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One thing nobody mentioned - as a self-employed person, you should also be making quarterly estimated tax payments throughout the year. Since you don't have an employer withholding taxes, you're responsible for paying as you go. If you wait until tax filing time to pay everything, you might face underpayment penalties.
Sophia Long
ā¢This is so important! I learned this the hard way my first year of self-employment and got hit with penalties. Now I just set aside 25-30% of every payment I receive into a separate savings account for taxes.
That's a great system! I actually use a similar approach but with percentages based on my tax bracket. I put 15.3% away for self-employment tax plus another 12% for income tax (since I'm in that bracket). Makes tax time way less stressful when the money is already set aside.
Cedric Chung
As someone who also came to the US and started a business, I completely understand your confusion! The tax system here is so different from other countries. Just wanted to add a few practical tips that helped me: 1. Keep separate bank accounts - one for business income/expenses and one personal. This makes tracking everything so much easier when tax time comes. 2. Consider using accounting software like QuickBooks Self-Employed or even a simple spreadsheet to track your monthly profit/loss. It really helps you see the big picture and plan for quarterly payments. 3. Since you're married filing jointly with relatively low taxable income after deductions, you might qualify for some tax credits like the Earned Income Credit - definitely worth looking into. The learning curve is steep but you'll get the hang of it. Don't be afraid to consult with a tax professional for your first year or two - the peace of mind is worth the cost when you're building your business!
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This thread has been super helpful! As someone who also recently started self-employment, I had the exact same confusion about business expenses vs. personal deductions. One thing I learned the hard way is to keep meticulous records of ALL your business expenses throughout the year - don't wait until tax time to sort it out. I use separate bank accounts and credit cards for business vs. personal expenses, which makes everything much cleaner when it's time to file. Also, @Sofia Torres, since you're new to the US tax system, you might want to consider working with a tax professional for your first year or two of self-employment. The peace of mind is worth it, especially when dealing with Schedule C, self-employment tax, and quarterly payments. Once you understand the process, you can potentially handle it yourself in future years. The key takeaway from this discussion is definitely that business expenses reduce your Schedule C profit FIRST, then you apply the standard deduction to whatever income flows to your personal return. Keep those two concepts separate and you'll be fine!
GamerGirl99
ā¢This is excellent advice! I wish someone had told me about separate bank accounts when I first started freelancing. I spent hours last year trying to figure out which transactions were business vs personal from my mixed-up statements. @Sofia Torres - definitely seconding the recommendation to work with a tax pro for your first year. The US tax system is complex enough for citizens, but as someone new to the country, having professional guidance through Schedule C and self-employment tax will save you so much stress. Plus they can help you set up proper record-keeping systems and quarterly payment schedules right from the start. One more tip: if you do decide to go the DIY route eventually, keep all your receipts and document the business purpose for each expense. The IRS loves details if they ever come asking questions!
This has been such an enlightening thread! I'm also self-employed and had similar confusion when I first started. One thing I wanted to add that might help @Sofia Torres and other newcomers - don't forget about the QBI (Qualified Business Income) deduction if you're eligible. Since your LLC will likely be taxed as a sole proprietorship, you may be able to deduct up to 20% of your qualified business income on top of everything else discussed here. With your $15k net profit, that could be an additional $3k deduction on your personal return, potentially bringing your taxable income to zero even without the full standard deduction. The QBI deduction has income limits and other rules, but at your current income level, you should qualify. It's worth looking into because it's a relatively new deduction (started in 2018) that many people don't know about. Combined with the standard deduction, it can be really beneficial for small business owners! Just another layer to the tax code, but a helpful one in this case. Definitely something to discuss with a tax professional if you decide to go that route.
Mei Wong
ā¢This is really helpful information about the QBI deduction! I had no idea this existed. Just to make sure I understand correctly - this 20% deduction would be applied to the $15k business profit from Schedule C, and it's completely separate from both the business expense deductions AND the standard deduction choice? So theoretically, Sofia could deduct all her business expenses ($115k), get down to $15k profit, then potentially take a $3k QBI deduction AND still use the standard deduction on top of that? That seems almost too good to be true - the tax system actually working in favor of small business owners for once! @Sofia Torres, this might be exactly what you need to know about. Between business expense deductions, QBI deduction, and standard deduction, it sounds like you might not owe any income tax at all (though you'd still have that self-employment tax others mentioned).
@Mei Wong you ve'got it exactly right! The QBI deduction is indeed separate from both business expenses and the standard deduction. It s'one of the few tax breaks that actually stacks nicely for small business owners. So yes, Sofia could potentially deduct her $115k in business expenses, take the 20% QBI deduction on the remaining $15k profit which (would be $3k ,)AND still use the standard deduction. With the standard deduction being $27,700 for married filing jointly, her taxable income would definitely be zero. The QBI deduction was part of the Tax Cuts and Jobs Act and was specifically designed to help small businesses compete. It s'available through 2025 unless (extended ,)so definitely worth taking advantage of while it lasts. Just make sure the business expenses are legitimate and well-documented since that s'the foundation everything else builds on. @Katherine Hunter thanks for bringing this up - it s such'an underutilized deduction that can make a huge difference for people in Sofia s situation!'
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Luca Romano
Don't forget about reporting requirements! While the transfer itself might not be taxable beyond potential currency gains, you may need to file an FBAR (FinCEN Form 114) if your foreign accounts exceeded $10,000 total at any point during the year. I learned this the hard way after moving money between my Canadian and US accounts. The penalties for not filing an FBAR can be severe even if you don't owe any taxes. There's also Form 8938 if your foreign assets exceed certain thresholds, but that typically applies to residents, not someone on a J-1 visa. Since you were on a J-1 and never a US resident for tax purposes, your reporting requirements might be different, but it's worth checking just to be safe.
Nia Jackson
ā¢Does using TransferWise (now Wise) change any of this? I've been using them for my US-France transfers because the fees are lower than bank wire transfers.
Luca Romano
ā¢Using Wise (formerly TransferWise) doesn't change the fundamental tax treatment or reporting requirements. The IRS cares about the value of your foreign accounts and any currency gains, not which transfer method you use. However, Wise makes it easier to document your transfers since they clearly show the exchange rates used and fees charged. This can be helpful for calculating any currency gains. Just remember that for FBAR purposes, if you have a Wise account that holds balances, that might also count as a foreign financial account that needs to be included in your FBAR reporting if your total foreign accounts exceed $10,000.
Just went through this exact situation last month when transferring funds from my US account back to Australia after finishing my F-1 OPT period. Here's what I discovered: The transfer itself is NOT taxable - you're just moving your own money between accounts. However, you do need to be aware of potential foreign exchange gains/losses. Since you earned the money at one exchange rate and are transferring at potentially a different rate, any gain could technically be taxable income. For your J-1 situation specifically, since you were never a US resident for tax purposes, your obligations are more limited than someone who was a resident. But you should still document the original exchange rates when you earned the money versus when you transfer it. One thing that caught me off guard - make sure to check if you need to file an FBAR. Even though you're not a US resident, if your UK account (or combination of foreign accounts) exceeded $10,000 at any point during the tax year, you might still have FBAR filing requirements. The rules can be tricky for non-residents with US source income. I'd recommend keeping detailed records of when you earned the money, the exchange rates at that time, and the rates when you transfer. That way you're covered if there are any questions later.
Emma Davis
ā¢This is really helpful - I'm actually in a similar situation but with transfers to Canada. Quick question: when you mention documenting the "original exchange rates when you earned the money" - did you use the daily rates from when each paycheck was deposited, or did you use some kind of average rate for the period you were working? I'm trying to figure out the most accurate way to track this since I had regular paychecks over 8 months.
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Sara Unger
I've been lurking in this community for a while but finally decided to join because this topic hits close to home! My spouse and I are actually considering a similar move - we have a job opportunity that would require relocating for about 2-3 years, and we've been debating whether to sell our house or rent it out. Reading through all these responses has been incredibly eye-opening. I had no idea about the depreciation requirements or the complexity of multi-state tax filings. The insurance aspect that @Ella rollingthunder87 mentioned is something we definitely hadn't considered either. A couple of questions for the group: - How do you handle tenant screening and management from a distance? The 8% management company fee mentioned by the original poster seems reasonable, but I'm curious about others' experiences with property management companies. - For those who've done this temporarily and moved back, was it worth it financially compared to just selling and buying again later? Thanks to everyone who's shared their experiences - this thread is exactly the kind of real-world advice that's hard to find elsewhere!
Welcome to the community! Great questions - I'm in a similar boat and have been researching this extensively. Regarding property management, that 8% fee is actually pretty standard for full-service management. Most companies in my area charge between 6-10%. The key is finding one that handles tenant screening, rent collection, maintenance coordination, and emergency repairs. Since you'll be out of state, you'll want a company that provides detailed monthly reports and has good online portals for tracking everything. For the financial question - it really depends on your local market and the costs involved in selling/buying. In my case, we would have lost about $30k in realtor fees, closing costs, and transaction expenses if we sold. Even after factoring in property management fees, maintenance, and the tax implications, we're still coming out ahead by renting. Plus, we're building equity while away and benefiting from any property appreciation. One thing I'd add to the earlier discussion - consider setting aside 10-15% of rental income for unexpected repairs and vacancy periods. Our property manager recommended this and it's been a lifesaver when we needed emergency HVAC repairs. @StarSurfer made excellent points about the quarterly taxes too - definitely factor that into your cash flow planning!
Zainab Omar
This is such a valuable discussion! I'm new to this community but have been dealing with a similar situation for the past year. We relocated from Texas to Colorado for a temporary work assignment and decided to rent out our Austin home rather than sell it. One thing I haven't seen mentioned yet is the importance of understanding your state's landlord-tenant laws, especially when you're managing from a distance. Texas has pretty landlord-friendly laws, but I quickly learned that certain notice requirements and deposit handling rules are different from what I expected. Your property management company should handle most of this, but it's good to understand the basics. Also, regarding the multi-state tax situation - I found that Colorado requires non-residents to file if they have any Colorado income, but since my rental property is in Texas (which has no state income tax), I only had to worry about federal taxes and Colorado taxes on my work income. The combination actually worked out better than I expected from a tax perspective. For anyone considering this route, I'd also suggest getting a good CPA who specializes in rental properties and multi-state taxes. The extra cost is worth it for the peace of mind, especially in the first year when you're figuring everything out. The tax software I used to use for simple returns just couldn't handle the complexity once I became a landlord. One last tip - document everything from day one. Take photos of the property condition before tenants move in, keep copies of all communications, and maintain detailed records of every expense. It's much easier to stay organized from the beginning than to try to reconstruct everything later!
Juan Moreno
ā¢Welcome to the community @Zainab Omar! Your Texas to Colorado situation is really interesting - I hadn't thought about how beneficial it could be to have rental property in a no-income-tax state while working temporarily in a state that does tax income. That's actually a pretty favorable setup from a tax perspective. Your point about landlord-tenant laws is spot on. I'm dealing with California rental laws while living temporarily in Arizona, and even with a property management company, I've had to learn the basics about things like security deposit limits, required disclosures, and eviction procedures. It's definitely more complex than I initially expected. The documentation advice is crucial too. I learned this the hard way when I had to prove certain pre-existing conditions to my insurance company after a minor issue. Now I take timestamped photos of everything and keep digital copies of all documents in cloud storage so I can access them from anywhere. Question for you - how did you find your property management company in Austin while living in Colorado? Did you interview them in person before moving, or handle everything remotely? I'm always curious about how others navigate the long-distance landlord challenges!
Christian Burns
This thread has been a goldmine of information! I'm in my first year of having a brokerage account and was completely stumped by SPAXX showing up on my 1099-DIV when I expected it to be interest income. The explanation about money market funds being structured as mutual funds really cleared everything up for me. I was thinking of SPAXX like a high-yield savings account, but now I understand that I'm technically a shareholder in a mutual fund that happens to invest in government securities. That's why the payments are dividends, not interest, even though they feel the same to me as an investor. What really helped was checking my account settings and transaction history like some of you suggested. I could see that my SPAXX dividends were being automatically reinvested each month, but I still need to report them as taxable income on my return. I had no idea that reinvested dividends were still taxable! With about $165 in SPAXX dividends for the year and no other significant dividend income, I'm well under the $1,500 Schedule B threshold, so I can report it directly on my 1040. Thanks to everyone who shared their experiences - this community really came through with clear, practical advice that saved me hours of confusion!
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Jayden Hill
ā¢This whole thread has been such a learning experience! I'm also in my first year with a brokerage account and SPAXX was throwing me for a loop. Like you, I was expecting it to show up as interest income since it felt just like my savings account. The mutual fund structure explanation really made it click for me too. It's wild that something that feels so much like a basic savings account is actually a mutual fund investment with dividend distributions. I never would have figured that out on my own! I'm curious - did you have to adjust any settings in your tax software once you understood that SPAXX dividends should be treated as ordinary dividends? I'm using FreeTaxUSA and want to make sure I'm not missing anything when I enter my 1099-DIV information. Thanks for sharing your experience - it's reassuring to know other new investors are going through the same learning curve with investment taxation!
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Ellie Lopez
ā¢@Jayden Hill I didn t'need to adjust anything special in my tax software - FreeTaxUSA should handle it automatically when you enter your 1099-DIV. Just make sure when you input the SPAXX dividends that they re'going into the ordinary "dividends section" and not being categorized as something else. The software should import or let you enter the dividend amounts from your 1099-DIV, and it ll'automatically flow to the right line on your 1040. Since we re'both under the $1,500 threshold, it should go directly to line 3b without needing Schedule B. One thing I learned from this thread - double-check that your software isn t'accidentally counting the same dividend twice if it shows up in multiple columns on your 1099-DIV. Some people mentioned seeing identical amounts in both Ordinary "Div and" Div "Distributions columns," but that s'just different ways of categorizing the same income, not separate amounts to report. It s'definitely reassuring to know we re'all figuring this out together! Investment taxation is way more complicated than I expected when I first opened my brokerage account.
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Aisha Abdullah
This discussion has been incredibly helpful! I just went through the exact same confusion with my SPAXX dividends and was starting to panic that I might be filing incorrectly. The key insight that finally made it click for me was understanding that SPAXX is structured as a mutual fund, not a direct government bond investment. Even though it invests in Treasury securities and feels like a souped-up savings account, you're technically a mutual fund shareholder receiving dividend distributions rather than a bondholder receiving interest payments. That's why it shows up on your 1099-DIV instead of 1099-INT. I was also seeing those confusing identical amounts in both the "Ordinary Div" and "Div Distributions" columns on my 1099-DIV, but now I understand they're just showing the same income in different categorizations - not separate amounts I need to report twice. Bottom line for your $175: it's definitely taxable ordinary income that needs to be reported on your tax return. Since you're well under the $1,500 threshold for Schedule B, you can report it directly on line 3b of your 1040 as ordinary dividends. TurboTax should handle this correctly when you enter your 1099-DIV information. Don't worry about triggering an audit over this - SPAXX dividend reporting is extremely common and the IRS sees millions of these every year. You're being appropriately careful by asking these questions!
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Zara Ahmed
ā¢This thread has been such a lifesaver! As someone who's completely new to investment taxes, I was getting really overwhelmed trying to figure out why my SPAXX was showing up as dividends when it felt like simple interest from a savings account. Your explanation about the mutual fund structure really helped it all make sense. I never realized that when I put money into SPAXX through my Fidelity account, I was actually buying shares in a mutual fund rather than just earning interest on a deposit. That completely explains why the tax treatment is different from my regular bank savings account. I was also seeing those duplicate amounts in different columns on my 1099-DIV and was worried I was supposed to report both somehow. It's such a relief to know they're just different ways of categorizing the same dividend income. Thanks for mentioning the Schedule B threshold too - I have about $90 in SPAXX dividends and was unsure whether I needed the extra form or could just use the main 1040. Knowing I can report it directly on line 3b since I'm well under $1,500 makes this so much simpler! This whole discussion really shows how helpful it is when people share their experiences with confusing tax situations. I was starting to think I was the only one who found this stuff so complicated!
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Fiona Gallagher
ā¢This entire thread has been incredibly educational! As a newcomer to investing, I was completely baffled when I first saw SPAXX dividends on my 1099-DIV. I kept thinking there must be some kind of error since I expected government securities to produce tax-exempt income. The mutual fund structure explanation really cleared up my confusion. I had no idea that money market funds are legally structured as mutual funds rather than direct investments in the underlying securities. That's such an important distinction that explains why SPAXX dividends get reported as dividend income instead of interest income, even though the fund invests in Treasury securities. I'm curious about one thing though - since SPAXX invests in government securities that would normally be federally taxable if held directly, does this mean there's never any tax advantage to government money market funds like SPAXX? Or are there certain situations where they might have some tax benefits compared to other types of investments? Thanks for such a thorough explanation - this thread has definitely saved me from making a filing error on my first year with investment income!
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