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Code 806 is your withholding credit (taxes taken from your paychecks) and code 768 is your Earned Income Credit. The date shows when these were processed. These are both in your favor! If you already received a on 3/9/22 but these codes are dated later, you might be getting an additional payment. Keep checking for an 846 code which means " issued" - that's when you'll know money is coming your way.
Code 806 is your withholding credit - that's the federal taxes that were taken out of your paychecks during the year. Code 768 is your Earned Income Credit (EIC). Both of these are in your favor! The date just shows when these transactions were processed in the system. Since you mentioned you already got a on 3/9/22, these codes appearing with a later date might mean you're getting an additional refund. Keep an eye out for code 846 with a recent date - that's the " issued" code that means money is being sent to your account.
One thing to watch out for - make sure the tax person you find actually understands startup equity. I had a horrible experience where I hired a "tax professional" who said he understood 83(b) elections, but he completely messed up my filing! I ended up having to hire a specialist to fix everything, which cost WAY more than just starting with the right person. Ask specifically about their experience with startup stock options, 83(b) elections, and QSBS. If they can't immediately explain the 5-year holding period for QSBS or the 30-day deadline for 83(b) without looking it up, find someone else!
This happened to me too! My regular CPA said "oh yeah, I know about that" and then completely missed filing the 83(b) within the 30-day window. Cost me thousands in taxes later.
Based on everyone's experiences here, it sounds like there are really two key things: finding someone with actual startup equity expertise (not just general tax knowledge) and making sure you don't miss that 30-day 83(b) deadline. I'm in a similar boat - my company gave me stock options last month and I'm trying to figure out if I should early exercise. The QSBS angle is particularly confusing because it seems like you need to think about it now even though the benefits don't kick in for 5 years. Has anyone here actually gone through the full process from 83(b) election through to eventually selling QSBS-qualified stock? I'm curious about the long-term record keeping requirements - like what documentation do you need to maintain over that 5-year period to prove QSBS eligibility? Also, for those who used the AI tools mentioned - did they help you understand the interaction between 83(b) elections and QSBS? That's the part I'm most confused about.
Has anyone here actually had an issue with the IRS because of an employer address mismatch? I've lived in WA but had TX, NY, and CA addresses on W-2s over the years and never once had a problem. This seems like worrying about nothing.
My sister got a letter from the state of NJ asking why she hadn't filed there when her W-2 showed an NJ address. She had to prove she lived and worked in Pennsylvania the whole time. Took like 3 months to resolve.
I had a similar situation last year with my W-2 showing my employer's corporate headquarters address instead of where I actually lived and worked. The key thing is to look at boxes 15-17 on your W-2 - these show which states actually had taxes withheld from your paychecks. Since you lived in Maryland and worked in both MD and VA, you'll need to file: 1. A Maryland resident return for all your income 2. A Virginia non-resident return for the portion of income earned while working in VA 3. You'll likely get a credit on your MD return for taxes paid to VA to avoid double taxation The Delaware address is just administrative - many large companies process payroll through subsidiaries or third-party processors in different states for business reasons. As long as the income amounts and state withholding boxes are correct, you're good to go. Don't let the address throw you off - it's one of the most common tax questions people have but it's really not a problem at all.
Learned this the hard way last year! Had my business paying half my rent since I use half my apartment for work and my tax guy told me I was committing a major error by paying from company debit card. Had to refile and it was a mess.
Great question! As someone who's been through this exact situation, I can confirm what others have said - definitely pay your rent from your personal account, not your business account. The IRS is very strict about maintaining separation between personal and business expenses for S-corps. Since you mentioned you work from home about 30% of the time but don't have a dedicated office space, you unfortunately wouldn't qualify for the home office deduction. The IRS requires "exclusive and regular use" of a specific area for business purposes. Your dining room table that's also used for meals wouldn't meet this test. However, if you ever do set up a dedicated home office space in the future, the proper way to handle it would be to pay the full rent from your personal account, then have your S-corp reimburse you for the business percentage based on square footage. This keeps everything clean and properly documented. Keep that corporate veil intact - mixing personal and business expenses is one of the fastest ways to get in trouble with the IRS!
Mei Liu
bruh the IRS be playing hot potato with our money fr π€£
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Liam O'Donnell
β’more like hide and seek π
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Camila Jordan
Ugh this is so frustrating! I'm dealing with the exact same thing right now - been waiting 2 months for my refund check that supposedly got "mailed" twice already. The IRS customer service is absolutely useless, they just keep giving me the runaround. At this point I'm convinced they're just hoping we'll give up and forget about our money π Have you tried filing a complaint with the Treasury Inspector General? Might be worth a shot since the normal channels aren't working.
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