The safe harbor rule applies to your total household tax liability when filing jointly, not just your freelance income. So you'd look at 100% of what you and your husband owed in total taxes last year (or 110% if your joint AGI was over $150k). Since your husband has W-2 withholding, that actually works in your favor! His regular paycheck withholding counts toward meeting the safe harbor threshold. You'd only need to make estimated payments for the portion not covered by his withholding. Here's a simple approach: Look at last year's total tax on your joint return. Subtract what will be withheld from your husband's paychecks this year. The difference is roughly what you need to cover through estimated payments for your freelance income. Divide that by 4 for your quarterly amounts. This way you're not starting from scratch with calculations - you're just filling the gap that his withholding doesn't cover.

One thing that might help clarify the confusion around the $600 rule - think of it like a receipt requirement rather than a tax threshold. Just like you need to report cash tips even if your employer doesn't track them, you need to report all income regardless of whether you get paperwork for it. The $600 rule just determines whether the company has to send you (and the IRS) a formal record. Since you made $360, you probably won't get a 1099, but you'll still report it on Schedule C when filing jointly with your husband. The good news is that with such a small amount, completing Schedule C will be pretty straightforward - just income minus any business expenses you had. Keep good records of what you earned and any expenses related to earning that income (supplies, mileage, etc.) since you won't have a 1099 as backup documentation. A simple spreadsheet or even receipts in a folder will work fine for this amount.

I went through this exact same nightmare last year with Energy Transfer LP! After trying multiple tax software options, I ended up using TaxSlayer Premium which handled my Energy Transfer K-1 perfectly and was significantly cheaper than TurboTax Premier. The key thing I learned is that Energy Transfer K-1s often have multiple income types - ordinary business income, capital gains, and return of capital distributions that reduce your basis. TaxSlayer walked me through each section and automatically populated the right forms (Schedule E, Form 8582 for passive activities, etc.). Since you mentioned you sold all your Energy Transfer shares in 2023, make sure you account for any basis adjustments from prior year distributions when calculating your capital gains. That's where a lot of people mess up and either overpay or underpay their taxes. The $8 distribution might seem small, but the IRS still expects it reported correctly. Don't let the small amount fool you into thinking it's not worth doing properly - I've seen people get notices over much smaller discrepancies.

I feel your pain! I went through the exact same situation with Energy Transfer LP last year. After getting burned by software that claimed to support K-1s but didn't actually handle PTPs properly, I learned that you really need to be specific about "publicly traded partnership" support when asking. Here's what I found that actually works: - TurboTax Premier (expensive but comprehensive) - H&R Block Premium (decent interface) - TaxSlayer Premium (good middle ground on price) - TaxAct Premier+ (budget option but less guidance) The free versions of these won't work - you need the paid tiers that specifically mention investment income and partnerships. One thing to watch out for: Energy Transfer often has both ordinary income AND return of capital on their K-1s. The return of capital reduces your basis (which matters for when you sold), so make sure whatever software you choose handles that adjustment properly. Since it's your last day, I'd recommend going with TurboTax Premier if you can afford it - their PTP guidance is the most thorough and they have good phone support if you get stuck. It sucks paying more, but getting it wrong could cost you more in the long run with IRS notices or penalties.

If you're having S-corp basis issues, PLEASE get professional help. I tried to handle this myself in 2023 and ended up with an unexpected $18k tax bill because I didn't understand how suspended losses work when your basis is insufficient. A good CPA will charge you way less than the mistakes will cost you.

I've been dealing with S-corp basis issues for my tech consulting business and want to share what I've learned about non-deductible expenses specifically. You're right to be confused - this is one of the trickier areas! The key insight is that non-deductible expenses like your excess meals, parking tickets, and club dues actually DON'T reduce your tax basis directly. Here's why: when your S-corp prepares its Form 1120-S, these non-deductible expenses get "added back" to calculate the final ordinary business income that flows through to your K-1. Since they're already being treated as non-deductible (meaning they don't reduce the S-corp's taxable income), they don't get to reduce your basis either. Think of it this way: if an expense reduced both your taxable income AND your basis, you'd be getting a double benefit. The tax code prevents this by having different treatment for truly deductible expenses versus non-deductible ones. For your $45k initial investment, that becomes your starting stock basis. Each year it increases by your share of the S-corp's income (which already has those non-deductible expenses added back in) and decreases by distributions and actual deductible losses. I'd strongly recommend setting up a simple spreadsheet to track this annually - it's much clearer than trying to rely on general accounting software for tax basis calculations.

I've been dealing with wash sales for years as an active trader, and one thing that really helped me was setting up a spreadsheet to track all my positions across different accounts. The cross-account wash sale issue that someone mentioned is absolutely real and can catch you off guard. One strategy I use is the "parking" method - instead of immediately repurchasing the same stock after a loss sale, I'll buy a similar ETF or a stock in the same sector for 31+ days, then switch back if I want. For example, if I sell AAPL at a loss, I might buy QQQ or MSFT temporarily to maintain similar market exposure without triggering the wash sale. Also, be extra careful with dividend reinvestment plans (DRIPs). If you have automatic dividend reinvestment turned on and it buys shares within 30 days of your loss sale, that can trigger a wash sale too. I learned this one the hard way when my "clean" loss harvesting got messed up by a $12 dividend reinvestment I forgot about. The basis adjustment works exactly as others described, but tracking it manually across multiple securities and years can get messy quickly. Good record keeping is essential!

The wash sale rule is definitely one of the most misunderstood aspects of tax law! Your $250 loss isn't gone forever - it gets added to the cost basis of your remaining shares (LOT A). What's happening is that your LOT A basis increases from $2,000 to $2,250 total, so when you eventually sell those shares, you'll realize that loss through either a smaller gain or larger loss on the sale. The tricky part you identified is correct though - since LOT A was purchased 980 days before the wash sale occurred, those shares are already long-term. This means your short-term $250 loss effectively gets converted into a long-term loss when you eventually sell LOT A. This is actually a common "gotcha" that can hurt your tax planning since short-term losses are generally more valuable (they offset ordinary income rates vs capital gains rates). One thing to watch out for: if you're using Tax Sensitive method specifically to harvest losses, make sure you're planning around the 30-day wash sale window. Consider waiting 31+ days before repurchasing, or temporarily "parking" your money in a similar but not substantially identical security (like a related sector ETF) to maintain market exposure while avoiding the wash sale. The software conflicts you're seeing probably stem from different interpretations of how to track basis adjustments across multiple lots with different accounting methods. When in doubt, the IRS Publication 550 examples are your best reference.

I think everyone is overcomplicating this. We just bought a 2024 F-350 diesel for our construction business for $94k. Our accountant recommended we take the full amount as a Section 179 deduction since we're having a very profitable year. She said we can still deduct ALL operational expenses (fuel, maintenance, insurance, etc.) regardless of how we handled the initial purchase price. The only requirement is that we use it 100% for business, which we do. We have separate personal vehicles.

Great discussion here! As someone who's been through this exact situation with multiple heavy truck purchases, I'd add a few practical considerations: 1. **Cash flow timing** - If you're profitable this year but uncertain about next year's income, taking the full Section 179 deduction now might be smart. But if you expect steady or growing profits, spreading it out could be better. 2. **State tax implications** - Don't forget that some states don't follow federal Section 179 rules exactly. Make sure to check how your state handles these deductions. 3. **Equipment financing** - If you're financing the truck, you can still claim Section 179 on the full purchase price even though you're making payments over time. 4. **Alternative Minimum Tax (AMT)** - For some businesses, large Section 179 deductions can trigger AMT issues, though this is less common with the current tax law. The key is matching your deduction strategy to your specific business situation. What works for one construction company might not be optimal for another, even with similar truck purchases. Also, keep excellent records of business use from day one - GPS logs, job site documentation, etc. The IRS loves to scrutinize vehicle deductions, especially on expensive trucks.