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What's the best alternative to TaxSlayer if I do end up having to switch? I'm filing a relatively simple return - just W-2 income and student loan interest deduction. Nothing complicated.
I'd recommend FreeTaxUSA. It's way cheaper than TaxSlayer and I've never had crashing issues even during peak times. Federal filing is free and state is only like $15. Their interface isn't as fancy but it gets the job done reliably.
I had this exact same issue with TaxSlayer two days ago! Super frustrating, especially after paying for the service. What worked for me was clearing all my browser data (cookies, cache, everything) and then trying again about 6 hours later. I think their servers were just completely overloaded during peak hours. Also, if you're using any ad blockers or privacy extensions, try disabling them temporarily. Some of those can interfere with the final submission process. I know it's annoying to have to wait when you just want to get your taxes done, but from what I've seen on social media, most people who waited 12-24 hours were able to submit successfully without having to start over. Don't do the chargeback yet - you'll likely be able to complete your return once their server issues are resolved!
Random question - does anyone know if the self-employment tax rate has changed for 2025? I heard something about an adjustment but can't find a clear answer online. Trying to budget for next year.
The basic rate stays at 15.3% (12.4% Social Security + 2.9% Medicare), but the wage base for the Social Security portion increased to $168,600 for 2025. There's also still the additional 0.9% Medicare tax on income above $200,000 ($250,000 if married filing jointly).
This is such a helpful breakdown! I'm in a similar situation and have been dreading the self-employment tax aspect of going full-time with my freelance work. Your math really puts it in perspective - it's essentially the same cost, just more visible. One thing I'm curious about though - what about retirement savings? As a W-2 employee, I can contribute to my 401(k) and get the company match. How does that compare to self-employment retirement options like SEP-IRAs or Solo 401(k)s? I know you mentioned ignoring retirement stuff in your calculation, but that seems like it could be a significant factor in the overall financial picture. Also, have you factored in the quarterly estimated tax payment requirements? I've heard horror stories about underpayment penalties if you don't get the timing and amounts right.
Great questions! You're right that retirement savings can significantly impact the overall financial picture. As a self-employed person, you actually have some pretty powerful retirement options that can sometimes be even better than traditional 401(k)s. With a Solo 401(k), you can contribute as both the employee AND employer. For 2025, that means up to $23,500 as an employee contribution, plus up to 25% of your net self-employment income as an employer contribution, with a total limit of $70,000 (or $77,500 if you're 50+). SEP-IRAs are simpler to set up but only allow employer contributions of up to 25% of net SE income. The loss of employer 401(k) matching is real, but if your business is profitable enough, the higher contribution limits for self-employed retirement plans can more than make up for it. Plus, these contributions reduce your taxable income, which indirectly reduces your self-employment tax burden. Regarding quarterly payments - yes, you need to be careful! The general rule is you need to pay either 90% of the current year's tax liability or 100% of last year's liability (110% if your prior year AGI was over $150k) to avoid penalties. I set up automatic transfers to a separate tax savings account to make sure I'm always prepared.
yall need to stop checking WMR every 5 minutes, it aint gonna make it move faster š
Been there! Mine was stuck for 6 weeks last year. Here's what I learned: the transcript actually shows way more detail than WMR. Look for processing codes like 150 (return filed) and 846 (refund issued). If you see a 570 code, that means there's a hold. Also check if your AGI from last year matches what you entered - that's a common holdup. The 21 day thing is basically meaningless now with all the backlogs. Hang in there!
This is super helpful! I had no idea about the processing codes. Just checked my transcript and I see a 150 code from when I filed but no 846 yet. No 570 either which I guess is good? My AGI matches what I put so that's not the issue. Thanks for breaking this down - way more useful than just staring at that same "Return Received" message every day š
4 Is anyone using any specific apps to track their self-employment income and expenses? I'm in a similar situation and looking for something user-friendly that won't cost a fortune.
Congratulations on your unexpected success! You're definitely not alone in this situation - many content creators find themselves in similar positions when their side hustle takes off. The good news is that not having a separate business account isn't a tax disaster. The IRS cares about accurate reporting of income and expenses, not which account they flow through. However, I'd strongly recommend opening a business account going forward to make your life much easier. A few key points for your situation: - You'll need to file Schedule C for your business income and expenses - Don't forget about self-employment tax (15.3% on net profit) - Keep detailed records of ALL income, including those large tips - Track business expenses like supplies, equipment, software subscriptions, etc. Given the complexity and your income level, hiring a CPA is probably a smart investment. They can help you get organized, ensure you're taking all allowable deductions, and set up a system for quarterly estimated payments going forward. The peace of mind and potential tax savings often more than pay for their fees. Also consider setting aside 25-30% of your earnings for taxes if you haven't been doing so already. Better to have too much saved than to be caught short at tax time!
Jamal Brown
Got my 846 code last week. Money showed up two days later. Bank held it one more day. Finally got access yesterday. Three weeks total from filing. Not bad. Better than last year. Much better than 2021. IRS seems to be catching up finally.
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James Martinez
This is really encouraging to hear! I filed about 2.5 weeks ago and have been anxiously checking my transcript daily with no updates yet. Reading these success stories gives me hope that things are moving faster this year. Quick question - when you say your refund "just hit" your account, was it there when you woke up this morning or did you get a notification from your bank? I have alerts set up but I'm wondering if I should be checking more frequently. Also, did your transcript show any other codes before the 846 appeared, or did it go straight from processing to refund issued?
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Nia Watson
ā¢I'm in a similar situation - filed about 2 weeks ago and checking my transcript obsessively! From what I've been reading here, it sounds like most people are seeing the 846 code appear first thing in the morning when transcripts update overnight, and then the deposit shows up either that same day or within 1-2 business days depending on the bank. I've heard that some banks process ACH transfers faster than others, so it might depend on who you bank with. I'm trying to be patient but it's hard when you see all these success stories! š¤
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