One thing that might help clarify the SEP IRA vs Solo 401k question - you can actually convert your existing SEP IRA to a Solo 401k if your Solo 401k plan allows for rollovers. This could be beneficial since you'd get the employee contribution option ($22,500) that you don't have with the SEP IRA. However, be careful about the timing if you've already made SEP IRA contributions for this tax year. You can't make employer contributions to both plans for the same tax year from the same business, even if you do a rollover partway through. Also worth noting - with your S Corp structure and $145k salary, your total contribution space to a Solo 401k would be around $58,750 ($22,500 employee + ~$36,250 employer at 25% of compensation). This might actually be less than the $66k you were planning for the SEP IRA, so run the numbers carefully before switching.

One additional consideration that hasn't been mentioned - if you're planning to hire employees in the future (beyond just your wife), a SEP IRA requires you to contribute equally for all eligible employees as a percentage of their compensation. With a Solo 401k, you lose eligibility once you have employees who aren't your spouse. Given your business growth trajectory ($850k-$1.2M revenue), you might want to think about whether you'll need to hire W-2 employees down the road. If so, you might want to consider other options like a traditional 401k plan that can accommodate employees, or carefully structure any future hires as contractors rather than employees. Also, make sure you're considering state tax implications. Some states don't follow federal rules exactly for retirement plan deductions, so the optimal choice might vary depending on where your S Corp is based. The timing issue others mentioned is crucial - if you're already late in 2023, the SEP IRA's flexibility to be established until your filing deadline might outweigh the Solo 401k's higher contribution potential, especially if you can't increase your salary before year-end.

Has anyone installed a dedicated charging station with a separate utility meter specifically for their business EV? My electrician suggested this as the cleanest solution for separating business and personal use.

Great question! I'm in a similar boat with my Nissan Leaf that I use for my freelance photography business. After researching this extensively, here's what I've learned: The IRS allows you to deduct business vehicle expenses using either the standard mileage rate OR actual expenses, but not both. For EVs, the actual expense method can sometimes be more beneficial since our "fuel" costs are so low. For home charging, you'll need to calculate the actual kWh used for business driving. Most EVs display this info on the dashboard or through their apps. Multiply your business kWh by your electricity rate, then multiply by your business use percentage. One tip that's been super helpful: I created a simple spreadsheet that tracks my odometer readings, business vs personal miles, and charging sessions. Takes maybe 2 minutes per day but gives me rock-solid documentation. The key is consistency - whatever method you choose, stick with it for the entire tax year and keep detailed records. Your future self (and potentially the IRS) will thank you!

I'm dealing with this exact situation right now and the uncertainty is really stressful! Based on what everyone's shared, it sounds like the timeline is roughly 3-4 weeks from acceptance to when the offset actually happens, with another week or so for the receiving agency to process it. What I'm gathering is that the Treasury Offset Program number (800-304-3107) that @Dmitri Volkov mentioned might be the best way to get real-time information instead of waiting for letters that arrive after the fact. Has anyone else had success calling that number recently? I'm also on a fixed income and really need to know what's happening with my refund so I can plan my monthly budget accordingly. The fact that loan servicers don't always apply the offset correctly (like what happened to @Gabrielle Dubois) is another thing I hadn't considered. I'll definitely need to keep an eye on that too. Thanks everyone for sharing your experiences - it's helping me set realistic expectations for the timeline!

Thank you everyone for sharing your experiences! This is exactly the kind of detailed timeline information I was looking for. It sounds like I should expect the offset to happen sometime in the next week or two since my return was accepted 3 weeks ago. @Dmitri Volkov and @Miguel Silva - I'm definitely going to call that Treasury Offset Program number (800-304-3107) tomorrow morning. It sounds like that's the fastest way to get concrete information instead of playing the waiting game with all these different systems that don't talk to each other properly. @Gabrielle Dubois - Your point about loan servicers not applying the payment correctly is something I hadn't thought about! I'll make sure to check how they allocate the offset payment once it goes through. Since I'm on a fixed retirement income, every dollar matters and I want to make sure it's applied to reduce my highest interest debt first. This whole process definitely seems more complicated than it needs to be, but at least now I have realistic expectations and know exactly what steps to take to track everything. Really appreciate this community for sharing these real-world experiences!

Has anyone used both TurboTax and H&R Block as a single parent? I've used TurboTax for years but my sister swears H&R Block found her way more deductions as a single mom. Wondering if it's worth switching?

As someone who went through this exact situation a few years ago, I totally understand the overwhelm! You're asking all the right questions though. One thing I didn't see mentioned yet - make sure you're keeping receipts for ANY medical expenses for your daughter. Even small things like over-the-counter medications, doctor copays, dental visits, etc. can add up. As a single parent, you might hit the threshold for medical deduction if you itemize instead of taking the standard deduction, especially with your income level. Also, since you're a nurse, don't forget about work-related expenses like uniforms, continuing education, professional license fees, etc. These can be significant deductions that many healthcare workers miss. For your childcare situation with your mom - I went through the same thing. The conversation about her reporting the income can be awkward, but it's worth having because that Child and Dependent Care Credit can be substantial. Maybe approach it as helping each other out tax-wise rather than just you needing something from her. One last tip: start organizing everything NOW for next year. Set up a simple filing system for receipts and important documents. Being a single parent is hard enough without scrambling for paperwork during tax season!

whatever u do dont get an advance from those tax places...my sister did that last year and ended up paying like $300 in fees smh

Just wait it out if you can. The IRS is slow but at least you'll get your full refund without fees