Has anyone had the IRS actually question or care about which business code you use for something like transcription? I've been filing with various side hustles for years and just guessing at these codes. Never heard anything back about it.

I can relate to this frustration! For reality TV transcription work, I'd recommend going with code 519100 "Other Information Services" as Emma suggested. The key thing to remember is that you're providing information services to the production company - converting audio content into usable text data for their editors. I've done similar work for podcasts and online content creators, and this code has worked well for me. The IRS really isn't looking to nitpick these codes as long as you're in the right ballpark. Your transcription work is essentially creating information products that support media production, which fits perfectly under 519100. Don't overthink it - just pick one that reasonably describes what you do and move on with finishing your taxes. You're almost there!

Has anyone here dealt with the timeline for getting a refund on a paper return for a prior year? I had to mail in my 2020 return last year and I'm still waiting for my refund. Just wondering what OP should expect if they're mailing a 2021 return now.

I went through something very similar with my 2020 return! The key thing to remember is that when a return gets rejected, it's like it never existed in the IRS system at all. So you're not amending anything - you're filing your original return for the first time. Since your kids already amended their returns to show they're your dependents, your return should go through without issues now. Just make sure to: 1. Print and mail your complete 2021 return (don't try to e-file a prior year) 2. Include a simple cover letter explaining the dependent conflict was resolved 3. Sign and date everything 4. Send it certified mail for tracking The good news is you have until April 15, 2025 to claim your 2021 refund, so you're still well within the deadline. Paper returns are slow (expect 4-6 months for processing), but you should eventually get your refund plus any interest that's owed. One tip: if you need to check on the status after a few months, calling the IRS directly is usually a nightmare. The callback services mentioned in other comments here actually work pretty well for getting through to a real person.

My dad and I were in a similar situation last year. We went with the multi-member LLC route with a 75/25 split and it's worked well for us. One thing nobody mentioned yet - make sure your dad is actually providing some services or capital to the business! The IRS doesn't look kindly on "partnerships" where one person is just there for tax benefits without contributing anything.

Just wanted to add my perspective as someone who went through this exact decision process recently. I ended up choosing a multi-member LLC with my mom (70/30 split) and it's been working great for our consulting business. A few practical considerations that helped me decide: First, the multi-member LLC gives you flexibility to adjust profit/loss allocations in your operating agreement if your business circumstances change. Second, you can always convert to S-Corp status later by filing Form 2553 if you reach the profit threshold where it makes sense. One thing that surprised me was how much simpler the bookkeeping is compared to what I expected. Yes, you file Form 1065, but tax software makes it pretty straightforward, and having clear documentation of who contributed what from the start really helps. Make sure you get that operating agreement drafted properly though - it's worth spending a few hundred dollars on a business attorney to get it right rather than using a template. The IRS will scrutinize family partnerships more closely, so having everything documented properly from day one is crucial.

An important detail that hasn't been mentioned yet - the answer might depend on how the bonds were originally registered. If they're registered as "Parent as custodian for Minor under UGMA/UTMA," then the income is definitely the child's for tax purposes. If they're just in the child's name outright, it's still the child's income but how it's reported could vary. And if they're registered differently (like co-owned), that changes things too. Might want to check the exact registration on the bonds before making any decisions.

Something to consider - you don't HAVE to cash them all out at once! You could spread the redemption over multiple tax years to potentially reduce the tax impact. Maybe cash half this year and half next year?

check your mail carefully! sometimes they send letters requesting more info but they look like junk mail ngl

Non-filing letter status usually means your return hasn't been fully processed in their system yet. Since you filed in February, definitely call the IRS taxpayer assistance line at 1-800-829-1040. Have your SSN, filing status, and exact refund amount ready. The hold times are brutal but you need to find out if there's an issue with your return or if it's just stuck in their processing backlog.