I actually just filed my taxes for a similar situation. One thing to consider is whether the meal credits were specific to the hotel restaurants or if they could be used anywhere. If the credits only worked at hotel restaurants, I would treat them as "meals provided during travel" and reduce my per diem. If they were general credits that could be used anywhere (like a credit card statement credit), then they're more like a discount on the overall trip and might not reduce your per diem. Hope that helps!

This is a great discussion with some really helpful perspectives! As someone who travels frequently for work, I've learned that the key is always being able to document your reasoning clearly. Based on everything shared here, it sounds like the consensus is that you should reduce your standard meal allowance by the actual value of the hotel meal credits you used (not just what was offered). Since your credits were restricted to hotel restaurants only, they definitely qualify as "meals provided during travel." One additional tip I'd add: when calculating your adjustment, make sure to account for any taxes or gratuities that weren't covered by the credits. If you used $150 of credits but paid an additional $30 in tips and taxes out of pocket, you might be able to factor that into your calculation. Keep detailed records of everything - your hotel folio, receipts showing credit usage, and a simple calculation sheet explaining your math. The IRS appreciates transparency, and having a clear paper trail will give you confidence in your filing.

Quick tip that saved me last year: If you're setting up a SEP for the first time, remember that some brokerages take several days to process new account applications. Don't wait until April 14th to start the process! I use Vanguard and it took about 7 business days from application to being able to fund my account. Also, keep in mind that the 25% limit is really closer to 20% of your net profit due to the way the calculation works. There's a specific formula the IRS uses that reduces your maximum contribution.

One thing nobody's mentioned - make sure you're calculating your contribution correctly if you have an LLC or S-Corp! The rules are different depending on how your business is structured. With my S-Corp, I pay myself a salary and the SEP contribution limit is based on my W-2 wages, not my total business profit.

I hope someone can clarify a side question about taxes - if my single-member LLC has a brokerage account and earns dividends or capital gains, do I need to make quarterly estimated tax payments? Or can I just settle up at tax time?

Just want to add my experience here - I had the exact same confusion when setting up my LLC brokerage account last year. The key thing that helped me understand was realizing that "owner EIN" vs "LLC EIN" is really about tax filing context, not about which number to use for account setup. For your brokerage account, you definitely want to use the LLC's EIN that you already obtained from the IRS. That's the correct identifier for your business entity. The confusion about "owner's EIN" typically comes up in tax discussions where the IRS is explaining that single-member LLCs report income on the owner's personal return rather than filing a separate business return. One tip: when you're filling out the brokerage application, make sure to select "LLC" as your entity type rather than "Individual" - this will help ensure they process everything correctly with your LLC EIN. I initially started filling it out as an individual account and ran into issues until I switched to the business account option. Also keep your EIN confirmation letter handy - most brokerages will ask for it during the verification process along with your Operating Agreement.

Has anyone actually dealt with form 8965 recently? I thought this was phased out years ago when the individual mandate penalty went to zero. My tax software didn't even include this form when I filed my 2022 taxes.

I had this exact same issue with my 2022 return! The IRS system automatically flagged my return because there was a mismatch between what they expected to see for health coverage reporting and what was actually filed. Here's what worked for me: First, gather all your health insurance documentation - insurance cards, EOB statements, premium payment records, anything that shows continuous coverage through 2022. Then write a clear letter explaining that you maintained qualifying health coverage through your employer for the entire tax year. The key is to be very specific in your response. Include your SSN, the notice number, and tax year at the top of your letter. State clearly: "I maintained qualifying health insurance coverage through my employer [Company Name] for the entire 2022 tax year and respectfully request removal of the individual shared responsibility penalty." Make copies of everything before you send it, and use certified mail to the address on the notice. I got my penalty reversed within about 6 weeks. The IRS computers sometimes miss the electronic reporting from employers or insurance companies, but once a human reviews your documentation, it gets sorted out pretty quickly. Don't stress too much - this is more common than you'd think, especially when employer reporting systems have glitches!

One thing to consider is that MTM doesn't just eliminate long-term capital gains treatment - it also affects wash sale rules. With MTM, wash sale restrictions don't apply to you anymore, which can be a huge advantage for active traders who frequently trade the same securities. Last year, I had significant losses that were disallowed due to wash sales. If I had MTM status, I could have claimed all those losses immediately. Just something else to factor into your decision.

As someone who went through the MTM election process last year, I want to emphasize how important it is to get professional guidance on this decision. The tax implications are complex and can significantly impact your overall tax liability. One critical point that hasn't been fully addressed - if you're considering MTM for 2025, you need to make that election by the due date of your 2024 tax return (including extensions). You can't just decide mid-year in 2025 that you want MTM treatment. Also, regarding your NVDA shares - the previous comment about them being "marked to market" at year-end 2024 is correct. Any unrealized gains on December 31, 2024 would be treated as if you sold and repurchased them on January 1, 2025. This is called the "deemed sale" rule. For your specific situation with substantial NVDA gains, I'd strongly recommend running the numbers both ways - selling in 2024 to lock in long-term capital gains treatment versus keeping them and having them converted to ordinary income under MTM. The difference in tax rates (0%, 15%, or 20% for long-term capital gains versus up to 37% for ordinary income) could be substantial depending on your income level. The entity structure option (LLC/S-Corp) is possible but adds complexity and costs. You'd need to ensure proper business purpose and substance, maintain separate books and records, and the entity would need to qualify for trader status independently.