This has been such a helpful discussion! As someone dealing with a similar situation (thinking about adding my adult son to my investment accounts), I really appreciate all the different perspectives and options that have been shared here. The gift tax implications were my main concern initially, but reading through all these comments has opened my eyes to so many other considerations I hadn't thought about - like the creditor protection issues, the loss of control with joint ownership, and the potential impact on cost basis for capital gains. The TOD option seems like it might be the sweet spot for my situation - avoiding probate while keeping full control and not triggering immediate gift tax reporting. But the trust route also sounds intriguing, especially for the added protection it might provide. I think the key takeaway for me is that this decision is way more complex than I initially realized, and it's definitely worth investing in proper professional advice rather than trying to figure it out on my own. The potential tax and legal ramifications are just too significant to get wrong. Thanks to everyone who shared their experiences and insights - this thread has probably saved me from making some costly mistakes!

This thread has been incredibly educational! I'm in a very similar situation - have about $160K in various index funds and ETFs that I've been considering how to eventually pass to my two kids (ages 24 and 29). Reading through all these responses, I'm now leaning heavily toward the TOD route rather than joint ownership. The gift tax reporting requirement alone seems like a headache I'd rather avoid, not to mention all the other complications people have mentioned about creditor exposure and loss of control. One question I haven't seen addressed - for those who went with TOD designations, did your brokerage firm charge any fees for setting it up? And is there any ongoing maintenance or paperwork required, or is it basically "set it and forget it" once you've designated your beneficiaries? Also curious if anyone has experience with how TOD works across multiple brokerage accounts - I have investments spread across Vanguard, Fidelity, and Schwab. Can you set up consistent TOD designations across all of them, or does each firm handle it differently? Thanks again to everyone for sharing their knowledge and experiences - this is exactly the kind of practical advice that's impossible to find anywhere else!

This is exactly the kind of predatory practice that makes dealing with taxes even more stressful than it already is! It's outrageous that TurboTax can essentially hold your own tax data hostage behind a paywall. I've been in a similar situation before and here's what worked for me: First, definitely try the IRS transcript route that others have mentioned - it's free and has all the information you need. But if you want something that looks more like your original return format, I've had good luck with some of the third-party tools mentioned here. The key thing for future years is to ALWAYS save a PDF copy of your complete return before you finish filing. Most tax software will let you export to PDF, and some even automatically email you a copy. I now save mine in three places: local computer, cloud storage, and email myself a copy. Never again will I be at the mercy of proprietary file formats! It's honestly shameful that tax software companies can get away with this kind of lock-in strategy, especially when they're dealing with people's essential financial records.

This whole situation is a perfect example of why I've switched to using open-source tax software whenever possible. Tools like FreeTaxUSA or even the IRS's own Free File Fillable Forms don't lock you into proprietary file formats that become inaccessible later. For your immediate problem, I'd definitely echo what others have said about the IRS transcript route - it's your most reliable option for getting the 2020 data you need. The format takes a little getting used to, but it has all the essential information including itemized deductions. One thing I haven't seen mentioned yet is that some public libraries offer free access to tax preparation software, including TurboTax desktop versions. You might be able to open your TAX2020 file there if you really need to see it in the original format. Call your local library's reference desk to ask if they have tax software available during tax season. Going forward, I'd strongly recommend switching away from TurboTax entirely. Their business model is increasingly focused on creating these kinds of lock-in situations and upselling users. There are plenty of alternatives that won't hold your own tax data hostage!

I've been following this thread closely as someone who works in consumer protection, and I want to emphasize a crucial point that could strengthen your cancellation case: the radio advertisement itself. Since you mentioned hearing their ad on your morning radio show, try to document exactly what promises they made in that advertisement. Many tax resolution companies make broad claims about "satisfaction guaranteed" or "we'll resolve your tax problems" in their ads that they can't actually deliver on for the price they quote. If possible, contact the radio station to see if they have recordings of recent TaxSolve Pro ads. Radio stations are often required to keep advertising archives for a certain period. If their ads promised specific outcomes or used language like "affordable solutions" while charging you $3,200, that's additional evidence of deceptive practices. Also, consider filing a complaint with the FTC (Federal Trade Commission) regardless of whether you successfully cancel. They track patterns of deceptive practices by tax resolution companies, and your complaint could help protect other consumers from similar situations. The combination of vague pricing despite direct questions + potentially misleading radio advertisements gives you very strong grounds for cancellation. Document everything from the radio ad, your phone conversations, and their contract terms. This paper trail will be invaluable if they push back on your cancellation request. You're absolutely doing the right thing by fighting this - these companies count on people being too intimidated or embarrassed to challenge their contracts.

I'm so sorry you're dealing with this stress from TaxSolve Pro! What you've described is unfortunately a very common tactic used by predatory tax resolution companies - they deliberately avoid giving clear pricing information during consultations, then spring expensive contracts on people who are already worried about their tax situation. The good news is that you have strong legal grounds for cancellation. The fact that you repeatedly asked about costs and they gave you vague responses is a clear violation of consumer protection laws. Tax resolution companies are required by law to provide transparent pricing information before you sign any agreement. Here's what you need to do immediately: 1. Send a written cancellation notice RIGHT NOW via both certified mail and email - don't wait another hour 2. In your cancellation letter, specifically state that you're cancelling due to their failure to provide clear pricing disclosure despite your repeated direct questions 3. Mention that this violates consumer protection regulations and request a full refund 4. Contact your credit card company to block any future charges from TaxSolve Pro Don't be intimidated when they call back with pressure tactics - just keep repeating that you've exercised your legal right to cancel due to their deceptive practices. A single consultation call is worth maybe a couple hundred dollars at most, not $3,200. Remember, the IRS offers direct payment plans that don't require expensive middleman fees. You've got strong grounds here - stay firm and document everything!

Ryan, I'm dealing with a very similar situation right now! I formed my marketing consulting LLC in December 2022 and spent about $8,000 on a laptop, software licenses, and office furniture, but didn't land my first client until March 2023. What I learned from my CPA is that since your business didn't have any activity in 2022, you're absolutely right that 2023 is considered your first year of operations. The good news is you can still claim those 2022 expenses, but you need to be strategic about how you do it. For equipment like your trailer, you'll want to look into bonus depreciation rules - you might be able to deduct 80% of the cost in 2023 (it was 100% in previous years but is phasing down). The remaining 20% would be depreciated over the normal schedule. One thing that caught me off guard was that I also needed to file a late 2022 return showing the LLC formation even with zero income. It wasn't required, but my CPA said it creates a cleaner paper trail for the IRS and makes it easier to justify carrying those expenses forward. Just something to consider! Make sure you have all your receipts organized by date and keep notes about when you actually started using each piece of equipment for business purposes. The IRS loves documentation!

Ryan, I just went through almost the exact same situation with my LLC! I started mine in October 2022 and bought about $15,000 in equipment but didn't make a penny until early 2023. Here's what I learned after consulting with a tax pro: You can definitely claim those 2022 expenses on your 2023 return since that's when your business actually became active. The IRS considers "active operations" to begin when you start generating income or actively pursuing customers, not when you file paperwork. For your $12,500 in equipment, you'll have a few options: 1. Use Section 179 to deduct the full amount in 2023 (up to $1.16M limit) 2. Take advantage of 80% bonus depreciation for 2023 3. Depreciate normally over several years using MACRS I ended up going with bonus depreciation which let me deduct 80% immediately and spread the remaining 20% over the normal schedule. Saved me a ton in taxes for 2023. One tip: definitely keep detailed records showing when you purchased everything and when you actually started using it for business. I created a simple spreadsheet with purchase dates, business use start dates, and photos of receipts. The documentation really matters if you ever get audited. Also consider whether you want to file an amended 2022 return showing zero income just to establish the business existence - my accountant said it's not required but can help create a cleaner paper trail. No penalties since there's no tax owed.

Carmen, I completely understand your confusion - I went through the exact same thing when I started doing delivery work! The good news is that once you get a system in place, it's really not as complicated as it initially seems. Here's what I wish someone had told me on day one: Start tracking everything NOW, not later. I use a simple approach - mileage app (I personally love Stride because it's free and designed for gig workers), plus I take photos of any receipts with my phone immediately when I buy delivery supplies. One thing that hasn't been mentioned yet - consider getting a dedicated credit card just for delivery expenses. It makes tracking so much easier when tax time comes, and you're not trying to separate personal vs. business purchases from your regular card statements. Also, don't forget that as an independent contractor, you might be able to deduct part of your home internet bill if you use it for work purposes (checking delivery apps, researching busy areas, etc.). It's usually a small amount but every little bit helps! The $300-400 you're making weekly definitely puts you in a good position to benefit from proper record keeping. Those deductions can really add up and make a significant difference in your tax bill. You're smart to get ahead of this now rather than trying to figure it out in April!

Carmen, you're asking all the right questions! As someone who's been doing gig work for a few years, I can tell you that getting organized early will save you so much stress later. One thing I haven't seen mentioned yet is the importance of understanding your quarterly estimated tax payments. Since you're making $300-400 weekly consistently, you're likely going to owe more than $1,000 in taxes for the year, which means the IRS expects quarterly payments. You can either increase withholding at another job (if you have one) or make payments directly to the IRS four times a year. Also, consider joining some Facebook groups for delivery drivers in your area - they often share local tax preparers who specialize in gig work and understand all the nuances. Sometimes it's worth paying a professional for your first year just to see how everything should be organized, then you can decide if you want to do it yourself going forward. Don't forget that your delivery bags aren't just deductible when you buy them - if they wear out and you need to replace them, those are business expenses too. Same with phone accessories, car chargers, anything that helps you do the job more efficiently. The fact that you're thinking about this now instead of in March shows you're going to do just fine! Keep asking questions and don't be afraid to invest a little money in proper tracking tools or professional help if it saves you time and stress.