Has anyone used the IRS's Donation Value Guide? I found it super helpful for figuring out reasonable values. Men's shirts $2-12, women's dresses $4-22, etc. Just Google "IRS donation value guide" and you'll find it. Also worth knowing - you can only deduct fair market value (what someone would pay for the used item), NOT what you originally paid. So that $2000 couch you bought 10 years ago might only be worth $200-300 for donation purposes.

The key thing to remember is that charitable donations are only beneficial if you're itemizing deductions. With the standard deduction at $29,200 for married filing jointly in 2025, you need your total itemized deductions (charitable donations + mortgage interest + state/local taxes + medical expenses) to exceed that amount. If you're already over the threshold due to mortgage interest and state taxes, then yes - those donations absolutely still provide tax savings. Each dollar of fair market value reduces your taxable income by a dollar. For your specific situation with $2,700-$3,800 in donations, you'll definitely need Form 8283 since you're over the $500 threshold. But since no individual items are worth $5,000+, you just need to maintain good records with descriptions, dates, fair market values, and receipts - no professional appraisals required. One tip: don't undervalue your donations. Use resources like the Salvation Army Value Guide or Goodwill's valuation tool to ensure you're claiming appropriate fair market values. Many people leave money on the table by being too conservative with their valuations.

I've been through this exact situation twice in the past three years, and it's always nerve-wracking when you're counting on that money! Here's what I've learned from experience: The federal holiday will definitely push your deposit to the next business day - in your case, June 23rd. The ACH network doesn't operate on federal holidays, so even though the IRS has scheduled your DD for the 22nd, the actual transfer can't complete until banking resumes. One thing that really helped me was calling my bank directly to ask about their ACH processing schedule. Some banks will actually show you pending deposits 24-48 hours before they post, which can give you peace of mind that the transfer is in the system even if it hasn't hit your account yet. Your cycle code 20242205 is actually pretty standard for this time of year, so there's nothing unusual about your processing timeline. The Treasury Department doesn't have alternate procedures for holidays - they follow the same ACH rules as everyone else. My advice: plan for June 23rd (or Monday June 26th if the 23rd falls on a weekend) and don't schedule any automatic payments for the original date. I learned that lesson the hard way with overdraft fees! The money will definitely come through, just with the standard holiday delay.

I just went through this same scenario in April when my DD was scheduled for Good Friday. The deposit didn't show up that day, but appeared in my account the following Monday (since the weekend pushed it further). What really helped me was setting up account alerts with my bank so I'd get a text notification as soon as any deposit posted. That way I wasn't constantly checking my balance and stressing about it. One thing I wish someone had told me is that the "Where's My Refund" tool won't update to show the holiday delay - it'll still show your original DD date of June 22nd even though the actual deposit will be delayed to the 23rd. Don't panic if the tool doesn't reflect the change, that's totally normal. Also, if you're with a credit union or smaller bank, they might be more flexible about posting deposits early or providing better visibility into pending transactions. Larger banks tend to stick strictly to the business day rule. Either way, your money is definitely coming - just plan for the 23rd instead of the 22nd and you'll be golden!

2 Don't forget that if you take Section 179 or bonus depreciation and then sell the vehicle or reduce business use below 50% before the end of its recovery period, you'll face recapture provisions where you have to report as income a portion of the deduction you took. This bit me hard when I sold my business truck after only 3 years.

Just want to add another important consideration - make sure you're aware of the Section 280F "luxury auto" limitations that can apply even to vehicles over 6,000 lbs in certain situations. While most heavy-duty trucks escape these limits, some newer electric trucks with high-end features might still be subject to them. Also, regarding your EV credit question - you mentioned it's electric, but make sure it actually qualifies for the credit. Many electric vehicles have lost eligibility due to the new battery component and final assembly requirements that went into effect. You can check the current list of eligible vehicles on the IRS website. One more tip: consider timing. If your business income varies year to year, you might want to evaluate whether taking the full Section 179 deduction this year maximizes your tax benefit, or if spreading it out with regular depreciation might work better for your overall tax situation.

Has anyone actually filed a 2020 return recently using TurboTax or other tax software? Do they still support returns from that tax year or do you have to file paper forms?

Adding to what others have said about the May 17, 2024 deadline - I want to emphasize that this is a hard cutoff date. The IRS doesn't make exceptions, even if you file just one day late. I learned this the hard way with an old return from 2018 where I missed the deadline by literally 3 days and lost out on a $800 refund. Also, make sure you have all your documents ready before you start filing. You'll need your 2020 W-2s, any 1099 forms, receipts for deductions, and possibly your prior year return for reference. If you're missing any employer documents, you can request wage transcripts from the IRS, but that takes time you might not have given how close the deadline is. One more tip - if you do file electronically, make sure to save confirmation that it was submitted before the deadline, just in case there are any questions later. Good luck getting your refund!

I'm a property manager (not yours obviously lol) and I can tell you we always request W9s for any payment over $600, even when it's not taxable income. It's just company policy for record-keeping and because our accounting system requires it. Our legal team makes us do it even when we know the payment won't be reported as income.

I'm going through something very similar right now! My landlord had to reimburse me for a busted water heater that left me without hot water for 3 weeks. They also asked for a W9 before cutting the check, which had me worried. After reading through all these responses, I feel much better about it. The key thing I'm taking away is that the W9 request itself doesn't mean it's taxable income - it's just their standard procedure for payments over a certain amount. I'm definitely going to keep detailed records of everything like Miguel suggested, and make sure any documentation clearly states it's a "rent reduction" rather than compensation for inconvenience. It sounds like the specific wording really matters for tax purposes. Thanks everyone for sharing your experiences - this is exactly the kind of real-world advice that's hard to find elsewhere!