Anyone tried Xoom? It's owned by PayPal but supposedly has better rates for international stuff. Just wondering if it's better than Transferwise or Remitly for Italy specifically.

I actually just went through this exact same situation last month - needed to send $3,000 to my brother in Rome for an emergency medical bill. After comparing both services side by side, I ended up going with Wise and was really happy with the choice. The total cost breakdown for my transfer was: $2,982.15 received by my brother after a $17.85 fee from Wise. The exchange rate was essentially the real mid-market rate with no hidden markup. The money arrived in his Italian bank account in about 18 hours. I also tested what the same transfer would cost through Remitly, and while their upfront fee was slightly lower, their exchange rate had a markup that would have resulted in about €20 less for my brother to receive. One tip: Both services let you lock in the exchange rate for a short period (I think it's 24-48 hours), so you can set up the transfer and wait for a good rate if you have some flexibility on timing. Since you mentioned this is urgent though, I'd just go with whatever rate is available now. Hope this helps with your decision!

Has anyone successfully e-filed with this situation? Last year my tax software kept rejecting my return when I tried to claim mortgage interest without a 1098 from a bank. I ended up having to paper file which was a huge pain.

I actually went through this exact same situation with a family loan from my relatives in Ireland. The key things that made it work for me: 1. Got the loan properly recorded as a lien against my property with the county recorder - this was absolutely critical and something I initially missed 2. Made sure we had a written loan agreement with clear terms, payment schedule, and reasonable interest rate 3. Set up automatic monthly payments so I had a clear paper trail 4. My relatives properly report the interest income on their Irish tax returns For the ITIN issue someone mentioned - my relatives didn't need to get an ITIN since I'm not issuing them a 1098. I just report the interest I paid on my Schedule A as mortgage interest without a 1098 form. The e-filing worked fine once I figured out the right way to enter it in TurboTax. Look for "mortgage interest statement" and then select "I don't have a Form 1098" - it'll let you enter the amount directly. One thing to watch out for - make sure your loan terms don't change dramatically from year to year or the IRS might view it as a gift rather than a legitimate loan. Keep everything consistent and well-documented.

Don't forget about QBI (Qualified Business Income) deduction! Both LLCs and S Corps qualify, but the calculation can be different. With real estate business income around $105k plus your W-2 job, you might be in phase-out territory for this deduction depending on your filing status. In 2025, the QBI phase-out starts at $183,100 for single filers and $366,200 for married filing jointly. Your total income is near these thresholds, so that's another consideration.

Based on your situation in Texas with inconsistent real estate income, I'd lean toward switching to an LLC. Here's why: With your fluctuating income ($7k some months, $40k others), maintaining reasonable S Corp salary requirements is a nightmare. You either overpay yourself in slow months (hurting cash flow) or underpay (risking IRS scrutiny). The math: If you're taking a $50k salary now, switching to LLC means paying self-employment tax on the full $105k. That's about $8,085 in additional SE tax. But factor in: - Payroll service fees (~$1,200/year) - Additional tax prep complexity (~$500-1,000) - Franchise tax filing - Time/stress of payroll management You're probably looking at $2,000-3,000 in administrative costs, making the real tax difference closer to $5,000-6,000 annually. Given your income volatility and the administrative headaches you mentioned, that premium might be worth paying for the simplicity. Plus, with an LLC you can always elect S Corp taxation later if your income stabilizes and grows significantly. I'd run the exact numbers with your CPA, but for many people in similar situations, the peace of mind is worth the modest tax increase.

Has anyone mentioned just banking the money in a regular business account? I run a small business and sometimes just leave profits in my business checking account until the next year when I need them. The money still shows up as income on my taxes, but at least I have the cash available for later.

One option that hasn't been fully explored here is setting up a Solo 401(k) if your consulting work qualifies as self-employment income. With a Solo 401(k), you can contribute both as the employee ($23,000 for 2025, or $30,500 if over 50) AND as the employer (up to 25% of compensation). This could potentially allow you to defer a significant portion of that $65k. The key is that your consulting income would need to be structured as self-employment rather than W-2 income from the client. You'd also want to make sure you're not exceeding the overall 415(c) limit when combined with your main job's 401(k). Another approach worth considering is a defined benefit plan if your consulting income is substantial and consistent - these can allow much higher contribution limits than traditional retirement accounts, sometimes $200k+ annually depending on your age and income projections. I'd strongly recommend getting professional advice before implementing any of these strategies, as the rules can be complex and mistakes can be costly.

One thing nobody's mentioned yet - make sure you're tracking EVERYTHING related to these educational expenses, not just the tuition itself. If you traveled to take the courses, those travel expenses might be deductible too. Same with required books, supplies, software, etc. I deducted about $5,300 in education expenses for my consulting business last year, and almost $1,200 of that was actually the supplementary costs beyond just the course fees. My accountant said as long as they're necessary for the education that improves your current business skills, they should qualify.

Has anyone used TurboTax Self-Employed for handling these kinds of business education deductions? I'm trying to decide between that or hiring a CPA this year, especially with these education expenses I want to deduct.