Based on my experience working with tax clients, what you're experiencing is likely an ACH processing delay. The Treasury Financial Management Service (FMS) initiates the ACH transaction, but it must pass through the Federal Reserve's processing system before reaching your financial institution. This typically takes 24-48 hours after your DDD, but can extend to 5 business days during peak tax season without indicating any problem. If your bank isn't showing a pending deposit by day 5 post-DDD, that's when you should request a payment trace through the IRS.

I'm going through the exact same thing right now! My transcript shows the 846 code with today's date, and I've been refreshing my banking app every hour like it's going to magically appear. It's so frustrating when you're counting on that money. From what I'm reading here, it sounds like this delay is more common than the IRS lets on. I think I'm going to give it until Monday before I start panicking - thanks everyone for sharing your experiences, it really helps to know I'm not alone in this!

One thing nobody mentioned yet - you might need to pay quarterly estimated taxes if you expect to owe more than $1,000 in taxes for the year. This is especially important for self-employment since you don't have an employer withholding taxes. Self-employment tax is about 15.3% on top of regular income tax, which catches a lot of first-timers by surprise. Google "1040-ES" for the forms you need.

Hey Giovanni! I was in a similar situation when I started my photography side hustle in college. Here's what I wish someone had told me upfront: You're absolutely right to want to handle this yourself - it's actually pretty straightforward once you understand the basics. Even if you only make a few hundred dollars, you should report it. The good news is that as a student, you likely won't owe much in actual taxes, but you will need to pay self-employment tax (about 15.3%) on any profit over $400. Here's my simplified checklist for you: 1. Keep detailed records of ALL payments (screenshots work fine) 2. Track any business expenses (phone bill, props, etc.) 3. You'll file Schedule C with your regular tax return 4. If you make over $1,000 profit, start making quarterly payments to avoid penalties The payment app thing is confusing - they'll send you a 1099-K if you receive over $600, but you need to report everything regardless of whether you get that form. Pro tip: Open a separate bank account just for this income if possible. Makes tracking everything so much easier come tax time. You got this! 💪

I'm really confused by all this ERTC amendment stuff... My CPA told me the reduction should only be for the refundable portion, not the nonrefundable part. But now I'm reading conflicting advice here. Does anyone have an actual IRS reference that clarifies this?

I went through this exact same situation with my S-Corp last year and can confirm what others have said - you need to reduce wage expenses by the FULL ERTC amount (both refundable and nonrefundable portions), excluding any interest received. The key thing to remember is that the ERTC is essentially the government reimbursing you for wages you paid, so you can't also deduct those same wages as a business expense. It would be double-dipping. For your $87k in 2020 and $112k in 2021 refunds, make sure you separate out any interest portion before calculating the wage expense reduction. The interest is taxable income but doesn't affect the wage deduction adjustment. One heads up - this will create a significant increase in your pass-through income, which means additional personal tax liability when you amend your 1040s. With amounts that large, you might want to consider making estimated payments to avoid underpayment penalties. The amendment process can take several months, so plan accordingly for the cash flow impact.

My accountant always tells me to focus on the "ordinary and necessary" test for business expenses rather than just the timing. If this conference is ordinary and necessary for your business type, the IRS is less likely to question it regardless of when you deduct it. Just make sure you have good documentation showing how it relates to your business - things like the conference agenda, notes you took, business cards you collected, etc. This has saved me multiple times during reviews.

This is exactly the kind of timing question that trips up so many small business owners! The key thing to remember is that for most small businesses using cash accounting, you generally deduct expenses in the year you both pay for them AND receive the economic benefit. Since your conference is in September 2025 and you're not paying until then, that's clearly a 2025 deduction. Even if you had prepaid in 2024, the IRS could still argue the economic performance doesn't occur until you actually attend the conference. One thing I'd add to the great advice already given - consider keeping a simple spreadsheet of planned business expenses like this so you can do better tax planning for next year. Knowing you'll have that conference deduction in 2025 might influence other timing decisions you make with income and expenses. Also, don't forget that if you travel for the conference, those travel expenses (flights, hotels, 50% of meals) are also deductible business expenses for the same tax year as the conference itself.

Don't forget there's also the "material participation" test for businesses. The IRS looks at whether you're actively involved in the operations on a regular, continuous, and substantial basis. For a side gig like yours, you'll want to keep good records of time spent working on your business. I track hours for my consulting work using a simple app. This helps support business classification if the IRS ever questions it.

Friendly reminder that the business vs. hobby distinction isn't just about which one saves you more in taxes right now! If you genuinely have a profit motive and are running this as a business, you should file as a business even if it might cost more in taxes. Filing as a hobby when it's really a business can cause problems later if you get audited. Plus, business losses can sometimes offset other income, and you're building Social Security credits with self-employment taxes.