Do you know if there's any difference in processing time between major banks and smaller credit unions? Mine sometimes takes longer for ACH transfers.

Yes, there can definitely be differences. Larger banks typically process ACH transfers (which is what IRS payments are) more quickly - usually within 24 hours of receiving them. Smaller credit unions sometimes batch their ACH processing and might only run them once per day, which can add a delay of up to 24 hours. If you're with a smaller credit union, I'd add an extra day to the expected processing time just to be safe. So if the IRS schedules the withdrawal for the 15th, it might not actually hit your account until the 17th or 18th at a smaller institution.

If your payment bounces, the IRS will send you a notice and charge you a penalty - usually about 2% of the payment amount. They'll also charge interest on the unpaid amount until you pay it. Plus your bank will probably charge you an NSF fee too.

I filed taxes last year and checked "no" to the question about receiving income from payment platforms because my Venmo was just roommates paying rent. Did I mess up? Should I have reported those transfers somewhere?

You didn't mess up at all. When the tax form asks if you received income from payment platforms, it's specifically asking about business income, not personal transfers like rent from roommates. Since those Venmo payments weren't income (just reimbursements for your portion of the rent), you correctly answered "no" to that question. The key distinction is whether the money received was truly income (payment for goods or services) versus money that was simply passing through your account for personal reasons. Roommates paying you their share of rent falls into the latter category and isn't taxable income.

I did actually! Last year I got one for about $14,000 in transfers. When I called PayPal they said it was because I had a "business account" even though I was just using it for my fantasy football league dues and payouts. I had to switch to a personal account and explain it on my taxes.

That's interesting - I've heard about opportunity zones but don't really understand how they work. Would this only help if he's selling property with capital gains, or can it help with his regular business income too? And are there any risks involved?

Opportunity zones primarily help with capital gains, not ordinary business income. If your brother-in-law sells property, equipment, or even business interests at a profit, he could defer those capital gains taxes by reinvesting in a qualified opportunity zone fund within 180 days of the sale. The main risks include market risks (as with any investment), liquidity constraints (funds typically have 10-year holding periods for maximum benefits), and potential regulatory changes since this is a relatively new program. There's also geographic limitation since investments must be in designated opportunity zones. I'd definitely suggest talking with both a financial advisor and tax professional before pursuing this strategy.

This is especially useful if your brother-in-law owns the buildings where his business operates. My construction company did a cost seg study on our headquarters building and main warehouse. We were able to reclassify about 35% of the assets from 39-year property to 5 or 7-year property. Massive tax deferral benefit.

What about leasing? I heard there's some loophole where if you lease an EV instead of buying, the MAGI limits don't apply to the customer because the credit goes to the leasing company? Is that true?

Yes, that's correct about leasing. When you lease an EV, the leasing company (usually the manufacturer's financing arm) is technically the owner of the vehicle, so they receive the tax credit directly. They often pass this benefit on to the customer in the form of reduced lease payments or a capital cost reduction. In these cases, the MAGI limits don't apply to you as the lessee because you're not claiming the credit directly. This has indeed become a popular workaround for higher-income customers who wouldn't qualify for the credit if they purchased. Just make sure the leasing company is actually passing along the credit value to you in the lease terms.

The MAGI (Modified Adjusted Gross Income) limit for single filers to get the full EV credit is $150,000. At $145k you should be eligible for the full credit IF your car meets all the other requirements (battery components, minerals, etc.). The "prior year" option means when you file your 2023 return in 2024, you can use either your 2023 MAGI or your 2022 MAGI, whichever is lower. So if your income was lower last year, you could use that instead.

5 Do you know if Texas and Oklahoma have any kind of reciprocity agreement? I'm about to start a job across the border but staying in TX.

22 Texas and Oklahoma do not have a reciprocity agreement. You'll need to file an Oklahoma non-resident tax return (Form 511NR) for the income you earn there. However, since Texas doesn't have income tax, you won't have to worry about filing anything in Texas or dealing with tax credits between states. Make sure your employer is withholding Oklahoma state taxes from your paycheck! Some employers aren't familiar with cross-border situations and might miss this, which could leave you with a surprise tax bill when you file.

2 This was super helpful! One question - does this apply to self-employed people too? I live in Washington but have clients in Oregon and Idaho.