Does anyone know a good resource that compares 2024 vs 2025 tax brackets? I've heard they're adjusting for inflation and I'm in a similar income range as OP.

I was in a similar situation last year with comparable income and completely understand the confusion! The ~$53,000 estimate is probably close to accurate, but here's what helped me wrap my head around it: Think of it like climbing stairs - you don't jump straight to the top tax rate. You pay 10% on the first "step" of income, then 12% on the next step, and so on. So even though part of your $233K hits the 24% bracket, most of your income is taxed at much lower rates. The key insight that finally clicked for me: your effective tax rate (total tax divided by total income) will be much lower than that 24% marginal rate. In your case, it's probably around 15-16% effective rate, which makes that $53K number make more sense. Also, don't forget about pre-tax retirement contributions - if you're not maxing out 401(k)s, that's an easy way to reduce your taxable income and move more dollars into lower brackets. We saved about $7,000 in taxes just by increasing our retirement contributions.

It's worth mentioning that the 1099-K threshold changed for 2024 taxes. For 2023 tax year (filing now in 2024), you only get a 1099-K if you had MORE THAN $20,000 AND more than 200 transactions. But starting next year (for 2024 taxes), you'll get one if you have just $600 in sales regardless of transaction count. So if you're selling on eBay regularly, even just clearing out personal stuff, you'll likely get a 1099-K next year. Start keeping better records now - original purchase prices, selling prices, fees, etc.

Another tip for your eBay 1099-K: download your Annual Financial Summary from eBay (under Seller Hub > Payments > Reports). It breaks down your total sales, sales tax collected, refunds issued, and all fees. Super helpful for calculating your actual profit and having documentation ready if you ever get audited. My eBay 1099-K showed $27,600 but my actual profit after COGS, fees, shipping and sales tax was only about $4,200. Huge difference!

Don't forget that your self-employment taxes (the extra Medicare and Social Security taxes you pay as both employer and employee) are calculated on your NET income from Doordash - meaning AFTER expenses. So keeping good records of all business expenses is super important!!! I made the mistake of not tracking my expenses properly my first year and ended up paying wayyy more in SE taxes than I needed to.

Great question! I was in a similar situation when I started doing gig work alongside my regular job. One thing I wish someone had told me earlier - consider opening a separate business checking account for your Doordash earnings. It makes tracking so much cleaner when you're dealing with both W-2 and 1099 income. Also, don't wait until tax season to start organizing everything. I set up a simple spreadsheet to track my weekly earnings and expenses from the beginning, which saved me tons of stress later. The IRS expects you to treat your gig work like a real business, so keeping good records from day one is crucial. One last tip - if you end up owing more than $1,000 in taxes from your Doordash income, you might want to consider having extra taxes withheld from your W-2 job instead of doing quarterly payments. Sometimes it's easier to manage that way, especially when you're just starting out and aren't sure how much you'll earn.

Check your return for math errors. This can cause delays. Also verify your bank info is correct. Chime accounts sometimes have verification issues. Consider creating an online account at irs.gov/account. This gives more details. Try checking transcript again after 3/10. If no update, then call. Ask specifically about codes TC 570 or 971. These might not show on your end yet. Request they check internal notes on your account.

As someone who's been through this exact scenario multiple times, I can offer some reassurance. The changing as-of dates without codes is actually more common than you'd think, especially this tax season. I've tracked this pattern across several years and here's what I've observed: The as-of date is essentially the IRS system's way of saying "we'll check your account again on this date." When it changes without codes, it typically means your return is moving through standard processing queues rather than being flagged for review. If there were issues, you'd likely see codes like 570 (hold) or 971 (notice issued). Since you're military and typically have straightforward returns, this is probably just normal batch processing delays. The fact that the agent confirmed you're still within the 21-day window is actually positive - it means your return hasn't been flagged as problematic. My advice: check your transcript the day after 3/10. In my experience, refund dates often appear 1-2 days after the final as-of date change. Chime usually processes IRS deposits quickly once they're released, so you should see movement soon.

Just a heads up from someone who got this wrong: if your S-Corp has a fiscal year end different from Dec 31, you MUST have a valid business purpose for that fiscal year or use a "natural business year" where at least 25% of your gross receipts come in the last 2 months of your fiscal year. The IRS has been cracking down on S-Corps with "arbitrary" fiscal years. I had to switch back to calendar year because I couldn't justify my March fiscal year end when they questioned it during an audit. Expensive lesson learned!

This is really helpful information! I'm dealing with a similar situation but with a December 31st fiscal year end for my S-Corp. Just to make sure I understand the pattern correctly - since my fiscal year ends December 31, 2024, I would file a 2024 tax return by March 15, 2025, covering the period January 1, 2024 through December 31, 2024. The confusing part for me is that this means my S-Corp return and my personal return would both be for the same tax year (2024), but my K-1 income from the S-Corp gets reported on my personal return. Is there any timing issue I should be aware of when both returns are due around the same time in 2025? Also, @Mateo Sanchez, your point about needing a valid business purpose for non-calendar fiscal years is concerning. How do you determine if your fiscal year qualifies as a "natural business year"? My business is seasonal and most of our revenue does come in the last few months of the calendar year, so I'm wondering if that helps justify the December 31st end date.