My biggest schedule C tip: track EVERYTHING throughout the year! I use a simple spreadsheet with categories that match Schedule C exactly. So much easier than trying to remember everything at tax time. Also make sure to save for quarterly estimated payments - I got hit with penalties my first year because I didn't realize I needed to make those.

I'm in a similar situation with my first year of self-employment! One thing that helped me was breaking down Schedule C into smaller chunks instead of trying to tackle it all at once. For equipment expenses, you can either deduct the full cost in the year you bought it (if under $2,500 per item) or depreciate it over several years. Most small photography businesses just deduct it all upfront since the amounts are usually manageable. Don't forget about some of the less obvious deductions like: - Professional development (photography courses, workshops) - Software subscriptions (Lightroom, Photoshop, etc.) - Insurance for your equipment - Business bank account fees - Professional memberships Also, keep receipts for everything! Even small purchases add up. I use a simple phone app to photograph receipts right when I make purchases so I don't lose them. One last tip - if FreeTaxUSA is overwhelming, their customer support is actually pretty helpful for walking through the Schedule C sections step by step. Much easier than trying to decode IRS publications on your own!

Wait until u see how long the federal refund takes 😂

Glad you got it sorted out! Virginia really needs to step up their notification game. I had a similar issue last year where they sent my verification letter to an old address even though I updated it with them. Had to wait weeks for them to resend it to the correct address. At least once you verify, they're pretty quick with processing the refund!

Just to add another perspective - I asked my tax accountant about a similar situation with tech stocks (selling Microsoft at a loss and buying Google), and she said it's completely fine. The key is that they're different companies with different business models, revenue streams, etc., even if they're in the same sector. She also mentioned that the IRS has never issued super clear guidance on what exactly "substantially identical" means beyond the obvious cases (like selling and buying back the same stock), so they generally interpret it narrowly.

This is a great question and you're smart to think about the wash sale implications before making the trade. Based on everything I've read and my own experience with tax-loss harvesting, you should be completely fine switching from Barrick Gold to Newmont. The IRS defines "substantially identical" very narrowly - it really only applies to the exact same security or something directly tied to it (like call options on the same stock). Two different companies, even in the same industry with similar business models, are considered distinct securities with their own unique risk profiles, management teams, asset bases, and financial structures. I've done similar sector switches myself - sold some underperforming bank stocks and bought different banks, energy companies for other energy companies, etc. Never had any issues with wash sale disallowances. The key is that GOLD and NEM are completely separate publicly traded companies with different ticker symbols, different management, different mining operations, and different financial performance. Just make sure you're making the investment decision based on your analysis of the companies' fundamentals rather than purely for tax reasons. If you genuinely believe Newmont is a better investment than Barrick going forward, then the tax loss harvesting is just a nice bonus on top of what should be a sound investment decision.

I'm also a student & dependent. My tax professor explained that there are actually TWO different filing requirements happening: 1. Self-employment tax filing threshold: $400 2. Income tax filing threshold: $12,950 (standard deduction for dependents in 2025) Even though you have to FILE because of the self-employment, the actual TAXABLE portion follows normal rules. You'll fill out Schedule SE for the self-employment tax on your DoorDash earnings, but your W-2 income still gets the standard deduction.

As someone who went through this exact situation last year, I can confirm what others have said - you won't lose money doing DoorDash! Here's my real-world example: My DoorDash earnings: $1,200 My campus bookstore job: $7,500 Total income: $8,700 I had to file because of the $400 self-employment threshold, but here's what I actually paid: - Self-employment tax on DoorDash: ~$170 (15.3% on net earnings after deductions) - Federal income tax: $0 (total income was under $12,950 standard deduction) The key thing I learned is that filing a return doesn't automatically make all your income taxable - the standard deduction still protects your regular W-2 income. I actually saved money by tracking my mileage and other DoorDash expenses, which reduced the self-employment tax even more. Don't let tax fears stop you from earning extra money - you'll definitely come out ahead even after paying the self-employment taxes!

Something no one's mentioned yet - as a full-time student with self-employment income, you might qualify for the American Opportunity Tax Credit or Lifetime Learning Credit. These education credits can significantly reduce your tax bill!

As someone who's been tutoring for a few years now, I can confirm everything others have said about this being self-employment income. One thing I wish I'd known earlier - keep a simple spreadsheet tracking each tutoring session with date, student name (or initials for privacy), hours worked, and amount paid. This makes tax filing SO much easier. Also, since you're making good money from tutoring, consider setting aside about 25-30% of each payment in a separate savings account for taxes. Between federal income tax and self-employment tax, you'll owe a decent chunk. Having it already saved prevents the shock at tax time! The Roth IRA opportunity is huge - definitely take advantage of that. Starting retirement savings in college puts you way ahead of most people. You can contribute for 2023 until the tax filing deadline (usually April 15th), so you still have time to make that contribution if you want.