I'm going through the exact same thing right now! Filed on February 23rd and my transcript has been blank this whole time with just that "as of date" showing. It's so nerve-wracking when you're used to seeing all those codes and activity from previous years. Reading everyone's experiences here is actually really reassuring - sounds like this is pretty normal and we just have to wait it out. The hardest part is not knowing if everything is processing correctly or if there's an issue. Thanks for posting this question because I was starting to think something was wrong with my return!

I've been dealing with tax returns for over 10 years and can confirm what others have said - the blank transcript with just an "as of date" is completely normal during early processing. What's happening is your return is in the IRS queue but hasn't been assigned to a processing center yet. The "as of date" will usually jump around every few days (sometimes weekly) until actual processing begins. Once processing starts, you'll see transaction code 150 appear first, followed by other codes. The good news is that filing 2 weeks ago puts you well within the normal 21-day processing window for e-filed returns. I'd recommend checking both your transcript AND Where's My Refund every few days, but don't panic if nothing changes for another week or two - this is just how the IRS system works.

As someone who went the C-Corp route 5 years ago with similar income to yours, I want to share some real-world insights: 1. The administrative burden is significantly higher than pass-through entities. You'll need board meeting minutes, corporate bylaws, separate books, etc. 2. Medical expense reimbursement through a QSEHRA has been amazing - I deduct my family's healthcare costs pre-tax through the business 3. The retirement options are incredible. I've set up a cash balance plan that lets me put away almost $150k/year pre-tax, which is way beyond the limits of SEP IRAs or solo 401ks 4. The "double taxation" issue is real, but if you can keep money in the business for several years, the math often works out favorably 5. State taxes add another layer of complexity - some states have minimum corporate taxes or higher rates that can eat into the federal tax savings Worth noting that tax laws are always changing, so what works great now might not be optimal in 5 years.

Just throwing this out there - have you considered just staying as a sole proprietor but being more aggressive with retirement accounts and other tax strategies? I'm in a similar boat (31, single, ~$200k from consulting) and I've found that maxing out a Solo 401k with both employer and employee contributions plus setting up a SEP IRA has been enough to meaningfully reduce my tax burden without the corporate complexity. Also, you didn't mention what state you're in - that makes a HUGE difference. Some states have additional taxes on corporations that can wipe out the federal advantages.

Has anyone here dealt with the depreciation recapture tax when selling? That's my biggest hesitation with bonus depreciation. Sure you save taxes now, but when you sell you pay up to 25% on all that depreciation. Does anyone have experience with how this plays out in real life?

Great discussion here! As someone who's dealt with similar multi-building commercial properties, I'd strongly recommend getting that cost segregation study done immediately after closing. With 11 buildings totaling $1.7M, you're likely looking at substantial components that can be reclassified for accelerated depreciation. Given your high W-2 income of $260k, bonus depreciation could provide significant tax savings by offsetting your ordinary income at higher tax rates. Even though bonus depreciation is phasing down (80% in 2025), that's still a massive deduction opportunity on eligible components. One thing to consider with your long-term hold strategy: you might want to model out scenarios where you do a cash-out refinance in 10-15 years instead of selling. This would allow you to pull out equity tax-free while continuing to depreciate the property and avoiding recapture entirely. With 11 separate buildings, you also have flexibility to potentially sell individual buildings over time rather than the entire portfolio at once, which could help manage your tax liability. The key is running the numbers on your specific situation - your current tax bracket, projected future income, and exit strategy timeline all factor into whether maximizing bonus depreciation now makes sense.

I think you might be running into a classic depreciation recapture issue, but the $5,000+ tax increase seems way too high for your situation. Here's what's likely happening: When you used the standard mileage rate for your 7,500 business miles, you effectively claimed about $2,025 in depreciation (27 cents per mile for 2024). The IRS now wants to "recapture" some of that depreciation when you sell the vehicle. However, since you had an overall loss on the vehicle ($41,000 purchase vs $38,200 sale), the recapture should be limited. The business portion of your loss would be about $504 (18% of the $2,800 total loss), but you'd still need to recapture the depreciation you claimed. A few things to double-check: 1. Make sure you're calculating business use percentage correctly across the entire ownership period, not just 2024 2. Verify that TurboTax is properly accounting for the depreciation component of your standard mileage deductions 3. Check if the software is correctly limiting recapture to the actual depreciation claimed That tax increase suggests something is being calculated incorrectly. I'd recommend running through the numbers manually or trying a different tax software to compare results before filing.

I ran into this exact same issue when I sold my delivery vehicle last year! The $5,000+ tax increase definitely seems wrong - that's way too high for your situation. Here's what I learned after going through this mess: TurboTax sometimes doesn't handle partial business use vehicle sales correctly, especially when you're using the standard mileage rate. The software can get confused about how to calculate the depreciation recapture portion. Based on your numbers, your actual taxable gain should be much smaller. You had 18% business use on a vehicle that lost value overall ($41K to $38.2K), plus you only claimed about $4,387 in total mileage deductions (7,500 miles × $0.585). The depreciation component of that would be around $2,025 (7,500 × $0.27). A few things that helped me figure it out: 1. Double-check that you entered the original purchase price correctly in the business asset section 2. Make sure the software is using 2024's depreciation rate (27 cents per mile) not 2023's rate 3. Verify it's calculating business percentage correctly I ended up having to manually override some of TurboTax's calculations after consulting with a tax pro. The actual taxable amount was less than $800, not the $5,000+ the software initially calculated. Definitely get a second opinion before filing - this could save you thousands!

Just wondering - what site did your coworker use that got her a bigger refund? Maybe worth checking out for next year even if you can't file twice this year.

I totally understand the temptation to try filing again, but as others have mentioned, you really can't file a second return for the same tax year. The IRS system will reject it outright since your SSN has already been used. However, your coworker's situation might be totally different from yours - she could have different deductions, credits, or filing status that you don't qualify for. The difference in her refund might not apply to your situation at all. If you're really concerned you missed something, I'd suggest doing a quick review of common deductions people forget: student loan interest, charitable donations (even small ones), work-from-home expenses if you were remote, educator expenses if you're a teacher, or state and local tax deductions. You can also check if you qualified for any credits like the Child and Dependent Care Credit or Education Credits. If you find something significant you missed, then file Form 1040-X to amend your return. But honestly, if TurboTax walked you through everything and you answered the questions accurately, you probably didn't miss much. The peace of mind might not be worth the hassle unless you discover something really substantial.