Has anyone used TurboTax for their Airbnb? I'm trying to figure out if I should just do it myself instead of paying these crazy accountant fees. My situation is pretty simple - just one apartment that I rent out on weekends, and I only provide basic cleaning between guests.

I've been dealing with a similar situation and wanted to share what I learned after doing a deep dive into this. The IRS Publication 527 (Residential Rental Property) actually has specific guidance on this exact issue. The key test is whether you provide "substantial services" to your guests. Things like daily maid service, regular meal service, or concierge-type services would put you on Schedule C. But if you're just providing the typical Airbnb setup (cleaning between guests, basic amenities, maybe some snacks), that's Schedule E territory. One thing that really helped me understand this was looking at the self-employment tax angle. Schedule C income gets hit with the 15.3% SE tax, while Schedule E doesn't. So if your accountant correctly moved you from C to E, you're actually saving money on taxes even though the prep fee went up. The fee increase does sting though - maybe ask your accountant for a breakdown of what additional work Schedule E requires so you understand where that extra cost is coming from?

Has anyone used TurboTax to enter multiple 1099-NECs from the same company? Does it flag this as an issue or let you enter them normally? I'm in the same boat as OP but worried the software will think I'm entering a duplicate by mistake.

I had a very similar situation last year with multiple 1099-NECs from what appeared to be the same company. After some research, I discovered that many businesses operate through different legal entities or subsidiaries for various reasons - tax optimization, liability protection, or different service lines. The key thing to remember is that each 1099-NEC with a different TIN represents a separate legal entity, even if they share the same business name. You absolutely should report both forms exactly as they were issued to you. The IRS matches your tax return against the 1099s they receive, so everything needs to align perfectly. A few things to double-check on your forms: - Verify your SSN is correct on both forms - Make sure your name and address match exactly - Look at Box 4 to see if any federal income tax was withheld on either form For your Schedule C, you'll report the combined income from both forms as part of your total self-employment income. Keep good records showing the breakdown by entity in case you ever need to provide documentation to the IRS. This is actually quite common in the freelance world, so don't stress too much about it. Just make sure you're reporting everything accurately!

I went through this exact same confusion last year! TurboTax generated vouchers for me totaling over $3,000, but when I actually calculated what I needed based on the safe harbor rules, it was only about $800. The key thing to understand is that those vouchers are just TurboTax's conservative estimate - they're not official IRS requirements. The software tends to overestimate because it's trying to make sure you don't get hit with penalties, but it often doesn't properly account for your existing withholding situation. Since you mentioned your additional tax will likely be around $2,500, I'd suggest calculating what you actually need to pay based on the safe harbor rules others mentioned. If you already have a W-2 job with withholding, you might not need to make estimated payments at all, or at least much smaller ones than what TurboTax suggested. I ended up getting a huge refund because I followed TurboTax's voucher amounts blindly. This year I'm being much more strategic about it.

Just to add another perspective as someone who's been through the estimated payment confusion multiple times - the 1040-ES vouchers are essentially TurboTax's "worst case scenario" calculation to make sure you don't get penalized. Here's what I wish someone had told me when I first encountered this: Start by figuring out if you even need to make estimated payments at all. If you have a regular W-2 job and your withholding from that job covers at least 90% of this year's expected tax liability (or 100% of last year's), you might not need the quarterly payments. For your situation with an estimated $2,500 in additional tax, check your current withholding rate from your main job. You might find that increasing your W-4 withholding slightly is much simpler than dealing with quarterly vouchers. Also, keep in mind that the IRS safe harbor rules are designed to be flexible. You don't have to pay exactly $1,150 per quarter - you just need to make sure you're meeting the minimum requirements to avoid penalties. Many people successfully pay unequal amounts throughout the year based on when they actually earn the extra income.

Based on the discussion here, it seems like there's a lot of nuance to this decision. I'm a tax preparer and I've seen several clients in similar situations. One thing that hasn't been mentioned yet is the audit risk factor - the IRS does flag Schedule C gambling businesses more frequently for examination. That said, if you have the documentation and can demonstrate all 9 factors of the business test, it's absolutely legitimate. The key is being able to prove your profit motive and systematic approach. I'd suggest keeping a detailed log not just of your wins/losses, but also your decision-making process, strategy adjustments, and time spent on research/analysis. Also worth noting: if you do get audited and they reclassify it as a hobby, you'd owe back taxes plus penalties and interest on the self-employment tax you didn't pay. So make sure you're confident in your position before filing as a business. A consultation with a CPA who specializes in this area would be money well spent.

This is a fascinating discussion! I've been following professional poker for years as a hobby, and the tax implications have always intrigued me. One thing I'm curious about - for those who have successfully filed as businesses, how do you handle the psychological/emotional aspect that the IRS sometimes considers? I've read that they look at whether you derive personal pleasure from the activity as a factor in the business vs. hobby determination. It seems like with gambling, there's always going to be some element of enjoyment involved, even if you're approaching it systematically. How do you document that your primary motive is profit rather than recreation? Do you need to somehow prove you don't enjoy what you're doing, or is it more about demonstrating that profit is the dominant motive despite any incidental enjoyment? Also, has anyone dealt with the question of how "games of chance" vs "games of skill" affects the business classification? I imagine poker has a stronger case than something like slot machines, but I'm wondering if the IRS makes those distinctions when evaluating these cases.

As someone who just passed my EA exams last month, I wanted to add my recent experience to this great discussion! The timeline can definitely be compressed if you're motivated - I completed all three parts in just 3 months while working full-time at a tax prep firm. What really helped me was creating a structured study schedule and sticking to it religiously. I studied 2 hours every morning before work (5:30-7:30 AM) and 1-2 hours in the evenings. Weekends were longer sessions, usually 4-5 hours each day. The key was treating it like a part-time job - non-negotiable time blocks. For study materials, I used a combination of Gleim and the IRS's own publications. The IRS Enrolled Agent Study Guide is free and incredibly comprehensive. Many people overlook it, but it's written by the same organization that creates the exams, so the content alignment is perfect. One thing I wish someone had told me earlier: don't underestimate the continuing education requirements after you pass. You need 72 hours every 3 years, with specific requirements for ethics credits. Factor that ongoing commitment into your decision, though it's absolutely manageable and keeps you current on tax law changes. The job market feedback here is spot-on. I already have three firms interested in hiring me specifically because of the EA credential, and I haven't even received my enrollment card yet! The specialized nature of the EA really does set you apart in the tax field. My advice: if you're serious about tax work as your career focus, don't hesitate on the EA. The ROI is fantastic and much faster than pursuing a full CPA if tax is your primary interest.

I've been following this discussion with great interest as someone who's been in tax preparation for about 4 years and considering the same decision. The collective experiences shared here are incredibly valuable and much more helpful than the generic advice I've found elsewhere online. What strikes me most is the consistent theme of EA being the right choice for tax-focused careers, with real salary progressions that show tangible ROI. Seeing people go from the $50-60K range to $80-95K within a few years of getting their EA is compelling evidence that this credential truly opens doors. The timeline discussions have been particularly helpful - it seems like 3-6 months is realistic depending on your study approach and existing knowledge base. I'm encouraged by those who managed it while working full-time, since that's exactly my situation. I'm also impressed by the point about unlimited practice rights across all states. As someone who might be interested in remote work eventually, that's a huge advantage over state-specific licensing requirements. Based on everything I've read here, I think I'm ready to commit to the EA path. The specialized focus aligns perfectly with my career interests, and the market demand seems strong. Thanks to everyone who shared their experiences - this thread has been more valuable than months of research elsewhere! Now I just need to decide between the study programs mentioned. The free IRS materials sound like a great starting point, potentially supplemented with one of the commercial courses if needed.