$325 a month actually seems reasonable for everything you described. Does your CPA also help with tax planning throughout the year or just the compliance stuff? I'm trying to figure out if I'm overpaying at $450/month.

He does provide some tax planning, but it's fairly basic - mostly around estimated quarterly payments and year-end strategies like equipment purchases. We have two scheduled check-ins during the year specifically for tax planning. For more complex planning or when I have specific questions, I pay an additional hourly rate ($175/hr). So if you're getting comprehensive tax planning included in your $450, that actually might be a pretty good deal depending on the complexity of your business. My business is fairly straightforward though - single-member LLC with about $280K in revenue.

I tried the Upwork route last year. Found a decent bookkeeper for $35/hr who helped clean up my QuickBooks mess. Quality varies WILDLY though. Make sure they have actual accounting credentials and not just "I know how to use QuickBooks" experience.

So does that mean I need to prove I bought the other collectibles as investments rather than for personal enjoyment? How exactly do I demonstrate that to the IRS? I never formally tracked anything as "investment" vs "personal" when I was buying stuff.

You would need to show evidence that suggests investment intent rather than personal use. Things that help establish this include: keeping detailed records of purchases and sales, maintaining an inventory system, researching market values before buying, having a dedicated space for your collection, and having a history of actually selling items for profit rather than just accumulating them. The IRS looks at factors like frequency of transactions, effort to improve marketability of items, and whether you depend on income from sales. You don't need formal designation documents, but consistency in how you've treated the items. Even documenting that you've been researching values and market trends can help establish investment intent.

Is there like a specific number of items that triggers this? I sold maybe 30-40 things on eBay last year but most were just stuff from around the house, not really collectibles.

No, I didn't claim any special credits or deductions - just the standard deduction. All my info should be correct (same SSN, address, etc. as last year). I e-filed and requested direct deposit to the same bank account I've always used. That's why I'm so confused about the delay! I literally did nothing different from previous years when I got my refund quickly.

In that case, it's likely just the general processing backlog the IRS is experiencing this year. There have been reports that they're still working through a backlog from previous tax seasons, which affects current processing times. If it helps ease your mind, returns with no red flags almost always process successfully, it's just a matter of waiting. The 21-day guideline is just that - a guideline, not a guarantee. Many people are reporting waits of 30-45 days this year even for simple returns.

This happened to me too! My bank (Wells Fargo) held my tax refund for verification for 3 business days before releasing it to my account. When I called the IRS they said the refund had been issued a week earlier!

That's a fair point about the simplicity. I guess I was just frustrated with having multiple accounts in different places and the CD rate seemed low compared to my index funds which have been doing well. Are there any downsides to transferring it to another institution as an inherited IRA like others suggested?

The main downsides to transferring would be paperwork hassles and potential for errors. Some financial institutions aren't very experienced with handling inherited IRAs, which operate under different rules. If you do decide to transfer, make absolutely sure it's done as a direct trustee-to-trustee transfer of an inherited IRA. Don't let them give you a check or close the account, as that would trigger full taxation. Also ensure the new account is properly titled as an inherited IRA with the original owner's name and your name as beneficiary. Finally, confirm the new institution understands you're subject to the pre-SECURE Act RMD rules based on your life expectancy. When done correctly, the transfer itself isn't taxable.

Where did you hear this? I haven't seen anything about changes to inherited IRA rules in the current tax proposals. Do you have a link?

You're right to question this. I should have been more specific. There's no direct "Tax Reform 2.0" package targeting inherited IRAs specifically right now. What I was referring to are some of the ongoing discussions around retirement security legislation following the SECURE Act 2.0 passed in 2022. There are occasionally proposals floated about harmonizing pre-2020 and post-2020 inherited IRA rules, but nothing concrete has advanced through committees. I apologize for creating unnecessary concern. The current rules for pre-2020 inherited IRAs like the OP's should remain stable for the foreseeable future, and I shouldn't have implied otherwise without specific legislation to reference.

PMI deduction expired after 2021 I believe. They keep threatening to bring it back but nothing yet. It's annoying because I'm paying $180/month for PMI that used to at least give me a tax break!

You're right, unfortunately it hasn't been renewed. I just double-checked and the PMI deduction expired after 2021 tax year. Really hurts those of us who couldn't put 20% down. I was chatting with my lender last week about doing a reappraisal since home values in my area have gone up, which might get me over that 20% equity threshold and eliminate the PMI altogether. Might be worth looking into if you've been in your home a while or values have increased in your area.

But isn't home office deduction only for self-employed people? I work remotely for a company and my tax person said employees can't deduct home office anymore after the Trump tax changes.