Something nobody mentioned yet - if you're close to the standard deduction threshold, you might want to consider "bunching" your donations. Basically donate 2 years worth of stuff in a single tax year so you can exceed the standard deduction and itemize that year, then take the standard deduction the next year. My accountant recommended this strategy and it's worked well for us.

That's a really smart strategy! I hadn't thought about bunching donations like that. For someone like the original poster with $94k income, if they normally donate $4k per year but could bunch two years together for $8k, plus their other deductions, they might actually cross that $29,200 threshold. One thing to add though - make sure the charity can handle receiving a large donation all at once, especially for clothing. Some smaller organizations might not have the capacity to process huge amounts of items. You might need to coordinate with them or spread it across multiple qualifying charities in the same tax year. Also, if you're doing this with cash donations, just remember the AGI limits still apply each year - you can't exceed 60% of your AGI in a single year, though you can carry forward unused deductions to future years.

Wait, I'm confused about something... If I dissolve my LLC but don't do anything with the EIN, could someone else potentially use that same EIN number in the future? Like, does it go back into the pool of available numbers?

Great question! I went through this exact situation last year with my unused LLC. Here's what I learned from the process: You definitely don't need to "deactivate" the EIN - as others mentioned, there's no formal cancellation process. However, I'd strongly recommend sending that notification letter to the IRS that @Amina Bah described. Even though your LLC had no activity, it helps prevent any automated notices or confusion later. One thing I wish I'd known earlier: keep really good records of your dissolution timeline. I saved copies of my state dissolution paperwork, the letter I sent to the IRS, and even took screenshots of my state's business entity search showing my LLC as "dissolved." This documentation proved invaluable when I had to reference the closure for other business purposes months later. Also, double-check if your state requires any final filings even for inactive LLCs. Some states want a final return or notice even with zero activity, and the penalties for missing these can be surprisingly steep. I got lucky and my state didn't require anything additional, but it varies widely by jurisdiction. The whole process was much simpler than I expected once I understood that EINs are permanent and just needed proper notification rather than cancellation.

Has anyone else noticed how Ticketmaster makes money on BOTH transactions? They charged me fees when I bought the tickets originally, then when I had to resell them (at a loss), they took another cut of that sale too. And now they're making it difficult to even get the reduced amount by requiring tax info? The whole system seems designed to extract maximum fees while providing minimum service.

I went through this exact same situation last year and it was incredibly frustrating. The tax ID requirement is legitimate - it's due to IRS Form 1099-K reporting thresholds that changed in recent years. Even though you sold at a loss, Ticketmaster is required to collect your SSN if your total payment processing exceeds $600 in a calendar year. Here's what I learned: You absolutely should provide your tax ID to get your money back. The key thing to understand is that when you file your taxes, you'll report this as a capital loss on Schedule D since you sold the tickets for less than you paid. Make sure to keep documentation of both your original purchase price and the resale amount. The 1099-K that Ticketmaster sends to the IRS will show the gross payment amount, but you'll reconcile this on your tax return by showing your actual cost basis. Since you had a net loss, you won't owe any taxes on this transaction - in fact, you may be able to use the capital loss to offset other gains. It's annoying that they put consumers through this process, especially when we're already losing money, but providing the information is really your only option to get paid. I'd recommend calling their support line during off-peak hours if you need clarification on the process.

If u make under $12,950 in 2024, u might not even need to file a return at all if ur a dependent. But u should still file anyway to get any witholding back! And track all ur expenses, art supplies, software, part of ur internet bill, etc.

Great thread! As someone who went through this exact situation a few years ago, I wanted to add a few things that really helped me when I was starting out as a freelance digital artist. First, definitely set up a separate bank account for your business income and expenses if you haven't already. It makes tracking everything so much easier come tax time, and the IRS loves clean records if you ever get audited. Second, don't forget about state income tax requirements! Even though your state doesn't charge sales tax on digital goods, you'll still likely owe state income tax on your freelance earnings. Each state has different thresholds and rules. Also, since you're tracking everything in a spreadsheet already, consider categorizing your expenses more specifically - things like "software subscriptions," "equipment," "professional development," etc. This will make filling out Schedule C much smoother and help you spot deduction opportunities you might miss otherwise. One last tip: if you end up owing more than $1,000 in taxes when you file, you'll definitely want to start making those quarterly estimated payments for next year to avoid penalties. The IRS doesn't like waiting until April to get their money! You're being really smart about getting ahead of this. Most freelancers I know (myself included) learned this stuff the hard way after making mistakes.

Has anyone tried using the IRS Get Transcript tool online? Does it show everything you need or are there limitations? I'm in a similar situation but have anxiety about calling the IRS.

I went through something similar a few years ago when I was working seasonal jobs. One thing that really helped me was creating a simple spreadsheet with all my jobs from the past year - even ones I wasn't 100% sure about. I listed the company name, approximate dates worked, and any contact info I could find. Then I systematically went through each one to track down W2s. For companies that had closed or where I couldn't reach anyone, I used the IRS Get Transcript tool that others mentioned. It was actually kind of therapeutic to get organized about it! The key thing is not to let anxiety paralyze you. The IRS gets that people have complicated work histories, especially our generation. They're more interested in you making a good faith effort to report everything than in punishing honest mistakes. And honestly, dealing with it now is so much easier than getting that notice later and having to file an amended return.