I've been dealing with Section 179 carryovers for my consulting business and wanted to share what I've learned through some painful trial and error. The key thing that wasn't immediately obvious to me is that you need to maintain really detailed records of WHEN each carryover originated, not just the total amount. Here's why this matters: if you have carryovers from multiple years (like your $570 from 2022 plus new ones from 2025), you need to use them in FIFO order - first in, first out. So your 2022 carryover gets used before any 2025 carryover when you finally have enough business income. Also, make sure you're calculating your business income limitation correctly each year. It's not just your Schedule C profit - you need to consider the taxable income limitation as well. This caught me off guard in a year where my business was profitable but my overall tax situation was different due to other deductions. One more tip: create a simple spreadsheet to track each asset's Section 179 status. Include columns for purchase date, original cost, Section 179 amount taken, carryover amounts by year, and current status. This has saved me so much headache when preparing returns and will be invaluable if you ever get audited.

This thread has been incredibly helpful! I'm dealing with a similar situation where I have Section 179 carryovers from multiple years due to business losses. One thing I want to emphasize that really caught me off guard is the importance of keeping your Form 4562 from each year, even the loss years. I made the mistake of not saving my 2022 Form 4562 because "nothing happened" that year due to the loss. When I went to prepare my 2025 return, I had to reconstruct the carryover amounts from scratch. The IRS transcript didn't show the detail I needed, and it took me weeks to piece together which assets had carryover amounts and how much. Now I keep a dedicated tax folder with every Form 4562, even if the carryover amount is zero that year. I also maintain a running summary sheet that shows the carryover balance at the end of each tax year. This has made preparing subsequent years so much easier and gives me confidence that I'm not missing any deductions I'm entitled to claim. For anyone using tax software, double-check that your carryover amounts are transferring correctly year to year. I've seen cases where software updates or version changes caused carryover amounts to get lost in the transfer process.

I'm going through almost the exact same situation! Filed my amended 2022 return in June 2023 and it's been 10 months with no resolution. The "Where's My Amended Return" tool just shows "received" with no processing date. I've called three times and each representative gives me different information - one said 20 weeks, another said they're "working on 2023 returns from early in the year," and the last one couldn't even locate my return in their system initially. The inconsistency is maddening. I'm owed a significant refund due to overlooked medical expenses, and at this point I'm wondering if I should contact my representative or try the taxpayer advocate route. It's reassuring to know others are experiencing the same delays, but frustrating that there seems to be no clear timeline or accountability.

I'm in a very similar situation and it's incredibly frustrating. Filed my amended 2022 return in March 2023 (so about 13 months ago now) and I'm still waiting. The worst part is the complete lack of transparency - every time I call, I get a different story about processing times and where my return is in the queue. What really bothers me is that they can take your money immediately if you owe them, but when they owe you, it's somehow acceptable to wait over a year with no real explanation. I've been considering filing a complaint with the Taxpayer Advocate Service because this feels unreasonable at this point. The financial impact of waiting this long for a legitimate refund is real - some people are counting on that money for important expenses. Has anyone here had success with the Taxpayer Advocate Service for amended return delays? I'm wondering if it's worth the effort or if they'll just tell me to keep waiting like everyone else.

Has anyone considered the electric vehicle tax credits? We're looking at the Ford F-150 Lightning for our business and there seem to be additional incentives beyond Section 179.

Great discussion here! As someone who just went through this exact decision with my consulting firm, I wanted to add a few practical considerations that helped me decide. First, don't forget about the timing of when you place the vehicle in service for Section 179 purposes. If you're already late in the tax year and your profits are lower this year but projected to be higher next year, it might make sense to delay taking delivery until January to maximize the deduction's value. Second, consider your state tax implications too. Some states don't conform to federal Section 179 rules, so you might not get the same benefit at the state level. In our case, we're in a state that caps Section 179 much lower than federal, which made leasing more attractive. Finally, if you're planning any major equipment purchases in the next few years, remember that Section 179 has an overall annual limit ($1.16M for 2023). If you're going to hit that cap anyway with other purchases, the immediate deduction advantage of buying vs leasing becomes less important. We ended up leasing because our growth trajectory meant we'd benefit more from the consistent deductions over time, plus we wanted the flexibility to upgrade to newer technology in a few years without dealing with resale.

Anyone know if you need to split up items into separate donations if they fall into different deduction categories? Like I have some clothes, household items, and electronics I want to donate all at once, but I've heard they might have different documentation requirements??

Great question about donation documentation! I've been through this exact situation with multiple boxes of household items. One key tip that saved me a lot of headaches - take detailed photos of everything BEFORE you pack it up for donation. I learned the hard way that having visual documentation is crucial if you ever get audited. I organize items by type in the photos (all makeup together, all candles together, etc.) and then reference those photos when filling out my itemized list. Also, don't forget that for items originally received as gifts or subscription boxes, you can still claim fair market value based on what similar items currently sell for - you don't need the original purchase receipts. Just make sure you can justify your valuations with current market research, which it sounds like you've already started doing with your Amazon price checks. One more thing - if you're donating unopened/unused items, make sure to note that condition clearly in your documentation since "new in package" items can often be valued higher than "good condition" used items.

Congratulations on your new baby! 🎉 Just to add to what others have said - the Child Tax Credit is indeed not prorated by months. As long as your little one was born in 2024 and has a valid SSN, you qualify for the full $2000. The IRS treats it as an all-or-nothing benefit based on the tax year. Also, since you mentioned the baby was born in September, make sure you apply for their SSN ASAP if you haven't already - you'll need it to claim the credit on your return!

Just want to echo what others have said and add a pro tip - when you apply for your baby's SSN, make sure to double-check all the spelling on the application matches exactly what you'll put on your tax return. Even small discrepancies can cause delays with the IRS processing your Child Tax Credit. Also, keep a copy of the SSN application receipt - sometimes the IRS asks for proof that you applied in a timely manner. Welcome to parenthood and congrats on the little one! 🍼