Has anyone looked into installment sales? My parents transferred their farm to me using a self-financed installment sale with minimal interest. They reported small portions of capital gain each year as i made payments, keeping them in lower tax brackets. And it established market value without an expensive appraisal because it was an actual sale.

This is such a common situation for family farms, and you're smart to think through all the options before moving forward. One approach that hasn't been mentioned yet is a grantor trust strategy, where you could sell the property to an intentionally defective grantor trust (IDGT) that your nephew is the beneficiary of. You'd take back a promissory note for the sale price, but since it's a "defective" trust for income tax purposes, you'd pay all the income taxes on the trust's income, which effectively allows you to make additional tax-free gifts to your nephew over time. The beauty of this approach is that any appreciation in the property value after the sale goes to your nephew without additional gift tax consequences to you. Plus, if the property generates income (like from farming operations), that income can be used to make the note payments back to you. Given that you mentioned this land has been in the family for generations, you might also want to look into whether your state has any specific family farm transfer programs or tax credits. Many states have special provisions to encourage keeping agricultural land in family hands and in agricultural use. Definitely echo what others have said about consulting with professionals who specialize in agricultural transfers - the tax savings usually far exceed the consultation fees.

Have you considered just using the "catch-all" category? That's what my accountant recommended when I couldn't decide between my different service offerings. I ended up using 541990 (All Other Professional, Scientific, and Technical Services). Been doing it that way for 3 years with no issues.

Check the Schedule C instructions PDF on the IRS website. There's a whole list of business codes in the back pages. Just scroll through and pick the one that most closely matches your MAIN business activity. I remember panicking about this last year too, but it's really not that big a deal.

Just to add another data point - I recently applied for my EIN for a project management SAAS and also selected "Service" based on advice from this community. The application was approved without any questions or delays. One tip that helped me feel more confident: I looked up how established SAAS companies like Salesforce and HubSpot are classified, and they're all considered service providers rather than retail. The IRS really does view software subscriptions as providing ongoing access to a service rather than selling a product, so "Service" is definitely the way to go for your application.

This thread has been incredibly helpful! I'm launching a customer support automation SAAS next month and was facing the exact same dilemma. Based on all the experiences shared here, I'm confident that "Service" is the right choice for my EIN application. What I found most valuable was learning that this category selection is primarily for statistical purposes and won't lock me into any specific tax treatment later. The comparison to established companies like Salesforce and AWS really drove the point home - we're providing ongoing access to software functionality, not transferring ownership of a product. Thanks especially to those who shared their real experiences with successful applications. It's one thing to read the theory, but hearing from people who actually went through the process recently and had their EINs approved gives me the confidence to move forward without overthinking it.

20 Quick question guys - I'm using TurboTax Business for our partnership filing with no income. Does anyone know if I still have to pay the full price even though we have basically nothing to report?

Just went through this exact situation last month! We formed our LLC partnership in September but didn't start generating revenue until January. You absolutely need to file Form 1065 even with zero income - the IRS considers you "in business" once you've made that first business purchase (your printer). For online filing, I'd recommend checking out FreeTaxUSA Business - it's much cheaper than TurboTax but still handles e-filing perfectly. Since you only have minimal activity, you'll probably qualify for their basic tier. The form will show your printer as a business asset and any setup costs as startup expenses. Pro tip: Make sure to keep detailed records of that $350 printer purchase and any other business expenses, even small ones. You'll need the dates and amounts for your first filing, and it establishes good bookkeeping habits for when your craft business takes off! The March 15th deadline is coming up fast, so don't wait too long. If you're cutting it close, you can always file for an automatic extension using Form 7004.

Something similar happened to me last year and I finally got it resolved by filing a police report for theft. Sounds extreme but it worked! Once I had the police report, I sent it to both Chase and the IRS with a formal letter stating that I would be pursuing criminal charges against anyone withholding my rightfully owed tax refund. Magically, within 2 weeks my refund was reissued. Sometimes you have to play hardball when everyone is passing the buck. Just make sure you document EVERYTHING and keep all communications professional.

I went through this exact same situation two years ago with a $4,800 refund that went to the wrong account due to my tax preparer's mistake. Here's what finally worked for me: First, definitely contact the Taxpayer Advocate Service as mentioned earlier - they were crucial in my case. But also file a formal complaint with the Treasury Inspector General for Tax Administration (TIGTA) at https://www.treasury.gov/tigta/contact_report_waste_fraud.shtml. This creates an official investigation into the IRS's handling of your case. Second, send a certified letter to Chase's Executive Customer Relations department (not regular customer service) citing 12 CFR 210.28 - this is the federal regulation that governs erroneous ACH deposits. In your letter, state that under this regulation, they have an obligation to work with the originating depository financial institution (the Treasury) to resolve erroneous deposits. Third, contact your state's banking commissioner to file a complaint against Chase. Banks hate regulatory complaints and often resolve issues quickly to avoid further scrutiny. The key is creating multiple pressure points simultaneously. It took about 6 weeks, but I eventually got my full refund reissued. Don't give up - this money is legally yours and there are established procedures to get it back, even if everyone initially claims it's not their problem.