How do we handle the expenses for equipment and software? We've been sharing the costs pretty informally. Do we need to track every single purchase?

You absolutely need to track every single purchase related to your YouTube work. Keep all receipts (digital or physical) and note which partner paid for what. The partnership should track all these expenses, even if they came from personal funds. For equipment and software, these are legitimate business expenses that can offset your income. Just make sure you're only deducting the business portion (if you also use things personally). You'll need to decide if certain equipment should be depreciated over time rather than expensed immediately - this depends on cost and expected useful life.

That's actually tax fraud and could get both of them in serious trouble. The IRS isn't stupid - they know people try these "creative" approaches. What you're describing is trying to avoid paying self-employment taxes and income taxes by mischaracterizing business income as gifts. The company clearly views them as a single business entity, which is why they're asking for one W-9. The proper way to handle this is exactly what the top comments suggest - file as a partnership, get an EIN, and each partner reports their share of income on their personal returns.

That's a great suggestion I hadn't thought of! Do you know if these built-in calculators typically handle all the different pre-tax options and show the tax implications clearly? Our HR system is ADP but I haven't fully explored all its features.

Most employer HR systems with these calculators do handle all the pre-tax options specific to your company's benefits package. They're usually more accurate than generic calculators because they're configured with your exact benefit structure. ADP definitely has this feature! Look for something called "Paycheck Modeling" or "Net Pay Calculator" in your ADP portal. It should let you adjust all available pre-tax deductions and show exactly how they affect your take-home pay. If you can't find it, ask your HR department - sometimes these features aren't enabled by default.

I use the TurboTax tool every year after doing my taxes. It's decent but doesn't really show the impact of changing pre-tax deductions in real-time. It's more focused on getting your W-4 withholding right than optimizing across different pre-tax options. I ended up using a combination of that plus a separate calculator for my 401k/HSA decisions.

Thanks for the feedback! You're right that it's more withholding-focused. I just found it useful as one piece of the optimization puzzle. I've been looking for something more comprehensive that shows the trade-offs between different pre-tax options in real-time.

I've checked everything - emails, Coinbase Workforce (their HR portal), spam folders, everything. Nothing there at all. The severance was definitely above the threshold for reporting too - around $18,000 total. I'm going to try contacting their HR department directly, but they haven't been responsive to previous emails.

That's definitely above the reporting threshold, so they should have sent documentation. Sometimes large companies have completely separate departments handling severance payments versus regular payroll, which can cause confusion. I'd suggest sending a formal letter via certified mail requesting the tax documents. Document all your attempts to contact them. When you file, you'll need to report this income regardless. Use your final pay stub or severance agreement to calculate the correct amount, and keep those documents as evidence of your good faith effort to report accurately.

Form 4852 saved me last year! My employer went bankrupt and never sent final W-2s. Just make sure you have some documentation of the payment amounts - bank statements showing deposits work too.

Can CPAs help with issues from prior year returns? I think I messed up my 1099-MISC reporting for a rental in 2023 and I'm worried about an audit.

Yes, CPAs can absolutely help with prior year issues. They can prepare amended returns (Form 1040-X) to correct mistakes from previous filings. For your 1099-MISC situation, they could review what you submitted and determine if an amendment is necessary. Many CPAs also offer audit representation if the IRS does question your return. Having someone who understands the tax code represent you during an audit can be extremely valuable, especially for rental property issues which tend to be scrutinized more closely.

I thought moving expenses weren't deductible anymore after the tax law changes? Was this for a military move or something special?

No self-employment at all - just a regular W-2 job. The amendment was only to claim some education expenses I forgot on the original filing (Form 8863 for education credits). Nothing business related whatsoever. I'm wondering if maybe the "8" in 8863 and the "95" from somewhere else got combined into "8895" in their system? Still doesn't really explain why they'd be asking for a form that doesn't exist though.

The combination of 8863 and some other form number accidentally creating 8895 is actually a really plausible explanation. The IRS's computer systems are ancient and glitches like this happen more often than they admit. Since your amendment involved education credits, another possibility is they might be looking for Form 8915 (which relates to retirement plan distributions, but sometimes these codes get mixed up). Or maybe even Form 8885 (Health Coverage Tax Credit). I'd definitely recommend calling back and specifically explaining you amended for education credits using Form 8863, and asking if that might be causing confusion in their system. Sometimes just mentioning the correct form can help the rep figure out what's happening.

Good point! Real IRS notices have specific security features. The paper should have a watermark visible when held up to light. Also check if the letter has your last 4 SSN digits (scammers often don't have this). And NEVER call a phone number listed in a suspicious notice - always call the official IRS number instead.