I called CA FTB to request waive penalty on late tax payment. They told me to pay the interest and penalty first, then fill out form 2917. If they approve my form 2917, they will send me a refund of the penalty.

Anyone has gone through this process? How long does it take CA FTB to send me refund after I send them form 2917? I have heard many stories about CA FTB not being responsive.

I am surprised that CA FTB seems very difficult compared to IRS...

Thanks.

Hi
We have a small business to match helpers to families. I’m looking to start a referral program for the helpers to bring on more helpers. Note- these helpers are not my employees - I am simply a matching platform. For the referrals who convert I want offer $50 gift cards to the referee not to exceed a total $1000 over a year assuming 20 helpers bring in referrals who convert. What are the tax implications of this? Thanks

I'm a musician and recently made a big call to sell an income generating asset(part of a catalog) for roughly $600k. This is on top of a pretty good year which pushes AGI pretty high. The sale went through my S-corp, and I'm a California resident. Does anyone have any tips based on business sales or similar sales? 

Background: The decision to sell was based on numbers we crunched around advice from a CPA. He originally claimed we’d be able to establish a cost basis of between 30-40% of the sale price knocking off a huge portion of the tax burden and was very exciting and a solid justification for letting go of the royalty income. He claimed just done something similar with another artist. As I questioned things that didn’t make sense, he reassured me time and time again, but ultimately dodged the questions. Red flags everywhere. But I was a year into the negotiations by this point and didn’t plan to back out. Eventually the sale went through. Im not screwed, but I will seemingly end up paying 100k more tax than accounted for which effectively ends up with little benefit selling vs keeping - other than having upfront money.

Ultimately his ideas turned out big promises that didn't hold up and we parted ways.

So Im looking for some suggestions and experience, here are a few of his original ideas and claims that no other CPA seems to think is legit:

His first plan was "creating" or “recreating” a cost basis based on something on my prior s-corp tax returns, this number shrank from 100k as we got closer to the planning and was probably going to be zero when we got there. I have found no way for this idea to be possible because all expenses to make the asset were already claimed in prior year. 

Another one of his ideas was routing money through a C-corp "management fee" on a custom fiscal year so that we can defer tax, lowering my large AGI (overall income) for 2026, however C-corp tax and dividends that end up exceeding what I’d pay on capital gains anyway if not worse. Only benefit goes to him who is paid for setting it up and accounting for it.  

Other CPA’s & claude have asserted they have no idea what he was talking about and see no actual benefit in the C-corp. 

I've moved on and I want to go in informed and make sure nothing obvious is missed. Has anyone been through this process or found ways to save or defer beyond just paying strait capital gains at 100% of the sale price? (Besides obviously buying a bunch of equipment as a deduction) 

Notes, some ideas by claude that would make a big difference:

California PTE elective tax(salt cap its gone in a high income year so this allows you to deduct the CA tax as an expense)

Replacing my current SEP with a solo 401(k) plus a cash balance plan to soak up a large deduction this year, allows you to put a lot more tax free into retirement apparently. 
It looks like Alternative Minimum Tax will kick in this year because the exception phases out with my high income, this will mess up all the common credits and deductions, so if I could in theory defer some of the income to 2027 that would bring those back.  

I could use some feedback on a client. they have ordinary losses from a partnership that’s come from debt from their partnership “qualified nonrecourse financing”. they are 1/3 partners in their partnership in the trucking business. the losses are significant in the mid 6 figures and I have requested both their basis information and the debt agreement for their partnership. they meet the active participation test and work with the company and received a w-2 from their partnership as well. any considerations on this kind of loss? they also had a loss in prior year. I could use some help

What happens if you don't send the w9 form for several years? Can your account be blocked? Or something else involving the IRS?

My parents are in their twilight and I'm making sure their assets are in order - it's a been a puzzle.

I want to make sure I understand the tax consequences of a 401k going into the trust. My current understanding is that funds that are distributed from the 401k to beneficiaries essentially come with a tax bill that will be paid be the beneficiaries. In our case much of these funds will go to charities which will pay no taxes.

If the trust were to sell assets from the 401k and retain the income then the trust would pay taxes at higher trust rates.

Is my understanding correct?

---

Follow up note - We need to distribute funds to 5 different charities and are concerned with the difficulty in setting this up due to dealing with financial power of attorney which banks may simply deny.

My spouse is a 1099 worker and I am a student with rental property income. Combined we may make around $120-220k per yer depending on how business goes.

We need to start our retirement savings like yesterday.

Which retirement account would you recommend and offer tax deductions?

Hello. I'm a little confused about how to navigate this situation. I have a kid with about $1700 in unrealized long term gains, but he also has about $700 in earned income this year. Unearned will be about $35 in dividends.

How much unrealized gain do you recommend I harvest this year to avoid federal taxes? I plan on filing a tax return for him.

Thanks!

Hello everyone!

Do I understand it right that when I hire through upwork, I don't need invoices from freelancers (upwork handles everything) nor do I need to issue 1099s to them?

Returned to my CPA for another year. They bill by the hour and use up a lot of hours.

I got the bill for my 2025 return, and the hourly rate is 25% higher than last year. At no point did they ever notify me of a price increase. I asked them about it, and they just went on about how their prices are good compared to the competition and didn't adjust the bill, but I feel this completely misses the point.

They also billed me for dozens of hours spent cleaning up some of their work last year. (There are long-term benefits to this.) I already paid for this work to be completed last year and I don't really think I should be paying for them to fix it, but I figure this is probably a relationship-killing argument if I choose to make it. However, if they're going to be mad about the rate anyway, maybe I need to just accept that there's nothing I can do at this point.

Not sure if anyone can help, I know this situation is not common.

• My spouse and I are married and intend to file jointly
• Spouse and I have the same two part-time jobs
• At Job 1, spouse and I make the same amount as each other
• At Job 2, spouse and I make the same amount as each other
• Job 2 income is less than half of Job 1 income
• Job 2 has been self-employment, and is now being converted to W2.
• This is the W4 I am filling out -- Job 2, which used to be self-employment

On W4 Step 2:

• (a) I used the estimator tool, but it is confusing because:
  • It asks for Job 1 info and Job 2 info
  • Job 1 info is easy
  • Job 2 info WAS self-employment, so I need to input that in order for it to understand that I made that money this year
  • However, Job 2 is NO LONGER self-employment; I am filling out the W4 FOR Job 2, so if I input the Job 2 self-employment info on the estimator, it thinks that I have THREE jobs -- 1 (W2), 2 (self-employed), and a third (W2). But Job 2 IS Job 3.
  • I don't have a paystub from Job 2 as a W2 job because I haven't filled out the W4 yet, so I can't use that to estimate.
• (b) Multiple Jobs Worksheet only goes up to 3 jobs, can't use it for 4 jobs
• (c) There are more than two jobs total, so can't use this step

The estimator seems to be trying to keep my witholding as low as possible, which I actually don't want -- I've had employers underestimate in the past and had to pay and want to avoid that and get a tax return.

How do I fill out the W4? Should I change the W4 for Job 1 also?

Can anyone help?

I do gig work with certain delivery apps. Namely, doordash, ubereats, instacart, shipt. Until now, it has mostly been in Nebraska although I live right down the street from council bluffs basically so occasionally in order might stop at council bluffs or I might have a pickup and a delivery in council bluffs etc.

With me adding Amazon flex to the mix it is a bit more complicated though because the pickups for that will always be in iowa. And sometimes then the deliveries are in Nebraska and sometimes the deliveries are in iowa.

I tracked my miles by odometer readings so I log my odometer at each stop. Not necessarily factoring in how many miles until I reach the Iowa border, etc.

So how would you track this as far as Iowa earnings anf as far as Nebraska earnings? And also for expenses. Because I might end One stop in Iowa for example and then I will have some Iowa miles but then have a pickup in nebraska. Or I might have a pickup in Iowa and deliver it to nebraska. Etc I know I'm just complicated it but I literally don't know if there's an accepted way to do this

Also, maybe I will be working doordash and then my last doordash delivery is in Nebraska but then I go do some Amazon flex and then work in Iowa for a while. So with something like that, how should I count the mileage from Nebraska to iowa? When I have something like that should I just split it 50/50?

I recently applied for a job online that was listed as part-time and $20-26 hourly for a small company. I began working last week, assuming that I would complete paperwork on the first day. That didn’t happen lol. I completed around 21.5 hours. During that week, I repeatedly asked what was my exact pay, when/how I would be paid, and when paperwork was coming. I was essentially brushed off each time. It seemed very shady to me but I decided to give them the week to figure it out because it’s just 2 owners on their own, 1 of them was sick during this, and they hard launched like 2 months ago so I guess this company is new. And I really need a job.

Then, they sent over a W-9 over email saying it’s for part-time work. Don’t know if I’m crazy or stupid but.. I’ve never had a part-time job ask me for a W9. This was never previously discussed with me. I understand that I probably brought this onto myself by being an idiot and not demanding the more info earlier.

I just wanted to know if maybe I’m wrong for finding this behavior very odd. Is there a solid reason for them to ask for a W9 in this case?

Apparently sale of a 2nd home counts towards MAGI and could put me over for the Roth IRA income limit, does this mean I need to withdraw my contribution this year and/or cannot contribute to my Roth IRA next year?

I have a child who will be going to college next year year, so I'm starting to think through the mechanics of using the 529 money. For simplicity, I'll just pretend they are a freshman that started in Fall 2026.

If books are paid for using a credit card say on 12/10/26, and the credit card statement ends on 12/20/26 with payment due/made 1/20/27 (and we'd pay it off fully to avoid interest charges), do we consider the expense part of 2026 or 2027 for purposes of reimbursing out of the 529?

Maybe books are a small expense and no one really cares which period you claim in, but let's say we're talking about a tuition payment charged on credit card or for housing/rent and the meal plan so not a small amount then.

Basically, had a bunch of personal losses in family and junk while also paying off other bills that were far more in my face about paying them and totally forgot to make payments on my income tax. It's not what I would consider a low amount, like $1500 after penalities.

I already have a schedule payment for it and I'm going to pay it off, it just slipped my mind and that's my fault. I just noticed that when I went onto the irs site it had a notice that, paraphased, basically said "make a payment or we may start liening or levying your assests". Now, I already planned on calling the IRS tomorrow, explaining that I will be paying it off over the next handful of months, and will probably request an extension if that's something I need to get.

My question lies with, with all of that context, is there anything I should particularly worried about? Like my folks all said like "just call, clear it up, and while the IRS blows, it can be pretty accomadating if you're proactive with your payments" so I'm not particularly worried, but I also know my folks are generally more well off to the point they could just drop $1500 in on setting and not even sweat it.

Thanks in advance. My fault for being an irresponsible dolt lol.

I bought and held original Time Inc. (TL) stock in 1985, before all the spin-offs and mergers. How do I value the WBD shares that were liquidated as part of the Skydance deal on October 7, 2026? Costbasis dot com doesn't let me enter the first merger, when TL became Time Warner Inc., in 1990. Appreciate any suggestions!

I have been claiming depreciations on my rental for several years now. If I converted the rental to my primary residence, stayed in it for 2 years before selling it, does the depreciation need to be recaptured when filing income tax? I am in California if that makes any difference.

Thank you for reading and any feedbacks.

Everything I’ve read online says the IRS hasn’t released a statement regarding prediction market taxes, and they likely won’t before the year ends because there are ongoing court cases that could decide if prediction markets are gambling or an investment strategy.

With that said, I’m tempted to just go with the 1256 route because it’s the most favorable to me, but I don’t want to get audited and pay penalties or interest or all the other headaches the IRS can impose. However, with no guidance, I find it unlikely I’d get audited for paying tax incorrectly when no correct way was established.

Treating it as gambling would mean my losses can’t be fully written off. I also have a hard time calling it gambling because what I’m doing is more akin to trading stocks, not gambling on an outcome.

For context, I’m single, make about $95k at my W2 job, have made $5k on Kalshi since starting 2 months ago, and the rate of Kalshi income is growing exponentially. I’m worried about paying tax incorrectly, and I’m worried about being penalized for not having had enough tax withheld.

Should I make an estimated tax payment ahead of time, and is there a risk to filing via 1256?

Edit: I really don’t care if you think it’s profitable or gambling or whatever else. I’m here to find out how to legally pay the least amount of tax on the money I know I’ll make, and I don’t want to piss off the IRS by doing it wrong. I would’ve avoided the prediction market topic entirely if I could, but it’s a pretty unique situation. If you don’t have tax advice to offer, scroll.

I'm sharing my experience with JPMorgan Chase because I've spent months trying to recover $573.55, and I'd like to hear what other people think about how the bank handled this situation.

First, some background: I was laid off when my position was eliminated and subsequently fell behind on my Indiana state taxes. I contacted the Indiana Department of Revenue and submitted financial hardship paperwork before the levy was issued, but it wasn't processed in time.

I acknowledge that I owed the taxes and that the original levy was valid. That is NOT what I'm disputing.

Here's what happened:

• February 27 and March 4, 2026: I contacted Chase to ask how to get the levy released. Representatives instructed me to use their rush fax line and advised approximately three hours for processing.
• March 4, 10:24 a.m.: United Collection Bureau, acting for the Indiana Department of Revenue, faxed Chase an urgent Release of Levy. Chase acknowledges receiving it that day.
• March 4: I repeatedly called Chase to follow up. Nobody told me another submission method was necessary.
• March 5: Despite receiving the release the previous day, Chase remitted $573.55.
• March 6: Chase finally released the account hold.

Chase's explanation?

After the money was sent, Chase told me that an electronic procedure called X9 would have processed the release automatically, while the fax required manual processing.

Here's my problem: Not one Chase representative mentioned X9 when I specifically asked how to get the levy released. They instructed me to use the rush fax line, and I followed those instructions.

I subsequently contacted the collection agency, whose representative told me they were unfamiliar with X9 and knew only of fax submission.

I've spent months pursuing this through Chase's executive office and federal banking regulators. Chase continues to refuse reimbursement.

My local Chase branch employees even tried to help, and I appreciate their efforts. My complaint is with Chase's handling of the release, not those employees.

My question

Should a bank bear responsibility when it receives an official release before remitting funds but fails to process it in time, after the customer followed the bank's own instructions?

I'm requesting reimbursement of $573.55 and an explanation. I have documentation supporting the timeline.

I'm particularly interested in hearing from anyone familiar with bank levy procedures, rush fax processing, or X9 electronic delivery.

My parents recently started a food truck about a year ago, they sell Mexican food. They’ve been doing taxes with an accountant every 3 months. They recently have been saying they pay too much in taxes and their expenses aren’t “counted in” by the accountant. He just puts an estimate, they feel they can’t make basic expenses on their food truck because they don’t have much money left over and they don’t get a tax deduction from business expenses. They have no employees, it’s just them working it.

I am not some tax expert, I have basic knowledge about their food truck, I don’t live with them and this has only been recently brought to my attention because they wanted help with taxes and didn’t want to get into legal trouble. I should also point out they started this business because a family member pushed them to but they only gave the basic “information” and basically “stole” most of their produce for their business when they had just started (that family member also has a similar business and kept “borrowing” because they were helping my parents out, but that’s besides the point). So right now, they’re completely clueless and they don’t want to ask the family member because they may do something not right.

I am a little confused on what I’m supposed to do here. Should they keep filing quarterly? Do they not get tax returns until the end of the year? How can I help them? I file my own taxes online, could I do the same for them but keep a very good report of their income and expenses? How can they put expenses are tax write offs? They have a bunch of expenses right now because they’re starting out. They also only speak Spanish so they’re not able to ask a lot people for help besides me.

I need help filling out an IT-2104 form for a temporary overnight job in NYS. I'm an NJ resident, and this upcoming job is a lower-paying job than my other part-time job. Single with no dependents.

idk what i need to do about allowances to claim in NYS/NYC, or any additional withholding from the NY area.

I just have no clue how to fill it out :/

Hi,

I am a physician with a w2 job. Starting next year I will also have a separate 1099 job that will make decent money but not as much as my w2 job.

I am trying to get everything set up correctly so looking for some guidance.

I will be a sole proprietor as I understand it correctly. Plan to get a federal ein and then open a business bank account with that number and get paid from the 1099 to that account to make things easier to track.

I am using a 401k from my w2 job since they match, putting 24500 myself and another 12k from w2 job.
With the 1099 I think I should open a solo 401k, and as I understand I can put up to 48k as an employer of myself? But this has to be maximum of 20% of my 1099 income or maximum of 20% of both my incomes?

I understand I should put about 30% of my 1099 income into saving account to pay quarterly taxes, this is 30% after subtracting all the deductions for the business, solo 401k, licensing fees, cme fees, etc…?

Do I understand this all correctly? Anything I should know or misunderstood?

My tax situation for 2026 will be more complicated than I have ever dealt with. I will have worked 3 different jobs in 2 (3) different states. Let me explain.

Job 1 (Salary 57,750): I worked in the state of North Dakota from Jan 1st to mid-February. Additionally, I (stupidly) took an early withdrawal and emptied my 401(a) when I left this job. This had money with contributions from 2025 as well, but still wasn't a lot. I paid the 10% penalty right away, and I have another 25% saved to hopefully cover additional taxes.

Job 2 (Salary 70,000): I then took a job offer and worked remotely from mid-February to mid-May. The catch: this job was based out of Kansas, and my paychecks had Kansas state tax deducted, even though I lived in ND. Is this a problem?

Job 3 (Salary 76,000): That job SUCKED, and I quickly moved back into my career field and I started my current job mid-September and will be here for the rest of the year (and hopefully a long time!). This job is in Ohio, and I live here and pay Ohio state tax.

TL;DR:

1: Employed for 7 weeks, living in ND, paying ND taxes. Took early 401(a) withdrawal.

2: Employed for 13 weeks, living in ND, paying KS taxes.

3: Employed 14 weeks, living in OH and paying OH taxes.

4: Married, filing jointly. Wife works part-time, maybe $8,000 a year. (Newlywed, haven't filed jointly before and not sure if this affects anything).

I live in Panama (Central America) and I work from here as a freelancer bookkeeper and Tax Preparer for US clients. I have a small office but no client ever came to visit me. The office is just to focus, record videos, do professional zoom calls.

Now I am thinking about opening a franchise and serve local US Expats. I know HR Block has some international offices around the World. Any other idea? Do you know any big Tax Firm interested in opening a branch here?