Great advice from everyone here! As someone who just started delivery driving myself a few months ago, I want to echo what others have said about setting aside money consistently. One thing that helped me was automating it - I set up my bank account to automatically transfer 22% of every deposit to a separate "tax savings" account. That way I never even see that money as "spendable" and I don't have to remember to manually set it aside each week. Also, don't forget about potential deductions beyond just mileage! I've been able to deduct part of my car insurance, phone bill, and even the insulated delivery bags I bought. Keep receipts for everything remotely work-related. For mileage tracking, I started using a simple voice memo on my phone at the start and end of each shift to record my odometer readings. Takes 5 seconds and gives me a backup if my tracking app ever glitches. The key is finding a system you'll actually stick with consistently! Good luck with your delivery hustle - the flexibility is amazing for college students!

Hey CosmicVoyager! Welcome to the gig economy - it's great that you're thinking about taxes upfront rather than scrambling later like so many of us did! Based on your expected earnings of $200-250/week, you'll likely make around $10,000-13,000 annually. Here's my take after doing delivery work for over a year: **Quarterly Taxes:** With proper mileage tracking, you probably won't hit the $1,000 threshold that requires quarterly payments in your first year. However, I'd still recommend setting aside 20-25% of your gross earnings in a separate account - this covers both self-employment tax (15.3%) and potential income tax. **Essential tracking from day one:** - Mileage (every single mile while the app is on) - All car-related expenses during work hours - Phone bill percentage (you need it for the apps) - Any delivery supplies you purchase **Pro tip:** Download a mileage tracking app before your first delivery and never rely on just one method. I use both an app AND keep a small notebook in my car as backup. Since you mentioned your car isn't great on gas, definitely calculate both the standard mileage deduction AND actual vehicle expenses when tax time comes - you can use whichever method gives you the bigger deduction! The fact that you're asking these questions now puts you way ahead of where most of us started. You've got this!

Don't forget about self-employment taxes! Even if your YouTube business has losses that offset your other 1099 income for income tax purposes, you'll still pay SE tax on the net profit from your existing 1099 work. The SE tax is calculated separately for each Schedule C business - losses from one don't offset SE tax on another. Also, have you looked into an S-Corp election for your profitable 1099 business? At your income level, you might save significantly on SE taxes by taking a reasonable salary plus distributions.

One thing I haven't seen mentioned yet is the importance of timing your equipment purchases strategically. Since you're expecting significant expenses in the early years of your YouTube business, consider using Section 179 expensing or bonus depreciation to deduct the full cost of equipment purchases in the year you buy them, rather than depreciating them over several years. This is especially valuable when you have high income from your other sources that the YouTube losses can offset. For example, if you buy $13.5k worth of camera equipment in year one when your YouTube channel has minimal income, you can potentially deduct the full amount against your W-2 and 1099 income that same year. Also, keep in mind that the IRS looks at the totality of circumstances when determining business vs. hobby status. Even if you show losses in the first few years, factors like time and effort devoted to the activity, expertise you bring, success in similar activities, and expectation of asset appreciation all work in your favor. Since you already have successful business experience with your 1099 work, that demonstrates you understand how to run a profitable business. Just make sure you're treating the YouTube venture like a real business from day one - separate accounts, business plan, marketing efforts, etc. The documentation you create now will be crucial if the IRS ever questions your deductions later.

Just to clarify something I'm seeing in some of the responses - the key date is December 31st of the tax year. If your son turned 18 in December 2023, that means he was 17 at the beginning of 2023 and turned 18 during the year. For Child Tax Credit purposes, he needed to be under 17 at the end of the year (December 31, 2023) to qualify. I had a similar situation when my daughter turned 17 in November a couple years back. I remember being disappointed to lose that credit, but was still able to claim her as a dependent for other purposes. Double-check your son's birthdate against these requirements just to be certain.

I went through this exact situation two years ago when my son turned 18 in November. The age cutoff rules can be really frustrating, especially when you're used to getting certain credits year after year. Just want to add one thing that helped me - make sure you keep detailed records of his college expenses if he's starting school. Even though you lose the Child Tax Credit, education credits like the American Opportunity Tax Credit can actually be more valuable (up to $2,500 vs the $2,000 CTC). You'll want to save all tuition statements, book receipts, and required fee documentation. Also, if your son has any part-time job income, make sure he understands whether he needs to file his own return. The IRS gets copies of his W-2s regardless, so coordination between your returns is important to avoid any complications with dependent claims. The silver lining is that this is typically a one-time adjustment year. Once you navigate it this time, you'll know exactly what to expect going forward!

turbotax has been sus lately ngl. might switch to hr block next year

Same boat here! Filed 8 days ago through TurboTax and still showing pending. Called their support and they said it's just heavy volume this season. The waiting is killing me though - really need that refund for some bills coming up. Fingers crossed we both see movement soon! 🤞

Pro tip: you can call the IRS automated system at 800-829-1040 and it will tell you if you have any outstanding balances. No need to wait for a human. Just have your SSN and filing status ready. It's how I check if I owe anything before I file each year.

Just wanted to add that you should also check if you have any estimated tax payment requirements for this year to avoid being in this same situation again. Since you had to pay additional taxes on your amended return, it might mean your withholding or estimated payments weren't quite right. The IRS generally expects you to pay as you go throughout the year, either through payroll withholding or quarterly estimated payments. If you end up owing more than $1,000 when you file, you might be subject to underpayment penalties next year even if you pay on time. You can use Form 1040ES to calculate if you need to make estimated payments for the current tax year. Better to stay ahead of it than deal with another surprise balance later!