Has anyone used an S-corp instead of an LLC for holding rental properties? My tax guy suggested I should switch my LLC to S-corp status for better tax treatment, but everything I read online says that's actually worse for real estate.

I've been managing rental properties through my LLC for about 3 years now and wanted to add some practical advice for anyone just getting started. Beyond the excellent points about Schedule E reporting, here are a few things I wish I'd known earlier: 1. Set up a separate business bank account for your LLC immediately - it makes tracking income/expenses so much easier and provides better liability protection. 2. Consider quarterly estimated tax payments if your rental income is substantial. I got hit with underpayment penalties my first year because I only paid through my W-2 withholdings. 3. Document everything with photos and receipts. The IRS can be picky about distinguishing repairs (deductible immediately) vs improvements (must be depreciated). Having good records saved me during an audit. 4. Don't forget about the startup costs election - you can deduct up to $5,000 in LLC formation and initial property acquisition costs in your first year instead of amortizing them over 15 years. The learning curve is steep but totally manageable once you get the systems in place!

About your iPad question - I'm an accounting student and successfully claimed my iPad Pro and Apple Pencil last year. The key was that my syllabus specifically stated we needed "a device capable of annotation on digital documents" for a paperless classroom. I kept a copy of the syllabus, emails from professors, and all receipts. The IRS publication 970 mentions that equipment required for enrollment or attendance qualifies. Just make sure you're only using it for education (or track personal use percentage).

I'm in a very similar situation and wanted to share what I learned from my tax preparer. Since you're above the income threshold for both AOTC and Lifetime Learning Credit, you might want to look into timing your grad school expenses strategically. One approach could be to defer some tuition payments to early January if possible, then max out your 401k contributions for the year to bring your MAGI down. If you can get under $90k, even the partial credit would be worth thousands. Also, don't overlook that grad school textbooks, lab fees, and required course materials all count as qualified expenses. I was surprised how much I could claim beyond just tuition. Keep every receipt and syllabus that shows requirements! For your iPad situation - as long as the syllabus specifically requires digital note-taking equipment, you should be fine. The IRS cares more about the requirement being documented than the specific brand or model you choose.

My employer uses ADP and I was able to download a PDF version that was accepted everywhere. Check if your company's portal has a download or print to PDF option instead of taking a photo of the screen. Much cleaner!

Great to see you found the PDF option! That's definitely the best approach when available. For anyone else reading this thread, here's the hierarchy of what works best for tax filing: 1. **PDF download from employer portal** (cleanest, most professional) 2. **High-quality scan using a scanning app** (Adobe Scan, Microsoft Office Lens, etc.) 3. **Clear photo with good lighting** (make sure all numbers are legible) One more tip - regardless of which method you use, always double-check the key numbers (wages in Box 1, federal withholding in Box 2, Social Security wages in Box 3, etc.) before submitting your return. A simple transcription error can delay your refund or trigger correspondence from the IRS. Good luck with your filing, and hopefully you get that refund quickly!

I'm currently going through something similar with a different type of notice, and what I've learned is that the IRS systems are frustratingly inconsistent. From my experience, CP2000 notices specifically seem to have the longest delay before appearing online - sometimes they never show up at all in your online account. The transcript method that Rita mentioned is definitely your best bet for getting ahead of this. I'd also recommend calling your local post office to confirm your address is correct in their system, since address mix-ups seem to be more common than we'd expect. Don't rely solely on the online account for something this important - the physical mail is still their primary method for these types of notices.

Based on everyone's experiences here, it sounds like the IRS mail/online integration is unfortunately hit-or-miss. For CP2000 notices specifically, I'd recommend a multi-pronged approach: 1) Check your transcript weekly using Rita's method to watch for transaction codes, 2) Verify your address is current with both the IRS and USPS, and 3) Don't panic if it takes longer than the 10 days they quoted - mail delivery times have been inconsistent lately. The transcript will likely show activity before you receive the physical notice, which should give you a heads up to prepare your medical expense documentation. Keep checking both systems, but definitely don't rely solely on the online account for something this important.

Why not just wait for ur refund? These loans are basically legal robbery fr

I feel you on needing the money fast! Just wanted to mention that if you do go with TurboTax's refund advance through First Century Bank, make sure you read all the fine print on fees. Sometimes it's worth calling the IRS refund hotline (1-800-829-1954) to get a better idea of your refund timeline first - they might be able to give you more specific info than the online tool. Also, some credit unions offer small emergency loans with way better terms than these tax refund advances if you have time to apply.