Ive been dashing for 3 years now alongside my office job. Keep EVERY receipt - gas, phone chargers, hot bags, etc. The tax write offs make a HUGE difference. Also dont forget about the quarterly payments! I put reminders in my calander cause I forgot the first year and got hit with penalties.

Great question! I started doing Doordash last year while working my regular job and learned a lot through trial and error. Here's what I wish I knew from the start: You'll definitely want to track your mileage religiously - it's usually your biggest deduction. I use a simple notebook in my car and jot down my starting/ending odometer readings for each dash session. The standard mileage rate for 2024 is 67 cents per mile, which adds up fast! For the quarterly payments, you can also ask your regular employer to withhold extra taxes from your paycheck instead of making separate estimated payments. I had my HR department take an extra $150 per month from my regular job to cover the Doordash taxes - much easier than remembering quarterly deadlines. One tip: keep a separate envelope or folder for ALL your Doordash-related receipts. Car maintenance, phone accessories, insulated bags, even hand sanitizer you buy for deliveries. These small expenses add up and reduce your taxable income. And definitely set aside that 25-30% of earnings right away. I learned the hard way that it's much easier to save as you go than scramble to pay a big tax bill in April!

Great question! I've dealt with this exact decision before. Based on your situation with investment income and a side business, I'd lean toward the EA. Here's why: EAs have more comprehensive training specifically in federal tax law - they either pass a rigorous 3-part IRS exam or have 5+ years of IRS experience. For investment income and business taxes, this deeper knowledge base can be really valuable for identifying deductions and handling complexities you might not even know exist. CRTPs are great for straightforward returns, but your side business adds layers that benefit from someone with broader training. Plus, if any issues come up later, EAs can represent you fully before the IRS, while CRTPs have very limited representation rights. That said, don't ignore experience! An EA who's been practicing for 20 years with business clients will likely serve you better than a newly certified one, regardless of credentials. Ask both preparers about their specific experience with small businesses and investment income situations like yours. You might also want to get quotes from both and see if the price difference justifies the additional credential value for your specific situation.

As someone who's worked with both types of tax professionals, I'd definitely recommend going with the EA for your situation. The combination of investment income and a side business creates potential complexities that benefit from the more comprehensive federal tax training that EAs receive. The key difference is that EAs must demonstrate mastery of the entire tax code through their exam or IRS work experience, while CRTPs focus more on basic tax preparation skills. With a side business, you'll want someone who really understands business deductions, quarterly payments, potential self-employment tax implications, and how your business income interacts with your investment income. Also worth considering - if you plan to grow that side business or your investments become more complex over time, establishing a relationship with an EA now means you won't need to switch preparers later when your taxes inevitably get more complicated. That said, definitely ask both preparers specific questions about their experience with small businesses similar to yours and how they handle investment income reporting. The right fit matters more than credentials alone.

I want to emphasize something that hasn't been mentioned enough in this thread: the importance of acting quickly once you discover your FBAR obligations. The IRS has a 6-year statute of limitations for FBAR violations, but this clock doesn't start ticking until you actually file the required forms. What this means practically is that every year you delay addressing your missing FBARs, you're potentially adding another year of exposure to penalties. The Streamlined Filing Compliance Procedures that everyone has mentioned are definitely your best option, but they require you to file FBARs for the past 6 years regardless of when you discovered the requirement. I've seen situations where people discovered their FBAR obligations but then spent months researching and deliberating, only to realize they could have saved themselves a lot of stress by acting sooner. The non-willful penalties under the Streamlined procedures are much more manageable than the potential willful penalties if this drags on and the IRS views any continued delay as intentional non-compliance. Given that your foreign accounts are legitimate, properly maintained in your home country, and you've been reporting the income on your US tax returns, you have a strong case for non-willful treatment. Don't let overthinking this situation work against you.

As someone who went through a very similar situation, I want to stress how important it is to get this right the first time. I was in almost the exact same position - immigrant who had been filing taxes diligently but had no idea about FBAR requirements for my foreign accounts. The advice about using the Streamlined Filing Compliance Procedures is spot on. What really helped me was understanding that the IRS genuinely does distinguish between people who are trying to hide money and people like us who simply didn't know about these requirements. Your situation - maintaining legitimate accounts in your home country, occasionally sending money to family, and having the accounts properly declared and taxed there - fits the classic profile of non-willful non-compliance. One thing I learned that might be helpful: when you prepare your non-willful statement as part of the Streamlined procedures, be specific about how you discovered the FBAR requirement (your colleague mentioning it) and emphasize that you've been using consumer tax software that didn't flag this requirement. This helps demonstrate that your non-compliance wasn't intentional. The fact that you're proactively addressing this now rather than continuing to ignore it will work in your favor. Don't let fear of penalties prevent you from taking action - the Streamlined procedures are specifically designed for situations like yours, and they're much more forgiving than the alternative of waiting until the IRS discovers the issue on their own.

I'm so sorry you're going through this! I filed my injured spouse form in January 2024 and just got my refund last week - it took 28 weeks total. I know that's probably not what you want to hear, but I wanted to share because there IS light at the end of this tunnel. A few things that helped me through the process: 1. I kept detailed records of every call I made to the IRS, including date, time, and what each agent told me. This was crucial when I finally got someone who could actually help. 2. Around week 22, I started calling every Friday to check status. Most calls were useless, but eventually I got an agent who discovered my form had been flagged for manual review due to a discrepancy in how I calculated the income allocation. 3. The final amount I received was about 65% of our original refund, which matched pretty closely to my income percentage on our joint return. I know the waiting is absolutely agonizing, especially when you need that money. But based on everything I've seen in this community, these forms do eventually process - it just takes WAY longer than the IRS admits. Hang in there! 💪

I'm in a very similar situation and completely feel your frustration! Filed my injured spouse form in March 2024 after my husband's old student loan debt caused our entire $4,200 refund to be offset. I'm now at week 18 with basically no movement on my transcript except for the initial offset codes. What's driving me crazy is that I've called twice and gotten completely different information each time. First agent said my form was received and "in the queue for processing" but couldn't give any timeline. Second agent claimed they couldn't find any record of my form at all, which sent me into a panic thinking it got lost. I've been obsessively checking for those TC codes everyone mentions (971 AC 281, etc.) but my transcript still just shows the original offset. Starting to wonder if I should resend the form or if that would just make things worse. The 8-14 week timeline on their website is such a joke when everyone here is waiting 20+ weeks minimum. It's infuriating that they can instantly grab our money but take half a year to figure out how much to give back. Thanks for posting this - it helps to know we're all suffering through this broken system together. Hopefully we'll both see some movement soon! 🤞

As a newcomer to this community, I can't express how relieved I am to have found this thread! I'm in the exact same situation as Noah and so many others here - filed my Section 475(f) MTM election with my 2023 return and have been losing sleep wondering if it was processed correctly. Reading through everyone's experiences has been incredibly enlightening and reassuring. The consistent message that the IRS doesn't send confirmation notices for MTM elections, while frustrating, at least explains why I've been checking my account obsessively with no results. The "no news is good news" principle makes logical sense, even if it's anxiety-inducing for those of us used to getting confirmations for important financial decisions. What I'm taking away from this discussion is that I need to stop waiting for a confirmation that will never come and start implementing proper MTM accounting practices immediately. I've been hesitant to begin daily position tracking because I kept thinking "what if my election wasn't valid?" but it's clear that's the wrong approach. If there had been an issue with my election, the IRS would have contacted me by now. I'm especially grateful for the practical tips about maintaining consistent pricing sources, keeping detailed trading journals, and preparing for Schedule C reporting instead of Schedule D. The advice about documenting everything - from certified mail receipts to screenshots of accepted returns - gives me a clear roadmap for building that comprehensive paper trail. Thank you to everyone who shared their multi-year MTM experiences. Knowing that the anxiety decreases over time and that the process becomes routine is exactly what I needed to hear. Time to stop worrying and start implementing!

As a newcomer to this community, I'm incredibly grateful to have found this thread! I'm in the exact same situation as Noah - filed my Section 475(f) election with my 2023 return and have been constantly worried about whether it was properly processed since there's no confirmation system. Reading through everyone's experiences has been both reassuring and educational. The consistent message that the IRS operates on a "deemed approved unless rejected" basis for MTM elections finally makes sense of why I haven't received any confirmation. It's counterintuitive when you're used to getting acknowledgments for important financial decisions, but clearly that's just how the IRS handles these elections. What strikes me most is how universal this anxiety seems to be among traders who make Section 475(f) elections. It's oddly comforting to know that virtually everyone goes through this same cycle of filing, waiting, worrying, and eventually realizing they need to move forward without official confirmation. The practical advice throughout this thread has been invaluable - especially the emphasis on maintaining detailed records, implementing daily position tracking immediately, and preparing for Schedule C reporting. I've been putting off starting my MTM accounting practices because I kept thinking "what if my election wasn't valid?" but it's clear that's the wrong approach. I'm also appreciative of the recommendations for services like Claimyr and taxr.ai for those who really need that extra peace of mind. While the consensus seems to be that proper filing equals valid election, having options for getting IRS confirmation is valuable for those of us who need that final reassurance. Thanks to everyone who shared their experiences - this community has been a lifesaver for my confidence in moving forward with MTM implementation!