Has anyone used TurboTax Self-Employed for their LLC? I'm wondering how picky it is about the comma in the business name field and if it matches that format to all the forms it generates.

I went through this exact same confusion when I first started my LLC! After dealing with multiple tax forms and even getting a notice from the IRS about a name mismatch (turned out to be unrelated), here's what I learned: The key is to use your business name exactly as it appears on your EIN confirmation letter from the IRS. This is the "official" version they have in their system. If your state registration has the comma but your EIN letter doesn't (or vice versa), go with the EIN letter format for all federal tax documents. I keep a copy of my EIN letter handy whenever I'm filling out tax forms so I can reference the exact spelling and punctuation. It's saved me from second-guessing myself every tax season. The IRS matching systems are looking for consistency with what's in their database, not necessarily what your state has on file. For what it's worth, I've never heard of anyone getting into trouble specifically over comma placement - it's usually bigger discrepancies like completely different business names or missing the LLC designation entirely.

This has been such a helpful discussion! I'm a new landlord (just bought my first rental property 6 months ago) and I've been putting off dealing with my refinancing costs because I was so confused about the tax treatment. Reading through everyone's experiences, especially the breakdown about Section B vs Section C on the closing disclosure, finally makes this manageable. I refinanced right after purchasing to get a better rate, so I have about $4,200 in closing costs that I now know how to properly categorize. One thing I'm curious about - for those of you who have been doing this longer, do you use specific software or spreadsheets to track all these amortization schedules? With a 30-year loan, keeping track of the monthly amortization amounts over decades seems like it could get unwieldy, especially if you refinance multiple times like some of you have mentioned. Also, when you're doing your annual tax prep, do most tax preparers understand these nuances about rental property refinancing costs, or do you find you need to educate them? I want to make sure whoever I work with next tax season knows what they're doing with investment property taxes.

This thread has been incredibly educational! I'm dealing with a similar situation - just refinanced my rental duplex and have been stressing about how to handle the $5,400 in closing costs. The Section B vs Section C breakdown on the closing disclosure is genius - I never would have thought to categorize it that way. Just went back and looked at mine: most of my costs ($4,100) are in Section B (loan origination, processing fees, etc.) so those need to be amortized over 30 years. But I do have about $1,300 in Section C costs (title insurance, recording fees) that can potentially be added to my cost basis. One follow-up question: if you pay discount points to buy down your interest rate during a refinance, do those always have to be amortized? Or are there any circumstances where points can be deducted immediately for rental properties? I paid $2,000 in points and I'm hoping there might be some way to accelerate that deduction since it was specifically to reduce my ongoing financing costs. Thanks everyone for sharing your experiences - this is exactly the kind of practical guidance you can't easily find elsewhere!

This is such a timely discussion! I'm in the exact same boat - used FreeTaxUSA for years but switched to TurboTax desktop last year and got overwhelmed by all the version options. What really helped me was creating a simple checklist of what I actually need vs what sounds fancy. For basic investment reporting (regular stocks, ETFs, mutual funds), TurboTax Deluxe desktop really does cover everything. I have about 30 stock transactions plus dividend income from 4 different brokerages, and Deluxe handled it all perfectly. The key thing I learned is that the desktop versions include WAY more forms and capabilities than their online counterparts with the same names. It's honestly misleading how different they are! One more money-saving tip: if you're buying from Costco, their return policy applies to software too. So if you buy Deluxe and later realize you actually needed Premier for some reason, you can return the unopened Deluxe and exchange it. Takes some of the pressure off making the "perfect" choice upfront. Thanks to everyone who shared their experiences with the different tools and services - definitely bookmarking this thread for tax season prep!

This thread is incredibly helpful! I've been using the online TurboTax for years but am considering switching to desktop for better investment handling. One thing I haven't seen mentioned yet - does the desktop version handle employee stock purchase plans (ESPP) well? I participate in my company's ESPP and always struggle with the disqualifying vs qualifying disposition calculations. The online version makes me manually figure out the ordinary income vs capital gains portions, which is confusing. Also curious about state tax filing - I know you mentioned the $10 federal e-file credit, but do both Deluxe and Premier desktop versions charge the same for state e-filing? I file in California which always seems to have extra complications. Thanks for all the detailed comparisons everyone has shared - this is exactly the kind of real-world experience that's impossible to find in the official product descriptions!

Does anyone know if taking the earned income tax credit increases audit risk? I qualify this year but I've heard the IRS targets EITC claims a lot.

This is really helpful information! I'm a freelance graphic designer and have been worried about audit risk since my income has been pretty inconsistent year to year. Some months I make great money on big projects, other months it's really slow. One thing I've learned from my accountant is that keeping detailed contemporaneous records is absolutely critical. I now use a separate business checking account for ALL business expenses and income, and I photograph every receipt immediately using an app that uploads to cloud storage. For anyone who works from home, be really careful with that home office deduction. The IRS is strict about "exclusive use" - that room has to be used ONLY for business, not as a guest bedroom that sometimes has a desk in it. I ended up not claiming it because my home office doubles as my art studio for personal projects. Also, if you're self-employed, consider making quarterly estimated tax payments even if you're not required to. It shows good faith effort to comply and can help avoid penalties if you end up owing at filing time. Plus it's easier to manage cash flow than getting hit with a huge tax bill all at once.

processed = they looked at it. processing = they looking at it. paid = we still waiting 😤

As someone who's been through this process multiple times, I can confirm what Lauren said is spot on! The key thing to remember is that "processed" doesn't automatically mean approved - it just means they're done reviewing your return. I've had returns go to processed status and then get additional review codes added later. The real indicator is looking for specific codes like 846 (refund issued) or 971 (notice issued) on your transcript. Also check your "as of" date - if it's current, that's usually a good sign. Don't stress too much about the daily checking though, once it's processed the refund typically comes within 1-3 weeks if everything is approved!