Has anyone used TurboTax Business to handle their final S-corp return when dissolving? I'm trying to decide if I should use software or hire someone for this final filing. Not sure if the standard software handles dissolution scenarios properly.

I went through this exact process last year when I dissolved my S-corp. For Line 10 on Form 966, you need the date when you formally adopted the resolution to dissolve the corporation. Even as a sole shareholder, you should create a simple written resolution stating your decision to dissolve the S-corp and date it. That's the date that goes on Line 10. Here's a basic template I used: "I, [Your Name], as the sole shareholder and director of [Corporation Name], hereby resolve to dissolve this corporation effective [Date]." Sign it, date it, and keep it with your corporate records. One thing to watch out for - make sure you coordinate the timing with your state filing requirements. Some states want you to file dissolution paperwork with them before submitting Form 966 to the IRS, while others are more flexible. Check your state's specific requirements to avoid any complications.

Have you considered filing through a local VITA (Volunteer Income Tax Assistance) site and then applying for a separate refund advance loan through a financial institution? Ohio has numerous VITA locations that handle self-employment income below certain thresholds, and they file for free. Then you could separately apply for a Tax Refund Express Loan through regional banks like Fifth Third or Huntington that serve Ohio/WV. This separates the filing from the advance, potentially giving you better terms on both. I've seen people get their returns filed more accurately this way while still accessing funds quickly.

I'm in a similar situation and found that TaxAct's Refund Advance program works well for Ohio residents with mixed income. They approved my advance within 24 hours even with Schedule C income, though I had to upload bank statements showing my business deposits. The key was having organized quarterly payment records to the IRS - they seem to use that as verification that your self-employment income is legitimate. One thing to watch out for: make sure you calculate your expected refund accurately because if your actual refund is less than the advance amount, you'll owe the difference immediately. Also, most providers now require you to receive your refund through their bank products, so factor that into your decision. For transportation issues, some tax prep offices offer mobile services or will work with you over video calls for the verification process. Worth asking about if you find a provider you like but can't physically visit.

Has your wife's income changed? When both spouses work, your withholding is affected by combined household income. If her income increased significantly, that might explain the higher withholding at your new job. Another thing to check - did you fill out the "multiple jobs" section (Step 2) of your W-4 differently between employers? That can make a huge difference.

Another thing to consider - are you being paid on the same schedule? You mentioned both are semi-monthly, but if the pay periods fall differently in the calendar year, it can affect how the withholding calculations work. Also, some payroll systems default to higher withholding rates for new employees until they have a full year of data. This is especially common with ADP - they tend to be more conservative with withholding calculations to avoid underpayment penalties. I'd recommend comparing your actual tax liability using a tax calculator to see if you're going to get a huge refund. If so, you might want to adjust your W-4 to reduce the withholding. The IRS withholding calculator that was mentioned earlier is perfect for this.

Based on your situation, I'd strongly recommend considering bonus depreciation over Section 179 given that your business use is dropping to around 30% next year. Here's why: With Section 179, when your business use drops below 50%, you'll face recapture on the ENTIRE excess depreciation taken above what normal depreciation would have been. So you'd potentially recapture close to that full $14,000 amount. With bonus depreciation, the recapture is proportional to your business use reduction. If you go from 51% to 30% business use, you'd only recapture based on that 21 percentage point reduction, not the entire deduction. Given your specific numbers and the fact that you barely used the vehicle for business in 2023, here's what I'd consider: 1. **Bonus depreciation** - Better than Section 179 for your situation 2. **Partial bonus depreciation** - Maybe only take 30-40% of the allowable deduction now to minimize future recapture 3. **Standard mileage** - Simplest option, minimal 2023 deduction but no recapture headaches The standard mileage route might actually be smartest here since you had such minimal business use. You'd get about $8.50 deduction for 2023 (13 miles × $0.655) but avoid all the complexity and recapture risk. Sometimes the simplest path is the best one, especially when the "benefit" is really just borrowing from future tax years.

This is such a helpful thread! I'm dealing with a similar situation with my consulting business vehicle. One thing I'd add is that you might want to consider your overall tax planning strategy for both years, not just the vehicle depreciation in isolation. If you expect your income to be significantly different between 2023 and 2024, that could influence the decision. For example, if you're having an unusually high income year in 2023 due to a large project, taking the larger deduction now (even knowing you'll face recapture) might make sense if it pushes you into a lower tax bracket or helps with other income-based thresholds. Also, don't forget about state tax implications - some states handle depreciation recapture differently than federal, so the timing decision might have different impacts depending on where you're located. That said, given your minimal 2023 business use, the standard mileage approach really does seem like the cleanest solution. Sometimes avoiding complexity is worth more than maximizing every possible deduction, especially when you're essentially just shifting the tax burden between years rather than actually saving money.

Another option: you can actually get your wage and income transcript directly from the IRS website which will show any 1099s filed for you. Go to IRS.gov and search for "Get Transcript Online." If nothing shows up for that company, they probably haven't filed it yet. Also, keep in mind you're supposed to get your 1099s by January 31st. If companies don't comply, they can face penalties. The IRS actually takes this seriously because they want the tax revenue from contractors.

Had this same problem last year. What I did was file Form 8919 "Uncollected Social Security and Medicare Tax on Wages" along with my return. This is for when you were treated as an independent contractor but should actually have been an employee. The benefit is you only pay the employee portion of FICA taxes (7.65%) instead of the full self-employment tax (15.3%). Check out the criteria on the form - if you were essentially working like an employee (they controlled your schedule, provided equipment, etc.), this might apply to you and save you some money.