Does anyone know if TurboTax Business can handle LLC returns regardless of the classification? My LLC is set up as an S-Corp and I'm trying to decide if I need to hire an accountant or can DIY.

@Layla Mendes - I went through this exact same confusion when I first started my LLC! Here's what I learned: if you only have one member (just yourself), your LLC automatically defaults to "disregarded entity" status, which means you file taxes as a sole proprietor using Schedule C on your personal return. You don't need to file a separate business return. The easiest way to confirm is to look for any Form 8832 or Form 2553 in your records - these would show if you made a special election. If you can't find either of these forms, you're almost certainly under the default classification. Since you mentioned this is for a web design business you started last year, you'll likely be filing Schedule C with your 2025 personal tax return. Just make sure to track all your business expenses throughout the year - things like software subscriptions, equipment, home office expenses, etc. can really add up to significant deductions! If you want to double-check, the IRS business line at 800-829-4933 can tell you what's on file, though be prepared for potentially long wait times.

Has anyone used TurboTax for reporting trader status? Their interface is confusing me when I try to enter these platform fees as business expenses.

Maya, I went through the exact same situation with similar commission amounts last year. Here's what I learned after digging deep into this: 1. **Trading commissions** - These are already baked into your cost basis on your 1099-B forms. When you buy stock for $1000 with a $5 commission, your cost basis is reported as $1005. When you sell for $1200 with another $5 commission, proceeds show as $1195. So those per-trade fees are already handled. 2. **Platform subscription fees** - These are the tricky ones. Your monthly ThinkorSwim fees, data packages, or premium features aren't included in cost basis calculations. Under current tax law (post-2017), these generally can't be deducted as miscellaneous itemized deductions. 3. **The trader status exception** - If you qualify as a "trader" rather than an "investor" in the IRS's eyes, you can deduct platform fees as business expenses on Schedule C. The requirements are strict: frequent trading (think hundreds of trades), short holding periods (days/weeks not months), and substantial time commitment to trading activities. With $25k in total fees, it's definitely worth having a tax professional review your situation. They can help determine if you might qualify for trader status and ensure you're not missing any legitimate deductions while staying compliant with IRS rules.

Just wanted to add one more option that worked for me when I was in a similar situation - check if you have any old tax preparation receipts or confirmation emails from that year. I found a receipt from Liberty Tax that I had completely forgotten about, and when I called them, they still had my return on file with all the W-2s attached. Also, if you used any online banking or financial apps like Mint or Personal Capital back in 2015, they sometimes import and store tax document information that you might be able to access even years later. I was able to pull some income details from my old Mint account that helped me verify information when requesting transcripts from the IRS. One last thing - if you're dealing with multiple missing documents, consider creating a spreadsheet to track what you've tried and what you still need. This whole process can get overwhelming with all the different options, and having everything organized really helped me stay on top of which approaches were working and which weren't. Good luck getting everything sorted out!

I've been following this thread and wanted to share my own experience since I just went through this process successfully last month. The IRS Get Transcript service really is the gold standard - I was able to get wage and income transcripts going back to 2016 that included all my W-2 and 1099 data. The online identity verification was tricky at first (kept getting denied), but I called the IRS helpline and they walked me through submitting Form 4506-T by mail instead. Took about 3 weeks but got exactly what I needed. One thing I learned that might help - if you're missing multiple years of documents, you can request transcripts for several tax years at once on the same form. Just make sure to be specific about which type of transcript you need (the "Wage and Income Transcript" for W-2/1099 data vs. other types). Also wanted to echo what others said about corporate HR being way more helpful than individual locations. When I needed verification for an old retail job, the store level couldn't help at all, but corporate was able to confirm employment dates and direct me to their payroll processor within one phone call. The whole process was way less stressful than I built it up to be in my head. Don't let the embarrassment of past workplace situations keep you from getting documents you're legally entitled to - there are definitely multiple paths to get this resolved without having to face old managers!

The Innovation Refunds story really highlights a broader problem with how COVID relief programs were exploited. What's particularly frustrating is that the ERC was actually a well-intentioned program that could have genuinely helped qualifying businesses, but these aggressive marketing companies turned it into a get-rich-quick scheme. I've been researching this topic extensively since the WSJ article came out, and what's shocking is the sheer scale of potentially fraudulent claims. The IRS estimates that 10-20% of the $230+ billion in ERC claims may be improper. That's not just a few bad actors - that's a systemic problem. For anyone still dealing with uncertainty about their ERC claims, I'd recommend documenting everything: your original business impact during COVID, the exact promises made by whatever company you used, and any communications about qualification criteria. If the IRS does come calling, having a clear paper trail of what you were told versus what the actual rules were could be crucial for penalty relief. The saddest part is that legitimate small businesses that truly qualified for ERC benefits now have to worry about increased scrutiny because of these mills that flooded the system with questionable claims. It's yet another way that small businesses got hurt during an already difficult time.

As someone new to this community but unfortunately not new to ERC headaches, I wanted to share my experience and ask for advice. I used a company similar to Innovation Refunds last year after getting multiple cold calls promising my restaurant qualified for "up to $26,000 per employee" in COVID relief. The red flags were there in hindsight - they guaranteed qualification before even looking at my books, charged a 20% fee upfront, and kept pushing me to file quickly before some imaginary deadline. But as a small restaurant owner who barely survived 2020-2021, the promise of legitimate government relief was too tempting to ignore. Now I'm sitting here with a $180,000 ERC refund that I'm terrified might not be legitimate. The company calculated my revenue decline using methods that don't seem to match what people are describing as the actual IRS requirements. They compared my worst month in 2020 to my best month in 2019, which even I know doesn't sound right. Has anyone successfully navigated the process of voluntarily correcting a questionable ERC claim before the IRS catches it? I'd rather deal with this proactively than wait for an audit notice. The stress is killing me, and I can't be the only business owner in this situation.

I messed this up last year and its important to know! If ur 17 year old files there own return make sure they DONT claim themselves as independent!! My son did this and then when I filed claiming him as a dependent, we got a letter from IRS months later saying we had conflicting returns. Was a huge headache to fix!!!!

This is exactly the kind of confusion that trips up so many parents! The good news is that your situation is straightforward - you can definitely still claim your 17-year-old as a dependent even with his part-time job income. The key thing to understand is that for a "qualifying child" (which your son is), there's no income limit at all. The tests are: relationship (he's your son ✓), age (under 19 or under 24 if student ✓), residency (lives with you more than half the year ✓), and support (you provide more than half his support ✓). Since you mentioned you pay for more than half his expenses and he lives with you full-time, you clearly meet the support test. His $5,800-$7,000 income won't disqualify him as your dependent. A few important reminders: - You don't include his income on your return - He should file his own return if taxes were withheld (to get refunds) - Make sure he checks the box saying "someone can claim me as a dependent" on his return - This prevents the conflicting returns issue that some others mentioned You're being smart to double-check everything with his first job - it shows you want to do things right!