Would the IRS actually know when I "discovered" the error though? Like if I file the amendment in a month, couldn't I just say I discovered it then? Not trying to be deceptive, just wondering how they determine when you knew about a mistake.

Technically the IRS doesn't know when you discovered the error unless there's some obvious paper trail (like they sent you a notice about it). However, I always advise being honest because if you ever did face an audit or review, lying about when you discovered an error could significantly compound your problems. In practice, filing an amendment within 1-2 months is generally considered prompt enough that the timing wouldn't be questioned. The IRS is primarily concerned with willful, long-term neglect - like someone discovering an error and waiting a year or more to correct it. Your scenario of waiting a few weeks for your refund before filing the amendment is completely reasonable.

That's surprising, I thought the IRS computer systems would be smart enough to connect an amendment with the original return! Thanks for sharing - definitely reinforces the idea of waiting for the refund first.

That's a really good point - I did buy this van new for around $67,000 last year. Maybe I entered the purchase price somewhere I shouldn't have and then the software added depreciation or something on top of it? I'm going to go back and look for that. Maybe it's also accounting for future depreciation in some weird way? Thanks for the suggestion!

You're welcome! Yeah, that's almost certainly what happened. The purchase price should only be entered in the asset/depreciation section, not as a direct expense. The software will then calculate the correct amount you can deduct each year based on depreciation rules. If you bought a $67k van, the software is probably trying to depreciate it plus adding your maintenance costs plus calculating mileage. Triple counting! Once you fix where you entered the purchase price, everything should look more normal.

Is that 65.5 cents still accurate for 2024 taxes? I thought I saw somewhere that the IRS changed the rate again.

Would this still work if both jobs have widely different pay? My main job is about $75k but my weekend job only brings in like $9k. I'm worried about being in different tax brackets.

Yes, it still works with different pay levels! The important thing is to calculate based on your highest marginal tax bracket when combining all income. At $75k for your main job, you're already in the 22% federal bracket (assuming single filing status). The additional $9k from your weekend job would also be taxed at 22% federally. So you'd take $9,000 × 0.22 = $1,980 in additional tax for the year. Then divide that by your remaining pay periods to get the per-paycheck additional withholding amount. Just remember this is a simplified approach. If you're close to moving into a higher bracket with the combined income, you might want to use the IRS calculator for more precision.

This is a really good point. Does the social security cap apply per employer or across all your jobs combined? I work three part-time jobs and I'm nowhere near the cap with any single one.

1 I don't have any foreign investments, it's all US-based index funds and a few individual stocks. And from what I can see, there's no consolidated form either - the website literally says "no tax forms available for 2023." I'm starting to think it might be a technical glitch based on what others have said.

5 That's definitely strange then. If you're only seeing US-based investments with no forms at all, it sounds like a system issue on their end. Vanguard has been upgrading their online systems and there have been quite a few glitches reported. I'd recommend trying one of the contact methods suggested above. In my experience, once you actually get through to someone at Vanguard, they're quite helpful at resolving these kinds of issues. The forms definitely exist (they're legally required to create them), it's just a matter of getting access to them.

3 I had success calling early in the morning right when they open (around 8am ET). The wait times are much shorter then. For Vanguard specifically, try their tax form support line at 877-662-7447 instead of the main customer service number. They seem to be more direct and knowledgeable about these issues.

Is there a reason to choose regular depreciation over Section 179 if you can take the full amount? Seems like getting the deduction sooner would always be better?

Great question! There are several reasons why you might choose regular depreciation instead of Section 179, even when you qualify for the full deduction. The biggest one is if your business income is relatively low compared to the vehicle cost. Taking the full Section 179 in year one could create a large business loss that might be limited in how it can offset other income. If you expect your rideshare income to increase in future years, spreading the deduction over time through regular depreciation might actually save you more in taxes overall. Also, if you're in a lower tax bracket now but expect to be in a higher bracket in future years, saving some depreciation for those higher-bracket years can be more valuable.

I used TurboSelf-Employed last year for this exact situation. It does handle Section 179, but I found it doesn't explain the limitations very well. It will automatically apply the business loss limitations but doesn't really tell you why or how they work. I ended up having to do a bunch of research on my own to understand why I couldn't offset all my W2 income.