Was the process of uploading documents easy? And did they contact you with questions or just handle everything behind the scenes? Thanks for sharing your experience!

The document upload process was pretty straightforward - they have a secure portal where you can drag and drop files or take pictures with your phone. They categorize everything for you. My tax pro did contact me twice with questions. Once about some business expenses that needed clarification and another time about my home office deduction. The communication was all through their messaging system in the portal. After I answered those questions, they completed everything within about 3 days. Then they sent a draft for me to review before filing. I appreciated that they didn't just make assumptions and actually took the time to verify things they were unsure about.

I've used both. TurboTax Live Full Service was slightly more expensive ($229 vs $199 for H&R Block) but I found their interface more user-friendly. The tax pros seemed about the same level of expertise at both places. Main difference was TurboTax had more available time slots for video reviews where you could actually see/talk to your preparer.

I've heard about trading LLCs but wasn't sure if my volume would qualify. I do about 3-5 trades per week, mostly multi-leg options strategies. Would that be enough activity to potentially qualify for trader status? And what kinds of expenses could I deduct if I went this route?

Based on 3-5 trades per week, you might be borderline for trader tax status. The IRS looks for substantial activity (often daily), seeking income from the activity's price swings rather than dividends/interest, and a significant amount of time dedicated to it. Multi-leg options strategies do show sophistication, which helps. If you qualify, you could potentially deduct home office expenses, computer equipment, trading platform subscriptions, investment research materials, education related to trading, and even a portion of your internet and phone bills. These would be business deductions rather than investment expenses, which makes a big difference tax-wise.

I looked into QOZs for my options profits last year. The deferral is nice but remember you're locking up capital in often speculative development projects. Most require $50k+ minimums and 7-10 year commitments. The funds also have high fees. Just make sure you're not making a bad investment just to save on taxes.

I did get a state tax refund actually, but it was only around $340, not the $3,750 showing on the form. And I'm pretty sure it's showing in Box 1 which says "unemployment compensation" so I don't think that's it. But thanks for the suggestion, I wouldn't have thought to check that.

If it's definitely showing in Box 1 as unemployment compensation, then you're right, it's not the tax refund. At this point, you need to contact the state agency directly as the others suggested. One other thing to check - look at the form carefully and make sure it's actually from your state's official unemployment agency. There have been some scams where fake 1099-Gs are sent out to trick people into providing personal information.

This is really good advice. My brother had a similar issue in 2023 and the documentation was what saved him. The unemployment office initially denied there was any error until he showed them his complete employment history and bank statements. They eventually fixed it but it took nearly 3 months.

It's unfortunately becoming a common problem. Another tip: pull your free credit report immediately to see if there's any other suspicious activity. Sometimes unemployment fraud is just one part of larger identity theft. You may want to place a fraud alert on your credit file too while sorting this out.

What's the difference between a tax preparer and a CPA? Would a regular tax preparer be able to handle real estate investments from another country or is that something only a CPA should handle?

A CPA has more extensive education, passed the CPA exam, and maintains specific continuing education requirements. Tax preparers like me have various levels of certification (I'm an Enrolled Agent which means I'm licensed by the IRS). For international real estate investments, I would strongly recommend a CPA with specific experience in that area. While some experienced EAs could handle it, CPAs typically have more training with complex international tax issues. Foreign real estate can involve foreign tax credits, FBAR filings, and other complex reporting requirements that go beyond basic tax preparation. This is definitely a situation where expertise matters more than price.

This depends entirely on the complexity. For simple returns, sure. But for real estate investments, especially with foreign ownership, earlier meetings can be crucial for gathering all the required documentation. Sometimes these returns require information that takes weeks to track down.

Where exactly do you report the Roth vs traditional breakdown? I have both in my solo 401k but can't seem to find where this goes on the 5500-SF. Is it in Part III?

You'll need to complete Part VI of Form 5500-SF if you have both Roth and traditional components. Look specifically at line 11a and 11b where it asks about pre-tax and designated Roth contributions. The total combined value goes on line 7 of Part III, but the breakdown between traditional and Roth gets reported in Part VI. It's easy to miss because most of the solo 401k guidance focuses on the asset reporting and not this specific detail.

I was about 3 months late filing mine last year and did get a notice with a proposed penalty. I called and explained that as a small business owner I wasn't aware of the requirement, and they actually waived the penalty completely. I think first-time abatement is pretty common. Just don't ignore it!

That's a relief to hear! Did you have to submit anything in writing or was the phone call enough to get the penalty waived? I'm about 6 weeks late at this point.