An important distinction that hasn't been mentioned yet - there's a difference between "Beneficial Owners" and "Company Applicants" on the BOI report. If your subsidiary LLC was formed after January 1, 2024, you'll need to list both beneficial owners AND company applicants. If formed before that date, you only need to list beneficial owners. Also, don't forget that some entities are exempt from BOI reporting altogether. If your partnership qualifies as a "large operating company" (over 20 full-time employees and $5M+ in gross receipts), then the subsidiary might be exempt too. Worth checking if you qualify.

One thing to be careful about - if you're filing BOI reports for multiple related entities, make sure you're consistent in how you identify beneficial owners across all filings. FinCEN can compare these reports, and inconsistencies could trigger questions or audits. For example, if Partner X is listed as having substantial control of the partnership, but then isn't listed on the subsidiary LLC's report, that might raise flags. I recommend creating a chart showing all entities and beneficial owners before filing to ensure consistency.

Just to add some important info here: for legal settlements, it's crucial to understand that the tax treatment varies depending on what the settlement was compensating you for. According to IRS rules: 1. Compensation for physical injuries or physical sickness is NOT taxable 2. Emotional distress damages ARE taxable (unless they stem directly from physical injury) 3. Punitive damages ARE taxable 4. Lost wages/income ARE taxable OP, you mentioned this was a personal injury case with some emotional distress and punitive damages. You need to check your settlement documents to see if they specify how the money was allocated between these categories. Many settlement agreements don't break this down clearly, which is a major problem when it comes to taxes. If your settlement agreement doesn't specify the allocation, you should work with a tax professional to determine a reasonable allocation based on the facts of your case. This could significantly reduce your tax liability.

One thing nobody's mentioned yet - the timing of coming forward matters A LOT with the IRS. If you voluntarily file before they contact you, you're in a much better position than if they find you first. The Voluntary Disclosure Program can sometimes help reduce penalties. Also, since you mentioned having about $150k left, that might actually be enough to cover what you owe depending on how your settlement breaks down. Don't assume you'll owe taxes on the full amount. Lastly, don't panic about "the IRS hunting you down" - they're not the boogeyman. They deal with unfiled returns and late payments constantly. They have structured installment plans, and in some cases where people truly can't pay, they have programs like Currently Not Collectible status or Offer in Compromise to settle for less than you owe. It's a bureaucracy, and while they want their money, they have procedures for handling exactly your situation.

Based on your age (under 18), I think you should be extra careful here. The fact that you're a sole proprietor at 17 is great, but it also raises some potential complications. Since you're a minor, the way your business income and deductions are reported might be affected by your parents' tax situation. In some cases, what's called the "Kiddie Tax" could apply to your business income. Have you talked with your parents about how they're handling your business income on their tax returns? Before making any major purchases with tax implications, that's an important conversation to have.

Don't forget to look into mileage tracking apps! I made the mistake of not tracking my miles properly when I started my business and lost out on thousands in deductions. Even though you're using the car less than 50% for business, every business mile counts. You can either take the standard mileage rate (65.5 cents per mile in 2023) OR actual expenses including depreciation - but not both. For someone your age just starting out, I actually recommend the standard mileage method. It's simpler and often works out better for smaller vehicles with good fuel economy. Plus, you avoid all the recapture headaches if you sell the car later.

Another option to consider is using a low-interest credit card to pay the tax bill, especially if you can get a 0% intro APR card. I did this last year when I owed about $5k. Credit card processing fees were about 1.9% ($95), but then I had 18 months at 0% interest to pay it off. Worked out way cheaper than the IRS interest rate + penalties.

Don't forget about the IRS Fresh Start program! If you owe less than $50,000, you can get up to 72 months to pay. The interest still applies, but it's way better than collections. I set mine up online at irs.gov/payments and it was pretty simple.

I've used TurboTax Home & Business for the past 3 tax seasons with a similar mix of income sources. Honestly, it's pretty straightforward for your situation. The education expenses are simple to enter - it asks specific questions about your tuition and related expenses. For the self-employment portion, it breaks down common deductions by business type. Just make sure you've tracked your business expenses well throughout the year. The biggest hassle is entering all the individual expenses, but if you have good records it's not too bad. One tip: if you buy it through Amazon or Costco, you can often find it for $10-15 less than the list price!

I was in this exact situation last year! I tried FreeTaxUSA instead of TurboTax and was really happy with it. It handled both my W-2 and self-employment income perfectly and cost WAY less than TurboTax. I think I paid about $15 for federal filing with self-employment, plus another $15 for state filing. The interface isn't quite as polished as TurboTax, but it asks all the same questions and covers education expenses, business mileage, and self-employment deductions thoroughly. Their support was also helpful when I had questions.