Do you have any specific spreadsheet templates you'd be willing to share? We're trying to build our own tracking system but starting from scratch is time-consuming.

I don't have anything I can share publicly, but I can describe our basic setup. We created an Excel workbook with separate tabs for each state. Each tab has columns for filing type, frequency, due dates, extensions available, online filing portal links, and special notes/requirements. We also color-code cells based on industry relevance, since some filings only apply to specific client types. The most valuable column has been our "common mistakes" section where we document issues we've encountered previously with that particular filing.

We use Checkpoint and while it's comprehensive, the interface is clunky and finding specific filing requirements can be time-consuming. It's better for research than as a quick reference guide for compliance deadlines. We ended up building our own calendar system anyway.

That's a really good point! I definitely don't want any flags on our returns that could delay processing. If we did decide to let her parents claim her, would she just not file at all then? Or would she still need to file something showing zero income? I'm a bit confused about the mechanics of how that would work.

If she had any income (like from a part-time job) with taxes withheld, she would still need to file to get her withholding refunded. In that case, she would file as "Married Filing Separately" and check the box that says "Someone can claim you as a dependent." If she had no income that required filing, then she wouldn't need to file a return at all. The key is making sure she doesn't claim herself as a dependent on her own return if her parents are claiming her. You'd file your return as "Married Filing Separately" and claim only your own education expenses for your AOC. But honestly, from what you've described, filing jointly will probably give you both better tax benefits overall than the split approach.

This! Run the actual numbers before deciding. When we were in school, the tax software we used (TurboTax) let us compare both scenarios side by side. We were shocked at how much better filing jointly worked out for us compared to my parents claiming me. The difference was over $2k in our favor.

Did you prepare your own C-corp return or use an accountant? I'm wondering if I can handle this myself with tax software or if I need to hire someone.

I tried to do it myself with one of the major tax software packages, but it was so complicated that I ended up hiring an accountant halfway through - cost me $1,800 for the return preparation. The C-corp tax forms and rules are designed for larger businesses with accounting departments, not solo entrepreneurs. Even with good tax software, you'll need to understand corporate tax concepts like accumulated earnings, AMT adjustments, and dividend distributions that most small business owners never deal with. The S-corp return is significantly more straightforward for small operations. Trust me - either file for late relief or get a very good accountant if you stay as a C-corp.

I used TurboTax Business for my C-corp last year and it was...challenging. The software itself is fine, but you need to know a LOT of corporate tax concepts, and the guidance isn't great. For a super simple C-corp with minimal transactions it might be doable, but I spent about 15 hours on my return with only moderate complexity.

Do you think the knowledge gained is worth possibly missing deductions though? I'd hate to leave money on the table just to learn how the system works.

That's a fair concern. The knowledge gained probably isn't worth missing major deductions your first year. A good compromise might be using a tax professional this year, but requesting a detailed walkthrough of what they're doing and why. Most will provide a summary of deductions they found and tax-saving strategies. Then use that knowledge next year if your situation remains similar. The first-year learning curve with a side business is the steepest, so professional help makes sense now. If you continue the business, you'll be much better prepared to DIY next year if you want to save the professional fees.

I used TaxFyle last year which does that. You input everything into their system and then a CPA reviews it. Cost me about $150 which was way less than full service. The CPA actually found a mistake that would have cost me about $400, so definitely worth it in my case.

Thanks, this is super helpful. So it sounds like even with my extra payment, I'm still on the low end of market rate. Is there a tactful way to bring this up with him? I don't want to offend him by suggesting he doesn't know how to price his services, but I also want to make sure he's being compensated fairly.

I would simply have an honest conversation with him. Say something like, "I've been doing some research, and it seems like the going rate for tax preparation with my level of complexity is significantly higher than what you charged. I value your expertise and want to make sure I'm compensating you fairly for your time and knowledge." Many new practitioners underprice their services when starting out, especially with friends. He might be hesitant to charge you full market rate. Another approach could be asking about his hourly rate and how many hours he spent on your return. This gives him an opening to realize and adjust his pricing without direct criticism.

This is such a good point that most people don't realize. My brother is a CPA and he talks about this all the time - how signing returns is basically putting his career on the line for every client.