This is a really important distinction that trips up a lot of people! The $600 reporting rule only applies to third-party payment networks like PayPal, Venmo, and Cash App - your regular bank won't report that $750 cash deposit to the IRS. Banks have completely different reporting thresholds - they only file Currency Transaction Reports for cash deposits over $10,000, and that's for anti-money laundering purposes, not tax reporting. Your brother's loan repayment is just that - a repayment of money you originally lent out, so it's not taxable income anyway. I'd recommend keeping some record of the original loan (text messages, notes, etc.) just in case, but for a personal transaction like this, it's very unlikely the IRS would ever question it. The key thing to remember is that traditional banking and payment app transactions operate under totally different regulatory frameworks - don't let the payment app controversy make you worry about normal bank deposits!

Welcome to the community, Drew! It's great to see newcomers getting involved in these discussions. Your vacation rental situation is a perfect example of why so many people are confused about these reporting rules. You're absolutely right to feel relieved - personal loan repayments between family and friends are definitely not subject to the $600 reporting threshold. That rule is specifically designed to capture business-like transactions happening through payment platforms, not personal financial arrangements between relatives. The fact that you kept those text messages is smart documentation practice. While it's unlikely you'd ever need to explain a $650 deposit from a family member, having that paper trail showing it was a shared expense reimbursement gives you complete peace of mind. One thing I'd add for you and other newcomers - this distinction between traditional banks and payment apps is really the key to understanding most of these reporting questions. Banks move money around but don't categorize it as "income" vs "non-income" for reporting purposes. Payment apps, on the other hand, are specifically regulated as payment settlement entities and have to track and report transaction volumes over $600. Hope you find this community as helpful as I have for navigating these confusing tax situations!

@Abigail Patel - I was in a similar situation when I started with gig work! Here's what I wish someone had told me right away: Since you're earning around $800 so far and expect to make $2500-3000 total, you'll definitely need to pay self-employment tax (15.3%) plus regular income tax. The good news is you have some time before the September 15th deadline. My advice: Start tracking your mileage RIGHT NOW if you haven't already. Every mile you drive while working (including driving to your first delivery and between orders) is deductible at $0.67 per mile. This can significantly reduce what you owe. For a rough estimate, take your gross earnings, subtract your mileage deduction, then set aside about 25-30% of what's left for taxes. You can use Form 1040-ES to calculate your exact quarterly payment. Don't stress too much - as a new gig worker, there are safe harbor rules that can help you avoid penalties even if you underpay slightly. The most important thing is to start tracking everything now and make your best estimate for the September payment. Also keep receipts for any work-related expenses like phone bills, hot bags, car maintenance, etc. - these are all deductible!

@Abigail Patel - Since you're just starting out with Doordash, here's a simple action plan for your situation: **Immediate steps:** 1. Download a mileage tracking app TODAY (Stride is free and works great) 2. Start tracking every mile while you're dashing - this will be your biggest tax deduction 3. Set aside 25-30% of your earnings in a separate savings account for taxes **For the September 15th deadline:** Since you've only made $800 so far, you likely won't owe a huge amount for this quarter. You can use the IRS Form 1040-ES worksheet to calculate your exact payment, but don't panic if you can't pay the full amount - there are penalty safe harbors for new self-employed workers. **Key deductions to track:** - Mileage (67¢ per mile in 2024) - Phone bill percentage used for work - Any supplies like hot bags, phone mounts, etc. **The 1099 situation:** You're right that Doordash will send you a 1099-NEC if you earn over $600, but it won't come until January 2025. Don't wait for it - you need to track your own earnings and make quarterly payments based on what you know you've earned. Since this is your first year, focus on getting into good tracking habits now rather than stressing about perfect calculations. The most important thing is starting that paper trail!

This has been a really informative discussion! As someone who's been dealing with similar confusion about capital assets, I wanted to add one more point that might help others. When people talk about "moving money around between different types of investments and accounts" like the original poster mentioned, it's important to remember that transfers between certain types of accounts (like 401k to IRA rollovers, or moving between different brokerage accounts) might not trigger taxable events even though you're dealing with capital assets. However, if you're actually selling investments in a taxable account to buy different investments, that's when the capital gains/losses come into play. The cash you temporarily hold between the sale and purchase isn't the issue - it's the actual sale of the capital asset that creates the taxable event. Just thought this distinction might be helpful for tax planning purposes since it sounds like that's what Chris was originally trying to figure out!

This thread has been incredibly helpful! I'm a newcomer to this community and was really struggling with understanding capital assets for my own tax situation. The clarification that cash itself isn't a capital asset but the investments you buy with cash ARE capital assets really cleared things up for me. I've been overthinking this whole concept. What I found most valuable was learning about the "exclusion" method - that everything is considered a capital asset except for the specific things listed as exceptions. That's much easier to understand than trying to memorize what IS a capital asset. Thanks to everyone who contributed, especially those who shared practical resources and experiences. As someone just starting to do more serious tax planning, this kind of community knowledge sharing is invaluable!

H&R Block really screwed up my taxes last year. Double check everything! They entered my husband's SSN wrong and we got a rejection but they insisted everything was fine. Had to go through weeks of headaches to get it fixed.

I had the exact same thing happen to me with H&R Block about 2 years ago! The anxiety was killing me for days. Here's what I learned - their consumer app/website and their professional software are completely separate systems, and the app is notoriously unreliable. What likely happened is the IRS initially accepted your return, then did a second-level validation check that temporarily flagged something minor (could be as simple as a formatting issue or timing mismatch). The professional system your preparer uses gets real-time updates from the actual IRS processing system, while their consumer app seems to lag behind or sometimes shows outdated status information. In my case, it took about 4 days for the app to finally show "accepted" to match what the preparer was seeing. My refund came through exactly on schedule as if nothing had happened. I'd give it until early next week, then check the official IRS "Where's My Refund" tool. If that shows accepted, you're golden regardless of what the H&R Block app says. The IRS website is the ultimate source of truth for your return status.

This has been such an informative thread! As someone completely new to tax preparation, I'm grateful for all the detailed experiences everyone has shared. Based on everything I've read, it sounds like Jackson Hewitt might be the better choice for getting solid foundational training, even if it means a more structured/rigid environment initially. The mentorship program aspect that Luca mentioned is definitely something I'll ask about during interviews - having an experienced preparer to learn from during those first crucial weeks could make a huge difference in building confidence with real clients. I'm also taking notes on the supplemental resources people have mentioned. It's clear that the company training, while helpful, only covers the basics and their specific systems. For anyone serious about this as more than just seasonal work, it sounds like investing in additional learning tools and certifications is essential. One thing I'm still wondering about - for those who started at these chain locations and later moved to independent practice, how long did you typically stay before making that transition? And did your employers support additional certifications like EA, or did you have to pursue those on your own time? Thanks again to everyone for sharing such honest, practical insights!

I've been working at Jackson Hewitt for two seasons and can definitely echo what others have said about their structured training being valuable for newcomers. One thing I'd add that hasn't been mentioned much is the importance of location when choosing between these companies. I actually applied to both Liberty and Jackson Hewitt locations in my area and the difference in office culture was night and day. The Jackson Hewitt location I chose had an amazing office manager who really invested in new preparers, while the Liberty location felt more like they just needed bodies during tax season. My advice would be to visit potential locations during their busy season (if possible) to get a feel for the environment before committing. Ask to speak with current preparers if they have a moment - most are happy to give you the real scoop on what it's like to work there. Also, don't underestimate the value of the client interaction skills you'll develop. Yes, you'll learn tax preparation, but you'll also get really good at explaining complex concepts to people who are stressed about their taxes. That communication skill has been invaluable in my career progression. For 2025, start applying in November/December - the good locations fill up their training classes pretty quickly. Good luck!