That's a great point! Do you know if there's any centralized system for managing all these exemption certificates? I expect to have both retail and wholesale customers, and I'm worried about the paperwork nightmare.

There are definitely systems to help manage exemption certificates! Avalara CertCapture is probably the most comprehensive, but it's pricey. For smaller businesses, services like TaxJar Plus or even basic document management systems can work. The key is having a process in place where you collect the certificate before completing a tax-exempt sale. Many ecommerce platforms have built-in functionality or apps to help with this. Just make sure you validate that the certificates are complete (not missing signatures or expiration dates) and that you're storing them securely. Digital copies are acceptable in all states now, so at least you don't need physical paper copies anymore.

I've been using WooCommerce with the Avalara plugin and it's been pretty solid. Automatically calculates the right rates based on address and handles the reports too.

I'm planning to use Shopify as my primary platform. That's good to hear they have decent tax tools built in. Has anyone used their tax features extensively? Do they make it easy to handle the filing and reporting part too, or just the collection?

This is half right, half wrong. The IRS account portal is different from the transcript service, but in my experience the Account section actually shows LESS document info than what's in the transcript, not more. The transcript will typically show all information returns including 1099-INT forms. The state tax portal advice is completely incorrect though. States don't have access to federal interest payment information in most cases. This is federal data that isn't typically shared with states in real time.

You're right that there's some overlap between the Account section and transcripts, but they actually do show different information in some cases. For certain years, I've seen information in one but not the other. Regarding the state portal, I should have been more specific - this only applies in certain states that have information sharing agreements with the IRS, and even then it's not universal. In my state (California), I was able to see my federal refund interest payment through the state portal last year, but this was probably because I had to report it on my state return as well. Definitely not a universal solution, but worth checking if other options don't work out.

You're right that the amount is the most important thing. Calling the IRS is definitely an option, but as others have mentioned, the wait times can be really long this time of year. I did take your suggestion to estimate the amount though! Based on my refund (around $4,500) and the delay (about 4 months), I calculated roughly $45 in interest. I'll still try to get the official form or amount, but at least now I have a reasonable estimate if I can't get the actual document before the filing deadline. Thanks for the practical suggestion!

Do you use the same LLC for multiple properties or create a new one for each property? I'm looking at getting into real estate investment and wondering what the best approach is.

I use separate LLCs for each property. This creates the strongest liability barrier between properties. If there's a lawsuit at Property A that exceeds insurance coverage, they can only go after that specific LLC's assets (that property), not Property B or C. Some people use one LLC for multiple properties to reduce fees and paperwork, but that defeats much of the purpose - if there's an issue with one property, all properties in that LLC are exposed. The extra cost and paperwork is my insurance beyond insurance.

Both handle single member LLCs fine. For federal taxes it's actually super simple - you just file Schedule C with your personal return, exactly like a sole proprietorship. There's no separate tax return for a single-member LLC unless you elect to be taxed as a corporation.

What about education expenses? I'm in grad school part-time while working full-time and always wonder if I'm claiming everything correctly. The lifetime learning credit vs tuition deduction confuses me every year!

Education expenses are definitely an area where people often miss opportunities! For grad school while working, you need to evaluate whether the Lifetime Learning Credit (up to $2,000) or the tuition and fees deduction would benefit you more - it depends on your income level and other factors. An often-overlooked benefit is that if your education is related to your current career (even if not required by your employer), you might be able to deduct some expenses as unreimbursed employee expenses if they exceed 2% of your AGI and you itemize. Most tax software will ask about education expenses, but may not always connect the dots between your education and potential business expense deductions.

What kinds of credits did they miss? Now I'm worried my guy is missing stuff too. I pay $250 for what's probably 30 minutes of his time.

Is there a specific place on the tax return where we note that we're using Form 4852 instead of a W-2? Or does just attaching the form take care of that?

Just attaching the Form 4852 to your return takes care of it - there's no special place you need to note it elsewhere on your return. The form itself has a field where you explain why you're using it instead of the W-2 (missing W-2, incorrect W-2, etc.), which gives the IRS all the information they need.

Yes! TurboTax actually handles this pretty well. When you get to the income section, there's an option that says something like "I don't have a W-2" or "My employer didn't give me a W-2." If you select that, it walks you through entering all the information from your paystubs and generates Form 4852 automatically.