriptions, etc. Given the complexity and your income level, hiring a CPA is probably a smart investment. They can help you get organized, ensure you're taking all allowable deductions, and set up a system for quarterly estimated payments going forward. The peace of mind and potential tax savings often more than pay for their fees. Also consider setting aside 25-30% of your earnings for taxes if you haven't been doing so already. Better to have too much saved than to be caught short at tax time!
My company puts our health savings account contributions under a similar code in box 14. Could be that? Check if you have an HSA and if the amount matches what you'd expect to have contributed last year.
That's a good guess but HSA contributions from your employer should actually go in Box 12 with code W, not Box 14. Unless their payroll system is weird.
You're totally right - I was confusing it with our wellness program reimbursements which do go in Box 14. Thanks for the correction! That's why I shouldn't answer tax questions while multitasking at work lol.
Just wanted to chime in as someone who dealt with this exact situation last year! The "14X" code is definitely employer-specific, but I've seen a few common things it might represent. At my previous job, they used similar codes for things like commuter benefits, gym membership reimbursements, or educational assistance programs. One quick thing you can try before calling HR - check if your company has an employee portal or intranet site where they might have posted a guide to their W-2 codes. A lot of companies create these reference sheets during tax season but don't always publicize them well. Also, if the amount seems familiar to you (like matches a monthly deduction you remember seeing on your paystubs), that might give you a clue about what it represents. For TurboTax, if you're really unsure, you can often select "other" and add a description - the software is pretty good at handling employer-specific codes that way. Good luck getting it sorted out!
yall need to stop checking WMR every 5 minutes, it aint gonna make it move faster š
Been there! Mine was stuck for 6 weeks last year. Here's what I learned: the transcript actually shows way more detail than WMR. Look for processing codes like 150 (return filed) and 846 (refund issued). If you see a 570 code, that means there's a hold. Also check if your AGI from last year matches what you entered - that's a common holdup. The 21 day thing is basically meaningless now with all the backlogs. Hang in there!
This is super helpful! I had no idea about the processing codes. Just checked my transcript and I see a 150 code from when I filed but no 846 yet. No 570 either which I guess is good? My AGI matches what I put so that's not the issue. Thanks for breaking this down - way more useful than just staring at that same "Return Received" message every day š
this happens ALL THE TIME. irs is a joke fr. i got so frustrated with mine i used taxr.ai - no joke it was amazing. instead of staring at codes i didnt understand it explained everything cleary, showed me what was happening with my refund, and when i could expect it. even told me why it was delayed (had nothing to do with what i thought). saved me hours of stress
forreal? i been trying to decode my transcript for weeks and getting nowhere
I've been dealing with transcript codes for years and wanted to share some insights that might help. The 570/971 combo you're seeing is actually pretty standard - it just means they need to verify something before releasing your refund. The good news is that most of these resolve automatically within 2-4 weeks without you having to do anything. A few things to keep in mind: ⢠The April 29 date is when the codes were placed, not necessarily when the notice was mailed ⢠Mail delivery has been spotty lately, so notices can take longer than usual ⢠If you don't see any movement by May 15th (2 weeks from the code date), that's when I'd recommend calling Your cycle code ending in 05 means your account updates on Fridays, so definitely check your transcript tomorrow. Look for either a 571 code (which removes the 570 hold) or an 846 code (refund issued). Sometimes these issues resolve faster than the notices arrive! Don't stress too much - in my experience, about 80% of these 570 holds are minor issues that get fixed automatically.
Fatima Al-Farsi
Don't forget to sign and date each return! I mailed in my 2022 return last year and got it returned to me 2 months later because I forgot to sign it. Such a stupid mistake but it delayed everything. And make sure to use the correct address for where you're supposed to mail prior year returns - it's different depending on your state.
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Dylan Wright
ā¢Good reminder! I've also heard they won't process a return without the proper attachments. So if you're claiming certain credits, make sure you attach ALL the required supporting documents.
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William Schwarz
Just wanted to add another important tip - when you print your W-2s from the IRS website, make sure you're printing them at 100% scale (not "fit to page"). The IRS can be picky about document formatting, and if the forms are shrunk down or stretched, it might cause processing delays. Also, if you have any 1099 forms (for contract work, interest, etc.), you can get those from your IRS transcript too and print them the same way. The key is making sure everything is legible and matches the official format exactly. I'd recommend doing a test print on regular paper first to check the formatting before printing your final copies on good quality paper.
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