A lot of people miss that line 4 exemption codes are PER PAYMENT TYPE. Your partnership might have to withhold for some types of payments but not others! For example, interest payments might be exempt while service payments aren't. Most partners think its a simple yes/no for the whole business but its more complicated.

Just wanted to share my experience as someone who went through this exact same confusion last year. I'm an accountant and I still had to double-check the W-9 instructions for my own LLC partnership! The key thing to remember is that Line 4 exemptions are really only for specific entity types like corporations, tax-exempt organizations, and certain government entities. As a domestic LLC partnership providing consulting services, you definitely should leave Line 4 blank. One tip that might help: when you submit the W-9 to your client, consider including a brief note that you've left Line 4 blank because your partnership doesn't qualify for any exemptions. This can prevent follow-up questions from their accounting department about whether you "forgot" to fill it out. Also, make sure you're using your EIN (not SSN) in the TIN field since you're operating as a partnership. And double-check that you selected "Partnership" in the tax classification section - I've seen people accidentally check "LLC" thinking that's more specific, but the IRS wants to know how you're taxed, not just your legal structure. The good news is once you get this first W-9 right, you can use it as a template for other clients who request the same form!

I'm in a very similar boat - filed on January 30th and still waiting on my refund! Like many others here, I had a job change last year that created withholding complications, and I'm expecting around $3,800 back. What's been driving me crazy is that the "Where's My Refund" tool has been showing "processing" for weeks now with absolutely no additional information. I've been checking it daily (sometimes multiple times a day, if I'm being honest) and it never changes. Reading through all these responses has been really helpful though - it sounds like returns with job changes and multiple W-2s are commonly getting flagged for manual review, which explains the delays. I have two W-2s from my old and new employers, plus I claimed some education credits, so that's probably why mine is taking longer. The stress of waiting when you really need that money is real. I was planning to use the refund to catch up on some medical bills and start an emergency fund. But it's reassuring to see that others who filed around the same time are starting to get their refunds, so hopefully mine will come through soon too! Thanks everyone for sharing your experiences and tips - it helps to know we're not alone in this waiting game.

Filed on January 26th and just got my refund this morning! I had a very similar situation - job change in October 2024 that created a withholding nightmare, and I was expecting about $4,200 back. Like so many others here, my "Where's My Refund" status was stuck on "processing" for what felt like forever. I had two W-2s and claimed the American Opportunity Tax Credit for my daughter's college expenses, which I think added to the review time. What finally gave me peace of mind was realizing that "processing" actually means they have your return and it's working through their system - it's not stuck or lost. The IRS is just being extra careful with returns that have multiple income sources or credits this year. For anyone still waiting who filed around the same time, based on what I'm seeing here it looks like they're working through late January filings right now. The wait is absolutely brutal when you're counting on that money, but it seems like once they get to your return, things move pretty quickly from approval to deposit. Hang in there - your refunds should be coming soon!

Has anyone used TurboTax Business to file their final S-Corp return? Wondering if it handles all the dissolution specifics properly or if I should use a CPA for the final year.

One thing I'd add is to make sure you handle any depreciation recapture properly when distributing those laptops to yourself. If you claimed depreciation on them over the years, you'll need to calculate the recapture amount and include it in your final tax calculations. The fair market value of the laptops when distributed minus their adjusted basis could result in ordinary income treatment for the depreciation portion. Also, since you mentioned this is your first business closure, consider keeping all your corporate records for at least 7 years after dissolution. The IRS can still audit closed corporations, and you'll want documentation of how you handled the final distributions, asset valuations, and dissolution process. Better to have the paperwork and not need it than the other way around!

Something to watch out for - I once had a paycheck with a deduction called "MISC DED" that turned out to be a garnishment that was applied to the wrong employee! Always question anything that doesn't make sense. Your employer legally has to explain every deduction they take from your pay.

I completely understand the frustration with confusing paycheck deductions! As someone who's been through this exact same situation, here are a few additional tips that might help: First, check if your company has an employee self-service portal (like ADP, Paychex, or Workday) where you can often click on each deduction code for detailed explanations. Many employers don't advertise this feature, but it's incredibly helpful. Second, if you're seeing a sudden $95 increase, it's likely that your benefits enrollment period ended and coverage kicked in. Common culprits are health insurance premiums, dental/vision coverage, or retirement plan contributions that you may have signed up for during orientation without realizing the full cost. Third, don't forget about pre-tax vs. post-tax deductions - some things like 401(k) contributions and health insurance premiums are taken out before taxes, which actually saves you money in the long run even though it looks like a big deduction. Finally, if all else fails, ask to speak with someone in payroll (not just HR) and request a line-by-line explanation of your paystub. They're legally required to explain every deduction, and payroll staff usually know these codes better than anyone else. Hope this helps you get to the bottom of where your money is going!

I'd strongly recommend going the personal donation route rather than trying to transfer it to your business first. As others have mentioned, the IRS takes a dim view of last-minute asset transfers just to claim business deductions. For your $4,000-5,000 boat, you'll need Form 8283 and a qualified appraisal since it's close to the $5,000 threshold. Don't try to lowball the value to avoid the appraisal requirement - that's a red flag for audits. Get a marine surveyor to give you a proper fair market value assessment. Also, keep detailed records of the boat's condition with photos and any maintenance records you have. The IRS will want to see that your valuation is reasonable given the actual state of the vessel. Since you mentioned it's "falling apart," make sure your appraisal reflects that reality. One last tip - if the charity ends up selling the boat for significantly less than your claimed value (which often happens with boats in poor condition), your deduction will be limited to the actual sale price, not your appraised value.

Just wanted to add something that might help with the documentation side of things - make sure you get a receipt from the charity that includes specific language about the donation. The IRS requires the receipt to state whether you received any goods or services in return for your donation (which should be "no" for a straight boat donation). Also, since you mentioned the boat is in poor condition, document everything thoroughly with dated photos showing the specific issues - hull damage, engine problems, interior wear, etc. This will be crucial if the IRS ever questions your valuation. I learned this the hard way when I donated an old RV and didn't have enough documentation of its condition. One more thing - if you do go the personal donation route and itemize, remember that charitable deductions are subject to AGI limitations. Non-cash donations to public charities are generally limited to 50% of your adjusted gross income, with any excess carrying forward for up to 5 years. Given your boat's value, this probably won't be an issue, but it's worth keeping in mind.