Michigan filer here - dealt with this exact same frustration last month! The "no match found" error drove me crazy for about 4 weeks. What I learned is that Michigan's system doesn't update their refund tracker until your return is completely processed, which is taking WAY longer than usual this year. I kept checking daily (probably obsessively lol) and then one morning it just suddenly appeared with my refund status. Hang tight - it's not that your return is lost, it's just that MI is seriously backed up. Try not to stress too much, you'll get your refund eventually! 🤞

I'm going through the exact same thing right now! Filed my Michigan return about 2.5 weeks ago and keep getting that "no match found" error every time I check. It's so nerve-wracking when you're used to being able to track everything online. Reading through all these comments is actually really reassuring - sounds like Michigan's system is just overwhelmed this year and we all need to be more patient than usual. Going to try some of these tips like checking early morning and using the exact refund amount. Thanks everyone for sharing your experiences, makes me feel way less anxious about it! 🙏

Make sure you understand the difference between tax WITHHOLDING and actual tax LIABILITY. If you reduce withholding too much, you'll just owe a big payment when you file your taxes next year. My brother thought he was "smart" by claiming a bunch of allowances on his old W4, then got hit with a $7k tax bill plus penalties. Just be careful!

Based on your numbers, you're definitely having too much federal tax withheld. With $3100 weekly gross pay and the deductions you mentioned (10% 401k + $280 health insurance), your federal withholding should be closer to $350-380 per week, not $450. Here's what I'd recommend: Use the IRS Tax Withholding Estimator first to get a baseline, then fill out a new W4. Since the 2020 W4 doesn't use allowances anymore, focus on Step 4(c) - enter a negative amount to reduce your weekly withholding. Based on your situation, try "-70" to reduce federal withholding by $70 per week. Also double-check your pay stub for any other deductions you might have missed - sometimes there are small items like disability insurance or union dues that add up. And make sure your filing status on the W4 matches what you'll actually file (single vs married). The key is finding the sweet spot where you get more take-home pay now without owing a big tax bill next April. Start conservative with the reduction and adjust if needed.

One thing I haven't seen mentioned yet is the timing of your purchase. Since you're planning a significant truck purchase, consider whether it makes sense to buy before year-end to maximize your 2025 tax benefits, or wait until early 2026 if you expect higher business income next year. With Section 179 deductions, you can only deduct up to your business income for the year. If your aquatic training business had a slow first year but you're expecting growth in 2026, it might make sense to time the purchase when you can fully utilize the deduction. Also, keep in mind that for vehicles over 6,000 lbs GVWR, there are some additional considerations around "listed property" rules if you ever use it for personal purposes, even occasionally. The IRS scrutinizes these deductions more heavily, so that immaculate record-keeping everyone mentioned becomes absolutely critical. Have you calculated what your business income will be for 2025? That should factor into both the timing and method of your vehicle purchase decision.

The timing question is crucial and you're smart to think about it strategically! For Section 179, the key is that the vehicle must be "placed in service" during the tax year you want to claim the deduction. This means you need to actually purchase and start using the truck for business purposes, not just order it. The specific month within the tax year doesn't matter for Section 179 - whether you buy in January or December 2026, you can still claim the full deduction for that year (assuming you have sufficient business income). This is different from regular depreciation where timing within the year can affect the deduction amount. However, there's another consideration: if you're expecting significant income growth, you might also want to evaluate whether taking the Section 179 deduction all at once in 2026 is better than spreading depreciation over several years. With a growing business, you might benefit from having larger deductions available in future years when you're in higher tax brackets. Given your situation with corporate contracts lined up, waiting for early 2026 seems like the right call. Just make sure to factor in any potential changes to Section 179 limits or tax rates that might take effect in future years when making your final decision.

I've been dealing with this exact same confusion and wanted to add another perspective that might help. After going through all the responses here, I decided to dig into the actual IRS guidance myself since my tax preparer was also insisting my entire state refund was taxable. What I found really helpful was looking at IRS Revenue Ruling 2019-11, which provides specific examples of how the SALT cap affects state refund taxability. The ruling makes it clear that if you paid more in state taxes than you could deduct due to the $10,000 SALT limitation, then your state refund is only taxable to the extent it exceeds the amount you couldn't deduct. In your case, you paid $12,500 but could only deduct $10,000, so you got no federal tax benefit from $2,500 of your state tax payments. Since your refund ($1,800) is less than this amount, it should be completely non-taxable on your 2024 return. The worksheet your tax preparer is using is probably the standard Publication 525 worksheet, which doesn't account for the SALT limitation properly. There's actually a modified calculation you need to do when you've hit the SALT cap. I ended up having to educate my own tax preparer on this issue by bringing him the specific IRS guidance. It's frustrating that we have to do this, but the SALT cap is relatively new and many preparers haven't fully caught up on all the nuances yet.

Welcome to the community! This is exactly the kind of complex tax situation that trips up so many people, and you're definitely not alone in being confused about how the SALT cap interacts with state refund taxability. Based on your numbers, it sounds like your entire $1,800 state refund should be non-taxable. Here's the key principle: since you paid $12,500 in state taxes but could only deduct $10,000 due to the SALT cap, you received no federal tax benefit from that extra $2,500. Because your refund ($1,800) is less than the amount you got no benefit from ($2,500), the entire refund should be excluded from your taxable income. The standard state tax refund worksheet in Publication 525 doesn't properly account for the SALT limitation, which is probably why your tax preparer is getting a different result. You'll want to reference IRS Notice 2019-12 and Revenue Ruling 2019-11, which specifically address this interaction. I'd suggest printing out these IRS documents and having another conversation with your tax guy. Many preparers are still catching up on how the relatively new SALT cap affects these calculations. The fact that you hit the cap creates a "buffer" that makes part or all of your refund non-taxable, depending on how much you paid above the $10,000 limit. Don't be afraid to push back with the proper documentation - this is a legitimate tax position supported by official IRS guidance, not just internet advice!

Great question! I went through something similar when I started with a prop firm last year. Here are a few things that really helped me: First, definitely find a CPA who has experience with traders - it makes a huge difference. They'll understand things like trader tax status elections, wash sale rules, and which expenses are actually deductible for prop trading. For quarterly payments, I'd recommend setting aside about 25-30% of your net trading profits in a separate account. Better to overpay slightly than get hit with underpayment penalties. One thing to watch out for - make sure you understand your prop firm's payout structure. Some firms issue 1099s for your full share of profits, while others deduct their fees first. This affects how you report expenses on Schedule C. Also keep detailed records of everything: trading software, data feeds, home office expenses, computer equipment, education materials, and even a portion of your internet bill. These can add up to significant deductions. The key is staying organized from day one. I use a simple spreadsheet to track all trading-related expenses throughout the year, which makes tax time much easier. Don't stress too much - lots of people successfully navigate this. Just get the right professional help and keep good records!

I'm in a very similar situation - just started with a prop firm a few months ago and feeling overwhelmed by the tax implications! This thread has been incredibly helpful. One thing I'm still confused about though - do I need to register an LLC or any business entity for prop trading, or can I just report everything on Schedule C as a sole proprietor? My prop firm mentioned something about business registration but I wasn't sure if that was required or just recommended. Also, has anyone dealt with the situation where you're profitable some months but have losses in others? I'm wondering how that affects the quarterly estimated payments - do I need to adjust them throughout the year based on my actual performance, or just stick with a consistent amount each quarter? The record-keeping advice is gold - I'm definitely going to start that separate business account and expense tracking system right away. Thanks everyone for sharing your experiences!