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One thing to consider - even if the W2 is only for $79.75, the IRS might send you a CP2000 notice eventually if you don't amend. They match all W2s with tax returns and flag discrepancies. It's automated so even small amounts get caught. I learned this the hard way a few years ago with a tiny 1099. The notice included interest charges too. Better to just fix it now!
Thanks for mentioning this! This is exactly what I was worried about. Do you remember approximately how long it took before you got the notice from the IRS? And was the process of dealing with it really complicated?
I got the CP2000 notice about 8 months after filing my return. The process wasn't super complicated, but it was definitely more annoying than if I had just amended right away. The notice listed the discrepancy and calculated what I owed including interest. I had to either agree and pay, or explain why I disagreed. Since they were right, I just paid it. The whole thing probably took an hour of my time to deal with, plus I paid more because of the interest charges. If I had amended early on, it would have been simpler and cheaper.
In my experience, the IRS computer system will eventually catch this discrepancy and send you a notice. It might take 6-12 months, but it's pretty much guaranteed since employers send W2s directly to the IRS. With such a small amount, you'll probably owe less than $15 in additional tax, but they might add interest and a small penalty by the time they get around to notifying you.
Would the IRS really add penalties for such a tiny amount? Seems excessive.
Code 720 is actually a pretty standard processing code that you'll see early in the process! It essentially means the IRS has your return in their system and they're working through it. I've seen this code on my transcripts several times over the years. The timeline can vary quite a bit - sometimes it moves within 2-3 weeks, but during busy periods it can take longer. What I've learned is that it's totally normal and not a sign of any problems. Just keep checking your transcript weekly (I usually check on Friday evenings since that's when they typically update) and try not to stress about it. The waiting is definitely the hardest part, but your refund should start moving through the system soon! š
Thanks for the detailed explanation! This is really helpful for someone new to understanding these codes. The Friday evening check schedule makes so much sense - I was checking randomly throughout the week and getting frustrated when nothing changed. It's reassuring to hear from someone who's been through this multiple times that 720 is totally normal. I'll definitely try to be more patient and stick to weekly checks. Really appreciate you taking the time to share your experience! š
I had code 720 on mine for about 5 weeks last year and was getting really worried, but it eventually moved through! What I learned is that this code basically means your return is officially in their queue and being processed. The timeline varies a lot depending on how busy they are and if there are any special reviews needed. I started checking every Friday evening since that's when most updates happen, and it really helped reduce my anxiety compared to checking daily. One tip - if you have any life changes like moving, marriage, or job changes, those can sometimes slow things down a bit even with code 720. But overall it's definitely a normal part of the process, so try not to worry too much! Your refund should start moving soon š¤
Five weeks definitely sounds stressful, but I'm glad it worked out in the end! That's a good point about life changes potentially slowing things down - I didn't realize those could impact processing even with straightforward returns. My situation is pretty stable so hopefully that works in my favor. The Friday evening check routine seems to be the consensus here and I'm definitely going to adopt that approach. Thanks for sharing your experience and the reassurance that this is all normal! Really helps calm the nerves š
This is such great advice from everyone! As someone who just went through this exact situation with my pottery business, I wanted to add one more thing that really helped me. Since you mentioned you're planning to start in January, consider setting up a separate business checking account right away, even if it's just a basic free one. This makes tracking your business expenses SO much easier come tax time. Every yarn purchase, craft fair fee, and gas receipt for business trips goes on that card or through that account. I wish I'd done this from day one instead of trying to sort through my personal expenses later to find the business ones. It also makes you look more professional when paying booth fees at craft fairs. And definitely keep a simple log of what you make and sell - even just "blue scarf - $25" in a notebook. This helps you track which items are profitable and gives you good records for taxes. Good luck with your new venture!
This is such solid advice! I wish I'd thought about the separate business account when I was starting out. I'm curious though - for someone just testing the waters with a craft business, is it worth getting a business checking account right away, or should you wait until you know you're serious about it? Some banks charge monthly fees for business accounts, and if you're only planning to make $2-3K annually like the original poster, those fees could eat into profits pretty quickly. Did you find a free business account option that worked well for your pottery business?
Great question about business accounts! I actually started with a free personal checking account that I dedicated solely to my craft business - many banks offer basic free checking if you maintain a minimum balance or set up direct deposit. This gave me all the benefits of separation without monthly fees. Once I was making consistent income (around $5K annually), I upgraded to an actual business account. By then, the monthly fees were easily justified by the tax benefits and professional appearance. Some credit unions also offer free or low-cost business accounts for small businesses. The key is having that separation from day one, whether it's a dedicated personal account or a true business account. You can always upgrade later once your income justifies the fees. Even if you only make $2K in year one, having clean records will save you hours during tax season and potentially save money if you need professional tax help.
This is really helpful advice about starting with a dedicated personal account! I'm just getting into selling my handmade jewelry and was worried about the costs of setting up a business account right away. The idea of using a free personal checking account just for business transactions makes so much sense - you get the separation benefits without the monthly fees eating into those early profits. I'll definitely look into what my credit union offers for this. Thanks for breaking down when it makes sense to upgrade to a real business account too - having that $5K benchmark is useful for planning ahead!
I've been researching Open Tax Solver myself and this thread has been incredibly valuable! As someone who's been using FreeTaxUSA but getting tired of the annual costs, I'm really drawn to the idea of open source tax software that keeps everything local. What really stands out to me from everyone's experiences is the consistent accuracy - multiple people comparing against commercial software and tax professionals with matching results is pretty compelling evidence. The security approach of local-only processing actually seems more trustworthy than cloud-based solutions, especially given how many data breaches we've seen with major companies. I'm planning to follow the advice several people mentioned about downloading it now to practice with last year's data. For anyone else considering this approach, I found the Open Tax Solver website has pretty good documentation and sample files to help get started. The GitHub repository that @Emily Parker mentioned also has helpful discussions in the issues section where users share tips and ask questions. One thing I'm curious about - for those who've made the switch from commercial software, do you miss any specific features, or has Open Tax Solver covered everything you need? I'm trying to decide if there are any deal-breakers I should know about before committing to this approach. Thanks to everyone who shared their real experiences - this has been way more helpful than generic online reviews!
Great question about missing features! I made the switch from TurboTax two years ago and honestly, the only thing I occasionally miss is the automatic import of tax documents (like W-2s and 1099s). With Open Tax Solver, you have to manually enter everything, which adds maybe 15-20 minutes to the process but isn't a huge deal. The other thing some people might miss is the interview-style guidance where commercial software walks you through potential deductions you might not have considered. Open Tax Solver assumes you know what applies to your situation, so you need to be a bit more proactive about researching deductions. But honestly, after using it for a couple years, I've become much more knowledgeable about my taxes, which feels empowering. The trade-offs have been totally worth it for me - no annual fees, complete privacy control, and surprisingly better documentation of how calculations work. Plus there's something satisfying about understanding exactly how your taxes are calculated rather than just trusting a black box algorithm. For your situation, I'd definitely recommend trying it alongside your current software this year. The learning curve is manageable and the long-term benefits of cost savings and data privacy are hard to beat!
I've been following this discussion with great interest as someone who's been considering the switch from commercial tax software myself. The consistent theme I'm hearing about Open Tax Solver's accuracy and security approach is really compelling - especially the multiple accounts of side-by-side comparisons with commercial software and tax professionals showing matching results. What particularly resonates with me is the privacy-first approach of keeping everything local on your computer. As someone who works in cybersecurity, I've seen firsthand how vulnerable centralized data storage can be, regardless of how "secure" companies claim their systems are. The idea of maintaining complete control over my sensitive financial information while still getting professional-level tax calculations is exactly what I've been looking for. I'm definitely planning to follow the advice several people have mentioned about downloading the software now to practice with 2023 data before tax season hits. The learning curve seems very manageable based on everyone's experiences, and the long-term benefits of no annual fees plus enhanced privacy control make it worth the initial time investment. Thanks to everyone who shared detailed real-world experiences rather than just theoretical opinions. This thread has been incredibly valuable for someone like me who was on the fence about trying open source tax software. The community knowledge sharing here is exactly what makes these discussions so helpful!
Your cybersecurity background really adds valuable perspective to this discussion! It's reassuring to hear from someone with professional security knowledge validating the privacy advantages of local processing. I hadn't fully considered the centralized data storage vulnerabilities you mentioned, but it makes perfect sense - keeping sensitive financial data on your own controlled environment eliminates a whole category of risks. This thread has been amazing for getting real user experiences instead of marketing hype or generic reviews. What started as concerns about trusting open source software with personal information has turned into a compelling case for why it might actually be more secure than commercial alternatives. The combination of transparent source code, local-only processing, and no annual fees is really hard to beat. I'm convinced to try the practice-with-old-data approach too. It seems like such a smart way to get familiar with the interface without the pressure of actual filing deadlines. Thanks for summarizing the key themes from everyone's experiences - it really helps crystallize why Open Tax Solver seems like such a solid choice for people wanting more control over their tax preparation process.
Carmen Ruiz
I work in HR and can confirm that The Cheesecake Factory uses Workday for their payroll system. As a former employee, you should still have access to your Workday account - the login credentials are typically your employee ID and either your SSN or a password you set up during onboarding. Try going to myworkday.com and looking for The Cheesecake Factory's specific login portal. If you can't remember your login info, there should be a "Forgot Password" or "Account Recovery" option. You'll need your employee ID (which should be on any old paystub) and your SSN to reset access. If that doesn't work, call their corporate HR line at 1-818-871-3000 and ask to speak with someone about accessing your W-2 as a former employee. They deal with this situation constantly and should be able to help you get logged in within a few minutes. Don't let them brush you off - you have a legal right to that document! Also, just so you know for future reference, most large employers are required to make W-2s available electronically to former employees through the same system they used while employed. They just don't always make this clear when people quit.
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Maxwell St. Laurent
ā¢This is really helpful inside information! I'm curious though - do you know if there's a time limit on how long former employees can access their Workday accounts? I left a job about 18 months ago and I'm wondering if my access might have been deactivated by now. Also, when you say "employee ID," is that usually the same as what shows up on our paystubs, or could it be a different internal number that HR uses?
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Liam McGuire
I just went through this exact situation with The Cheesecake Factory last month! Carmen is absolutely right about the Workday system. What worked for me was going directly to the Cheesecake Factory employee portal (not the generic myworkday.com). Try searching online for "Cheesecake Factory employee login" or "Cheesecake Factory Workday portal" - they have their own branded login page. Your employee ID is definitely on your last paystub, and the initial password might have been your birth date (MMDDYYYY format) or last 4 digits of SSN if you never changed it. One thing that helped me was calling during off-peak hours (like 10am-2pm on weekdays) when their HR isn't swamped. The person I talked to was actually really helpful once I got through to the right department. They walked me through the password reset process while I was on the phone. Don't stress too much about the deadline - if you can't get your W-2 by February 15th, the IRS will definitely help you get it from them. But honestly, the Workday portal route will probably be your fastest solution. Good luck!
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