


Ask the community...
Im curious if anyone knows about the deadline for making the SEP contributions? Is it the tax filing deadline (april 15) or the extended deadline if you file an extension?
You can make SEP IRA contributions up until your tax filing deadline INCLUDING extensions. So if you file an extension until October 15, you can make your 2024 contributions anytime until then. One of the nice benefits of SEP IRAs.
Just wanted to add a quick note about timing - since you mentioned tax season coming up fast, remember that you have until your business tax filing deadline (including extensions) to make your 2024 SEP IRA contribution. So even if you file your personal return by April 15th, you can still make the contribution later if your S-Corp files an extension. Also, make sure your payroll records are clean for calculating that W-2 wage base. I learned the hard way that bonuses, overtime, and other compensation all count toward the SEP calculation, but things like health insurance premiums paid by the company and other fringe benefits don't. One more thing - if you have any other employees (even part-time), you'll need to contribute the same percentage of their compensation that you contribute for yourself. This can get expensive quickly, which is why the Solo 401(k) mentioned above might be worth exploring if it's just you.
Great point about the employee consideration! I'm actually a solo operation right now, but I've been thinking about hiring a part-time virtual assistant next year. Does the SEP IRA requirement apply to contractors/1099 workers too, or just W-2 employees? I want to make sure I understand the full implications before I make any hiring decisions. Also, thanks for clarifying about the timing - having until the extension deadline gives me a lot more breathing room to optimize my contribution strategy.
I'm dealing with this exact same situation right now! My Colorado refund was marked as mailed on April 8th, so I'm at day 8 and getting a bit anxious too. Reading through all these experiences has been incredibly helpful - it's reassuring to see that 10-17 days seems to be the normal range for most people. What really stood out to me is the suggestion about checking with your local post office around day 12. I never would have thought of that, but it makes perfect sense that they might have insights about local delivery delays that the state wouldn't know about. I'm also planning to wait until the 15 business day mark before contacting Colorado DOR, based on what everyone here has shared. One thing I learned from this thread is to definitely switch to direct deposit next year - 5 days versus 2-3 weeks is a no-brainer! But for now, it sounds like we just need to practice patience. Thanks for starting this discussion, it's really helped calm my nerves about the timeline.
I'm in almost the exact same boat as you! My Colorado refund was marked as mailed on April 6th, so I'm at day 10 now and was starting to get really worried until I found this thread. It's such a relief to see that pretty much everyone here has experienced similar timelines - some even longer than what we're dealing with. The 10-17 day range that keeps coming up gives me a lot more confidence that this is just normal processing time rather than something being wrong. I'm definitely taking the advice about waiting until 15 business days and checking with my local post office first. Really appreciate you sharing your timeline too - it helps to know others are going through the same waiting game right now!
I'm going through the exact same thing right now! My Colorado state refund was marked as mailed on April 10th, so I'm only at day 6 but already starting to feel anxious about it. This thread has been incredibly reassuring though - seeing that most people are getting their checks within 10-17 days after the mail date really helps put things in perspective. What I find most helpful from reading everyone's experiences is that there seems to be a clear pattern: the state is reliable about actually mailing the checks, but USPS delivery times are just really variable right now. The suggestion about checking with your local post office around day 12 is something I definitely plan to try if I don't receive mine by then. I'm also kicking myself for not choosing direct deposit this year - 5 days versus potentially 3 weeks is such a huge difference! But for now, it sounds like patience is key. Thanks to everyone who shared their timelines and experiences - it really helps to know this is normal processing time and not something to panic about yet.
I'm experiencing the exact same anxiety! My Colorado refund was marked as mailed April 12th, so I'm only at day 4 but already checking the mailbox obsessively. This entire thread has been like therapy for my tax refund anxiety - it's amazing how much better I feel knowing that 10-17 days is completely normal. I never realized how much USPS timing could vary, especially during tax season when they're dealing with so much extra volume. The tip about contacting your local post office around day 12 is genius - they would definitely know about any area-specific delays better than anyone. I'm also making a mental note to absolutely do direct deposit next year after seeing how much faster that is. Thanks for sharing your timeline and for helping normalize this waiting period!
Hey I just went through this exact situation last week! One thing nobody mentioned - take screenshots of EVERYTHING. The confirmation page when you submit, the email confirmation, everything. I had an issue last year where the brokerage claimed they never received my application even though I submitted before the deadline. My screenshots saved me.
Smart advice! I'd also recommend sending a follow-up email to the provider stating that you submitted your application on X date for establishing a solo 401k for the tax year. That way you have written documentation from both sides.
This is such a stressful situation but you're not totally screwed! I went through something similar two years ago. The key thing is getting that application submitted TODAY - the IRS looks at when you established the plan (submitted paperwork), not when it gets processed. A few quick tips since you're down to the wire: - Fill out the application completely - incomplete apps don't count for establishment date - Get confirmation numbers/screenshots of everything - Email yourself copies of all documents with timestamps - If possible, call the brokerage to confirm they received your submission The funding part you can worry about later - you have months to actually transfer money. Focus on getting that paperwork in before midnight and you'll be fine! Good luck!
This is really helpful advice! I'm actually in a similar boat - been procrastinating on setting up my solo 401k for my freelance work all year. Quick question though - when you say "fill out the application completely," are there any specific sections that people commonly miss that would make it incomplete? I want to make sure I don't mess this up if I end up in a last-minute rush like the original poster!
21 Has anyone here actually calculated if doordashing is worth it after accounting for gas, car maintenance, insurance, and self-employment taxes? I did it for 3 months and when I really added everything up, I was making like $10/hr effective rate even though the app showed $18-20/hr.
5 This is the real question! I did the math and found it's only worth it if you're strategic. I only dash during peak pay times ($3-4 extra per order) and decline any order less than $7 or that takes me more than 4 miles from restaurants. Doing this, I average about $22-24/hr before expenses, which ends up being around $16-18/hr after everything. Also, you really need to track EVERY expense and mile to make the tax situation better. The difference between tracking everything vs. just taking the basic deductions was about $1,800 in my tax liability last year.
Just wanted to share my experience as someone who's been doing both W-2 work and gig delivery for about a year now. The advice about using your W-4 to withhold extra is spot on - I wish I'd known this earlier! One thing I'd add is to keep separate bank accounts if possible. I opened a simple checking account just for my Doordash deposits, and it makes tracking business income and expenses SO much easier at tax time. Even if you're only making $200-300/month, having that clean separation is worth it. Also, don't wait until tax season to start organizing. I made that mistake my first year and spent hours trying to reconstruct my records. Now I take 10 minutes each week to log my expenses and reconcile everything - saves me from the panic later! For your income level, you're probably fine without quarterly payments, but definitely keep an eye on it. If you start making more or pick up additional gig work, you might cross into needing them.
This is really solid advice, especially about the separate bank account! I'm just starting to think about doing Doordash and hadn't considered that aspect. Quick question - do you use a specific bank that's better for gig workers, or is any basic checking account fine? And when you say "log expenses weekly," are you talking about just gas and mileage, or other stuff too? Also curious about your comment on quarterly payments - at what income level did you start needing to make them? I'm trying to plan ahead so I don't get caught off guard.
Any basic checking account works fine - I just use a free one from my local credit union. The key is keeping it completely separate from your personal spending. For weekly logging, I track gas (if I'm doing actual expense method instead of mileage), phone bill percentage, any car washes, equipment purchases (phone mounts, hot bags, etc.), and sometimes parking fees if I'm dashing downtown. Most people just do mileage deduction since it's simpler and usually better, but I like having both options calculated. On quarterly payments - I had to start when my gig income hit around $6,000 annually. The general rule is if you'll owe more than $1,000 in taxes that aren't covered by withholding, you need quarterlies. But honestly, if you're keeping your W-2 job and can just increase withholding there like others mentioned, it's way easier than dealing with the quarterly deadlines.
Connor Murphy
I'm dealing with a similar situation in Germany! One thing that's really helped me is setting up USPS Informed Delivery for my US address (even if it's a mail forwarding service). It emails you grayscale images of the outside of mail pieces that are coming to your address each day. While it doesn't replace getting the actual documents, it at least alerts you when something from the IRS is on the way so you can follow up with your mail service or designated person. You can see if it looks like an important notice based on the envelope format - IRS notices usually have a distinctive look. Also, make sure to update your address with the IRS using Form 8822 if you haven't already. Even if you're using a forwarding service, having your current international address on file as a backup can sometimes help if there are delivery issues with your primary US address.
0 coins
Rachel Clark
ā¢That's a brilliant tip about USPS Informed Delivery! I had no idea that service existed. Does it work if you're using a mail forwarding service address, or does it only work for regular residential addresses? And how quickly do you usually get the email notifications - same day the mail is processed? I'm definitely going to look into this along with Form 8822. I think I've been putting off updating my address because I wasn't sure if I should use my South African address or stick with a US forwarding address, but having both on file as you mentioned makes a lot of sense for backup purposes.
0 coins
Leo Simmons
As a US expat who dealt with this exact issue while living in Australia, I understand your frustration completely. The reality is that the IRS is still very much a paper-based system for most official communications, but there are some workarounds that have saved me countless headaches. First, definitely sign up for an IRS online account - while it won't email you notifications, you can proactively check for transcripts and some notices. Second, I highly recommend using both Form 8821 (for information sharing) and potentially Form 2848 (power of attorney) with a trusted person in the US who can act quickly if needed. The virtual mailbox services mentioned here are absolute lifesavers. I use one that provides same-day scanning and can even deposit checks for you. The key is finding one that's experienced with financial and tax documents - not all mail services handle sensitive documents properly. One thing I learned the hard way: always respond to IRS notices in writing and keep copies. Even if you call them (using something like Claimyr to avoid the hold times), follow up with written correspondence to create a paper trail. The IRS operates on documentation, not phone conversations. Don't let the stress get to you - with the right systems in place, you can manage this successfully from abroad!
0 coins
Jacob Lee
ā¢This is incredibly helpful advice! I'm particularly interested in your point about finding a virtual mailbox service that's experienced with financial documents. Could you share which service you use or what specific features I should look for when comparing options? Also, when you mention following up written correspondence after phone calls - do you typically send this via regular mail to the IRS, or is there a way to submit written responses electronically? I'm trying to figure out the most reliable way to ensure my responses actually reach them given the postal issues I'm dealing with here in South Africa. Thanks for sharing your experience - it's really reassuring to know this can be managed successfully!
0 coins