If I'm both partners in an LLC (single-member LLC), do I still need to file a 1065? I thought in that case it just goes on my Schedule C?

You're mixing up two different business types. A single-member LLC is treated as a disregarded entity by default and would file Schedule C with your personal return, not Form 1065. A partnership requires at least two partners. If you're the only owner, you don't have a partnership by definition. Single-member LLCs report on Schedule C unless they've elected to be taxed as a corporation. Multi-member LLCs are treated as partnerships by default and file Form 1065 along with Schedule K-1s for each partner.

Is there a minimum amount you need to make before you have to do the quarterly payments? My side business only makes like $3k a year.

Generally, you need to make quarterly estimated tax payments if you expect to owe at least $1,000 in taxes for the year. However, you can avoid penalties if you pay at least 90% of the tax for the current year or 100% of the tax shown on your previous year's return (whichever is smaller). For a small side business making around $3k, it might not trigger the requirement depending on your tax situation, but it's always good to calculate your expected tax liability to be sure. Self-employment tax (15.3%) kicks in when you have $400 or more in net earnings, so even small businesses can sometimes create tax obligations.

What about code 846? I see that on mine with a date of 3/5/25 but WMR still shows processing. Does that mean I'm getting my refund on 3/5?

Code 846 is exactly what you want to see! That's the "refund issued" code, and the date next to it is when the IRS will release your refund. So yes, your refund should be sent on 3/5, though it might take 1-3 business days after that to show up in your bank account depending on your bank's processing time. The WMR tool often lags behind the transcript updates, so it's totally normal for your transcript to show a refund date while WMR is still on processing. Your transcript is the more accurate source.

I actually got mine a day earlier than the transcript date! Transcript said 2/28 but it hit my bank on 2/27. I think it depends on your bank though.

Do they charge extra for amending returns? I know TurboTax hits you with another fee if you need to correct something after filing.

They do charge for amendments, I think it was about $15 when I did mine. Still cheaper than most other places, but definitely an extra expense I wasn't planning on. The process wasn't too difficult though - you basically just go through their amendment section, fix what was wrong, and they generate the proper 1040-X form. Just make sure to print and mail it rather than e-file, since the IRS still requires paper amendments in most cases.

What state are you in? I'm in Pennsylvania and our local taxes are a nightmare with all the different municipality rates.

I'm turning 50 in November 2023. Can I make the catch-up contribution for the whole year, or just for the months after my birthday?

You can make the full catch-up contribution of $1,000 for the entire 2023 tax year! The IRS bases eligibility on whether you're 50 or older at any point during the calendar year. So even though you're turning 50 in November, you qualify for the full $7,500 contribution limit for 2023. This is actually a nice little bonus for people in your situation - you effectively get to make "catch-up" contributions for the months before you turn 50.

I used TurboTax last year in this exact situation (I worked, husband didn't). It actually walked me through the spousal IRA contribution pretty well. There's a specific section about retirement contributions, and it asked if my spouse had any earned income. When I entered zero, it explained the spousal IRA rules and confirmed we could still contribute up to the full amount for him. The key is making sure you indicate that you're filing jointly - that's what enables the spousal IRA option.

Thanks for explaining that! I think I must have missed something in the questionnaire because it never gave me that option clearly. I'll look specifically for the retirement contributions section this year and make sure we're filing jointly (which we are). Really appreciate the tip about where to find it.

That's really smart! Do you have any specific tips on how to document all those different responsibilities? Like do you keep a time log or something?

Oh that's a good point about the calendar year requirement. My business tends to be seasonal with a lot of income at the end of the year, so that might actually work out well for planning purposes. Do you happen to know if I'd need to start taking a salary immediately after forming the S-Corp? Or could I wait until I've built up some reserves in the business account first?

You should start taking a reasonable salary as soon as the S-Corp election is effective. The IRS looks suspiciously at S-Corps that distribute profits without paying any salary, as that appears to be avoiding payroll taxes. That said, you don't necessarily need to take a salary with every single payment that comes in. Many S-Corp owners set up quarterly or monthly payroll for themselves, allowing some cash to accumulate in the business account before processing payroll. Just make sure that by the end of the tax year, you've paid yourself a reasonable salary relative to the profit the business generated. Your payroll schedule should be consistent and documented as part of your business practices.