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!

Don't forget that the letters after someone's name aren't everything. I've had amazing help from a CRTP who had 25+ years of experience and specialized in my specific situation (rental properties). Meanwhile, I once used a newly certified EA who missed several deductions I was entitled to. Ask about their specific experience with situations like yours and how long they've been practicing!

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.

I'm going through the exact same nightmare right now! Filed my injured spouse form back in February 2024 and I'm currently at 24 weeks with still no resolution. My husband has old tax debt from before we got married, and they grabbed our entire $5,200 refund. What's really gotten under my skin is how the IRS website still shows that bogus 8-14 week processing time when literally everyone here is waiting 20+ weeks minimum. I've called three times now and each agent gives me a different story - first one said it was received and processing, second said they had no record of it, and the third claimed it was "under review" but couldn't explain what that meant. I finally broke down and tried taxr.ai last week after seeing it mentioned here multiple times. Holy cow, it actually showed me that my form was received (TC 971 AC 281 was there but buried in all the other codes) and gave me a realistic timeline based on current processing patterns. Way better than the IRS's useless "Where's My Refund" tool that just says "processing" for months on end. At this point I'm seriously considering using one of those callback services if I hit the 26 week mark. This whole system is absolutely broken when hardworking people have to wait over half a year to get back their own tax money. The government sure doesn't wait 6 months when they want money from us! Stay strong everyone - sounds like we're all in this together! 😤

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! 🤞

22 One important thing nobody has mentioned yet: make sure you're using the correct exchange rates when reporting your foreign account balances on the FBAR. The IRS expects you to use the Treasury's Financial Management Service rate for the end of the calendar year (December 31). Using incorrect exchange rates is a common mistake that can cause problems, especially if it makes the difference between being over or under the $10,000 threshold. You can find the official rates on the Treasury's website. Also, remember the FBAR is filed separately from your tax return through FinCEN's BSA E-Filing System. The deadline technically aligns with Tax Day, but there's an automatic extension to October for FBARs.

5 I experienced almost the exact same situation after moving from Australia. I didn't file FBARs for 3 years because I had no idea they existed. When I learned about them, I used the Streamlined Foreign Offshore Procedures. The key thing that helped me was writing a really clear statement explaining why my failure to file was non-willful. I explained how tax preparation in Australia works differently, how I had always been compliant in my home country, and that I used consumer tax software that didn't prominently ask about foreign accounts. If you've been reporting all income from these accounts on your US tax returns and just missed the FBAR filing, that helps demonstrate good faith too. The IRS seems much more concerned about hidden income than about missing informational forms when the income was properly reported.

I've been following this thread closely because I'm in a very similar situation - filed my Section 475(f) election with my 2023 return and have been anxiously waiting for some kind of confirmation that never came. Reading through everyone's experiences here has been incredibly helpful and reassuring. The consistent message that "no news is good news" with the IRS for these elections makes sense, even though it's counterintuitive when you're used to getting confirmations for important financial decisions. What really struck me was the advice about maintaining detailed records and implementing MTM accounting immediately rather than waiting for confirmation. I've been hesitating to start the daily position tracking, but it's clear that's the wrong approach. If the election was going to be rejected, the IRS would have notified me by now. For anyone else dealing with this uncertainty, I think the key takeaways from this discussion are: 1. Keep all your documentation (election statement, certified mail receipts, return acceptance proof) 2. Start tracking positions daily and preparing for Schedule C reporting 3. The IRS doesn't confirm these elections - they only contact you if there's a problem 4. Services like Claimyr can help you get through to the IRS if you really need direct confirmation Thanks to everyone who shared their experiences. It's made me much more confident about moving forward with MTM implementation for 2024!

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!