Just want to add - if you're worried about any potential issues, you can also check the Treasury Offset Program website directly to see if you have any debts that might affect your refund. They have a lookup tool where you can verify if there are any holds on your account. Better to know ahead of time than be surprised when you file!

Been there! Had the same worry last year. As long as your loans are truly in deferment and not default, you should be fine. But definitely double-check your loan status on studentaid.gov like others mentioned - sometimes the paperwork gets mixed up between servicers. Also worth noting that even if you're in deferment, any interest might still be accruing depending on your loan type, so keep an eye on that too!

What gets overlooked often is that tax preparation software has REALLY good help features now! I've learned tons just by going through TurboTax, H&R Block, and FreeTaxUSA and reading their explanations. Try creating a free account and just going through the interview process with made-up but realistic numbers. The software explains why it's asking each question and often has "learn more" links with detailed explanations of tax concepts.

Self-study is definitely possible, but I'd recommend a hybrid approach. I've been preparing taxes for about 5 years now and started mostly self-taught. Here's what worked for me: Start with the IRS's own materials (Publication 17, Publication 334 for small business), then supplement with reputable online courses. The IRS Annual Filing Season Program is free and gives you a good foundation. One thing I wish I'd known earlier - consider volunteering with VITA or TCE (Tax Counseling for the Elderly) programs. You get hands-on experience with real returns under supervision, which is invaluable. Plus, it looks great if you later decide to go professional. For complex scenarios like rental properties, partnerships, or estate issues, you'll eventually want formal training or mentorship. But for basic individual and small business returns, self-study can definitely get you there. Just make sure you're staying current with tax law changes each year - that's the real challenge in this field. The PTIN is required if you're paid to prepare returns, and I'd strongly suggest getting Enrolled Agent status if you want to represent clients. The EA exam is tough but completely doable with self-study.

Something no one has mentioned yet about QBI - there are income thresholds where the calculation gets MUCH more complicated. For 2025, if your taxable income exceeds $191,550 (single) or $383,100 (married filing jointly), the QBI deduction starts to phase out for certain businesses. If your business is a "specified service trade or business" (like health, law, accounting, consulting, financial services, etc.), you could lose some or all of your QBI deduction when you hit those thresholds. For other businesses, the calculation becomes based on W-2 wages paid and property owned. Since you're building a spreadsheet, you might want to include a "warning flag" if your income approaches these thresholds so you know when you need to consult a tax professional!

Great discussion here! As someone who struggled with these exact calculations when I started freelancing, I wanted to add a few practical tips for your spreadsheet: 1. **Create separate cells for each step** - don't try to do everything in one formula. Break it down like: - Cell A: Gross Revenue ($135,000) - Cell B: Business Expenses ($25,000) - Cell C: Net Earnings (A-B = $110,000) - Cell D: SE Tax (C * 0.9235 * 0.153 = $15,543) - Cell E: Half SE Tax (D/2 = $7,771.50) - Cell F: QBI (C - E = $102,228.50) - Cell G: QBI Deduction (F * 0.20 = $20,445.70) 2. **Add validation checks** - I include formulas that flag potential errors, like if my QBI calculation seems off compared to net earnings. 3. **Build in the income thresholds** that Jamal mentioned - have your spreadsheet automatically warn you if you're approaching the phase-out limits for QBI. The key insight that took me forever to understand: retirement contributions reduce your *taxable income* but not your *QBI*. They're calculated independently and both subtracted from your income. Once I got that straight, everything else fell into place!

One thing nobody mentioned - you need to get a Social Security number for your baby ASAP after birth to claim them on your taxes. The hospital will usually give you the paperwork to apply, but if not, you need to go to the Social Security office with the birth certificate. You absolutely cannot claim any child-related credits without their SSN.

Since you're expecting in July and will be working only 8 months this year, there's another important consideration - make sure you understand how your reduced income will affect your tax situation. With around $50k in actual earnings (8 months of $75k), you might qualify for the Earned Income Tax Credit (EITC) which phases out at higher incomes but could be significant with one child and lower income. Also, regarding your student loan interest - you can deduct up to $2,500 per year in student loan interest payments, and with $3,500 in payments annually, this could be a nice deduction. Just make sure you get the 1098-E form from your loan servicer. For your FSA question - you can't double-dip on medical expenses. If your FSA covered something, you can't also claim it as a medical expense deduction. But any out-of-pocket costs beyond what FSA covers could potentially be deductible if you itemize and they exceed 7.5% of your AGI. One more tip - keep detailed records of everything related to childcare payments to your aunt. You'll need her SSN, receipts, and documentation that this is legitimate childcare (not just family help) to claim the Child and Dependent Care Credit. This credit can be up to $1,050 for one child under 13.

As someone who started a tax business 2 years ago, I'd recommend looking at TaxAct Professional. It's significantly cheaper than the big names but handles everything you mentioned. The learning curve is steeper than some others, but the per-return cost structure worked better for me when starting out. I only paid for what I actually used instead of a huge upfront cost.

I went through this exact same decision process when I started my practice 3 years ago. After trying several options, I settled on UltimateTax Software and it's been fantastic for my small business needs. What sold me was their flat-rate pricing with no per-return fees - you pay one annual fee and can prepare unlimited returns. This was crucial when I was starting out and unsure about client volume. Their federal and state packages are comprehensive, and they handle all the special forms you mentioned including K-1s, injured spouse, and amendments. The tech support is excellent - they have extended hours during tax season and I've never waited more than 10 minutes to speak with someone who actually knows the software. They also provide free training webinars throughout the year which helped me get up to speed quickly. One thing that really impressed me was their bank product integration. They work with multiple financial institutions for refund advances and transfers, and the fees are very reasonable. The processing is seamless and my clients love the quick turnaround. The software itself is intuitive once you get the hang of it, and their diagnostic tools catch errors before you e-file. I'd definitely recommend getting a demo to see if it fits your workflow.