Just a heads up - if your parents are claiming you as a dependent, make sure you select the box that says "Someone can claim me as a dependent" on your federal W-4. This is super important! My son messed this up last year and it caused his withholding to be calculated incorrectly. The form assumes you're taking the standard deduction for a single independent person unless you check that box.

As someone who works in tax preparation, I want to emphasize something that might help clarify the confusion here. The W-4 form has two main purposes: 1) telling your employer your filing status and dependency situation, and 2) calculating how much federal income tax to withhold from each paycheck. For your specific situation as a part-time college student working 16 hours/week and claimed as a dependent, here's what you should do: 1. Make sure to check the box that says "Someone can claim me as a dependent" (as Miguel mentioned - this is crucial!) 2. Put "0.00" in the additional withholding amount box 3. Don't claim exempt from withholding unless you had zero tax liability last year AND expect zero this year The "0.00" doesn't mean zero taxes will be withheld - it means zero ADDITIONAL withholding beyond what the form calculates based on your pay and dependency status. Given your low hours and dependent status, this should result in appropriate withholding that covers any tax you might owe without taking too much from your small paychecks. If you end up working more hours (like summer full-time), you can always submit a new W-4 to adjust your withholding.

I'd definitely recommend starting with the IRS online transcript service at irs.gov/transcripts - it's usually the fastest option if you can get through their identity verification. As a small business owner myself, I know how hectic things can get and record-keeping sometimes falls by the wayside! If you filed electronically, there's also a chance your tax software provider (TurboTax, H&R Block, etc.) might still have a copy in your online account. Also worth checking if you emailed it to yourself or saved it in cloud storage. The transcript is usually sufficient for most purposes, but if you specifically need the actual 1040 form with all attachments, you'll need to use Form 4506 with the $43 fee. What do you need it for? That might help determine which option would work best for your situation.

I actually went through this exact same situation last year when I needed my 2022 return for a business loan application. Here's what worked for me: I started with the IRS online transcript service, but like others mentioned, the identity verification can be tricky. When that didn't work, I called my tax preparer first - they had a copy on file and were able to email it to me within hours. If you did your own taxes, check your email for any confirmations from tax software companies, as they often include a PDF copy. For future reference, I now save three copies: one in my email, one in Google Drive, and one printed copy in my filing cabinet. The transcript is usually fine for most business purposes, but some lenders specifically want the actual 1040 form. What do you need it for? That might help narrow down which option would be most efficient for your timeline.

Does anyone know if OP would have to pay the employer portion of payroll taxes too for 2023? That's an extra 7.65% the business would owe on top of the employee portion that would be withheld from their reasonable compensation, right?

I went through this exact situation last year and can share some practical insights. First, don't panic - late S corp elections are more common than you think and the IRS has established procedures for this. Here's what worked for me: I filed Form 2553 with a detailed reasonable cause statement explaining that as a first-time business owner, I misunderstood the filing deadline. The key is being honest and providing documentation of when you originally intended to make the election (emails to CPAs, research you did, etc.). For the payroll mess, yes you'll need to establish a reasonable salary and file quarterly 941s retroactively. I used a payroll service to help calculate everything properly - trying to do it manually was a nightmare. The penalties were significant but not business-ending, and I was able to get first-time penalty abatement on some of them. The math worked out in my favor - even with penalties, I saved about $4,000 in self-employment taxes compared to staying as an LLC. Just make sure you run the numbers before committing because every situation is different. One tip: when you submit your reasonable cause statement, be specific about your research efforts and include any documentation showing you were actively trying to comply. The IRS likes to see good faith effort, not just "I didn't know.

Just want to add that if you're a "small business taxpayer" under the tax law (meaning under $26 million in gross receipts), you have ADDITIONAL inventory simplifications available. You can treat inventory as "non-incidental materials and supplies" which means you deduct them when used or consumed, not through formal COGS calculations. Publication 538 doesn't explain this super clearly, but the guidance in Revenue Procedure 2018-40 does.

This is exactly the kind of situation where the simplified rules for small businesses really shine! Since you're clearly under the $26 million threshold, you have several advantages that larger businesses don't get. One thing I'd add to the great advice already given - when you switch back to cash method, you might also want to consider the "materials and supplies" election under Section 1.162-3. This lets you deduct the cost of your wood, hardware, and finishing materials when you actually use them in projects, rather than having to track them as formal inventory with COGS calculations. The combination of cash method + materials/supplies treatment could be perfect for a custom furniture business. You'd record income when customers actually pay you, and you'd deduct material costs as you use them in projects. Much simpler bookkeeping than accrual with full inventory tracking! Just make sure when you file Form 3115 that you're clear about both changes - the accounting method change AND any inventory method changes. The IRS likes transparency about exactly what you're switching from and to.

I went through this exact nightmare two years ago and it was absolutely maddening! The key thing that finally worked for me was getting everything in writing and being incredibly persistent with the right documentation. Here's what I learned: When your check gets processed as ACH (which happens automatically with most banks now), the IRS systems sometimes can't match it back to your account because the electronic processing strips away some of the identifying information from the original paper check. What finally resolved it for me was calling the IRS and specifically asking for a "Manual Research Request" in addition to the payment tracer. This is different from a regular payment tracer - it's when they have a human manually search their database using multiple criteria (your SSN, the exact amount, the date range, etc.). Also, make sure you ask them to check their "Unpostable Transaction" file. Sometimes payments end up there when the system can't figure out where to apply them. I wish someone had told me about this sooner - my payment was sitting in that file for three months! The whole process took about 8 weeks, but once they found it, they not only applied the payment but also removed all the penalties and interest that had accumulated. Keep fighting - you paid that money and they will find it eventually!

I work as a tax resolution specialist and see cases like this regularly - you're definitely not alone! The issue you're experiencing happens when paper checks get converted to ACH payments by the banking system, which can cause the payment to lose some identifying information that the IRS needs to properly credit your account. Here's my recommended action plan: 1. **Gather your documentation**: You'll need your bank statement showing the deduction, the ACH trace number, and the exact date/amount of the transaction. 2. **Call the IRS and use specific language**: Ask for a "payment tracer for an ACH transaction" - NOT just "missing payment." Also request they check their "Unpostable Transaction file" as payments sometimes get stuck there when the system can't determine where to apply them. 3. **Request account protection**: Ask them to place a "pending payment marker" on your account to stop additional interest from accumulating while they search. 4. **Get everything documented**: Ask for a confirmation number for the payment tracer and get the representative's name/ID number. If the first representative can't help with these specific requests, politely end the call and try again - different reps have varying levels of experience with payment traces. As a backup plan, consider visiting a local Taxpayer Assistance Center for in-person help, or contact the Taxpayer Advocate Service at 1-877-777-4778 if phone attempts continue to fail. The good news is that once found, they typically remove any incorrectly assessed penalties and interest. Stay persistent - your payment is in their system somewhere!