Does claiming the Recovery Rebate Credit also trigger a review? I claimed that for a missing stimulus payment.

Recovery Rebate Credit can definitely trigger additional review, especially if the amount you're claiming doesn't match IRS records. The IRS is extra careful with these credits because there were a lot of issues with improper claims (both accidental and fraudulent) during the pandemic years. The good news is that even with the delay, you should eventually get the refund if you're legitimately entitled to it. But it might take 6-8 weeks instead of the usual 21 days.

Thanks for this info! I checked and I do have that PATH Act hold. Wish the "Where's My Refund" tool would just tell you this instead of the vague "still processing" message.

This is really interesting, I hadn't heard of this option. Do these loans work for HELOCs too, or just for primary mortgages? And any idea which lenders typically offer them? My credit score is excellent (820+), it's just this stupid DTI issue because of the deductions.

They work primarily for primary and investment property mortgages, but some lenders have started offering HELOCs with bank statement options too. It's less common for HELOCs but definitely exists. Most non-bank lenders offer some version of these programs. Companies like NewRez, Angel Oak, and North American Savings Bank are known for their bank statement loan programs. Credit unions sometimes offer them too. With your excellent credit score, you'd likely qualify for the best rates they offer on these products. I'd recommend talking to a mortgage broker rather than going directly to lenders - brokers will know which specific lenders have programs that fit your situation.

Second this! Manual underwriting is the way to go for self-employed people. When we bought our house, we got denied by three big banks before finding a local credit union that actually took the time to understand my business income. They looked at my profit/loss statements and business bank accounts instead of just my tax returns.

This is unnecessarily alarmist. Helping a friend one time doesn't make you a money transmitter business under FinCEN regulations. The money transmitter laws are for people regularly engaged in the business of transmission. A one-off favor doesn't qualify.

You're right that a single transaction probably wouldn't trigger money transmitter registration requirements, but it can still create reporting complications. FinCEN has been increasingly scrutinizing crypto transactions. What concerns me more is that banks and exchanges are filing suspicious activity reports for exactly this type of activity - receiving crypto and immediately cashing it out for someone else. While one transaction might not be an issue, it's important for OP to understand there are regulatory considerations beyond just tax reporting.

I think they only issue 1099-Ks if you exceed $20,000 in transactions AND more than 200 transactions in a year. Did you do a lot of other crypto trading? For 2023 taxes they were supposed to lower the threshold but they delayed that.

That used to be the case, but they've been inconsistent in my experience. I had less than $15k in total transactions for the year and definitely fewer than 200 transactions. They still issued one to me, which is why I warned about it. The reporting thresholds are supposed to change soon anyway, so better to be prepared.

Thanks for the info! That makes me feel better. Do you know if there's any way to tell which "batch" my return might be in? The IRS site just says "approved" but doesn't give an estimate.

Unfortunately there's no way to see which specific batch your return is in. However, once your return status changes from "Return Received" to "Return Approved," that usually means your refund will be issued within 1-3 business days. After the IRS approves your refund, it typically takes 1-5 business days for your bank to make the funds available to you, depending on your bank's policies. If you check the Where's My Refund tool and it shows "Refund Sent," that means the money has been sent to your bank.

In my experience, filing in February is actually slower than mid-March. The IRS gets swamped with early filers who have all their documents ready in February. I've filed in mid-March the last two years and got my refund within 10 days both times. April is definitely the worst though - everyone rushing to meet the deadline creates huge backlogs.

Thanks for the suggestion! Any specific apps you'd recommend? I'm definitely tired of trying to remember to write everything down, especially when I'm rushing between deliveries.

I've been using MileIQ for about 2 years and it's been really reliable. Stride is another popular one that's completely free and also helps track other business expenses. Everlance is good too - it has a free tier that lets you track up to 30 trips per month. The key is finding one that runs in the background without killing your battery. Most will let you export your mileage log as a PDF or spreadsheet at tax time, which looks way more professional than a handwritten notebook if you ever get audited.

This!!! I learned this the hard way my first year delivering. Didn't make quarterly payments and got hit with a penalty. The mileage deduction saved me though - turned a $3200 tax bill into about $850.

Wait, I think I might be confused now. My boss gives me cash at the end of each shift plus I keep the tips. He's never mentioned anything about a 1099 or being a contractor. Does that mean I'm an employee? How do I figure this out?