Has anyone looked into leasing equipment instead of buying as a strategy to deal with the bonus depreciation phase-out? We're considering this approach for our business since lease payments are fully deductible as business expenses. Seems like it might be simpler than navigating all these depreciation rules.

I'm a small business owner dealing with similar concerns about the depreciation changes. One thing I learned from my tax advisor is that if you're considering major equipment purchases, pay attention to the "placed in service" date rather than just when you order or pay for equipment. For the bonus depreciation, what matters is when you actually start using the equipment in your business. So if you order something in 2024 but it doesn't get delivered and put into use until 2025, you'll only get the 40% bonus depreciation rate for 2025, not the 60% rate for 2024. This timing issue caught me off guard last year when some manufacturing equipment I ordered in late 2023 didn't arrive until early 2024. Fortunately it still qualified for decent bonus depreciation, but it's something to plan around as the percentages keep dropping each year.

Just want to add another perspective here - if you're using TurboTax specifically, they have a feature called "Transfer Last Year's Data" that can sometimes help recover your Self-Select PIN. When you import your prior year return, it might pull in the PIN information automatically. Also, for future reference, I always write my Self-Select PIN on a sticky note and put it with my tax documents folder. Learned this lesson the hard way after going through the same panic as OP! The PIN is something you create, so there's no "official" record of it anywhere except what you or your software saved. One more thing - if you're still stuck and need to e-file today, try entering your prior year AGI as suggested above, but make sure you're using the exact amount from line 11 of your 2023 Form 1040. Don't round it or estimate - it has to match exactly what the IRS has on file.

I went through this exact same situation two years ago and felt like I was going crazy! Here's what I learned that might help: If you're using the same tax software as last year, try logging into your account from last year's filing. Many people don't realize that tax software companies often store your previous year's filing information, including the Self-Select PIN, in your account profile. Look for sections like "My Account," "Tax History," or "Previous Returns." Also, check if you saved any screenshots or notes when you filed last year. I started taking a screenshot of my confirmation page after learning this lesson - it shows the PIN right there. If none of that works, definitely go with the prior year AGI method that others mentioned. It's actually more reliable than trying to remember a random 5-digit number you created a year ago! The IRS specifically allows this as an alternative verification method for exactly this reason. And here's a pro tip for next year: when you create your new Self-Select PIN, write it down in two places - one with your tax documents and one in a password manager or secure note on your phone. You'll thank yourself next April!

Quick tip: If you filed with a IP PIN make sure it was correct, that was my issue last year when this happened to me

I went through this exact same thing last month! The non-filing letter is actually a good sign - it means the IRS has your return in their system but it's still processing. When I was obsessively checking (guilty as charged lol), I noticed the transcripts typically update Friday mornings around 2-3 AM EST. Pro tip: bookmark the direct transcript page and check it Friday mornings instead of multiple times throughout the week. The system only updates once weekly for most people. Also keep an eye on "Where's My Refund" tool - sometimes that updates before the transcript does. Hang in there, you should see movement soon! 🤞

This is such a helpful thread! As another international student who was completely confused about US mail, I want to add that most university international student offices also have helpful resources. My school's ISO actually had a "Tax Filing 101" workshop that covered the basics of mailing forms, plus they keep a supply of business envelopes and stamps that students can use for free during tax season. Might be worth checking if your university has something similar! Also, if you're really nervous about mailing it yourself, many post offices have staff who can help you make sure everything is addressed correctly. Just tell them it's tax documents going to the IRS and they'll usually double-check that you have the right postage and format.

This thread has been incredibly helpful! As someone who just went through this process for the first time, I want to emphasize how important it is to double-check the mailing address. The Form 8843 instructions have different addresses depending on where you live in the US, and I almost sent mine to the wrong processing center. Also, a pro tip I learned from my international student advisor: if you're mailing close to the April 15th deadline, remember that it's based on the postmark date, not when the IRS receives it. So as long as you mail it by April 15th (and can prove it with a receipt), you're good even if they receive it later. One more thing - if you're planning to stay in the US for multiple years, it's worth learning this process now because you'll likely need to file Form 8843 every year you're here on a student visa, even if your circumstances don't change. The mailing process stays the same!

Thanks everyone for all the helpful advice! I found my Copy B - it was clearly labeled "To Be Filed With Employee's FEDERAL Tax Return" just like Chloe mentioned. I was overthinking it way too much. For anyone else confused like I was, here's what I learned: Look for the specific Copy B section on your W-2 (it's usually perforated so you can tear it off cleanly), attach it to the front of your 1040 with a small paper clip (not staples!), and make sure you're mailing to the right IRS processing center for your state. I'm getting this in the mail tomorrow so I can stop stressing about the deadline. Really appreciate this community helping out a tax newbie!

Great advice from everyone here! As someone who's been filing paper returns for years, I can confirm that Copy B is absolutely required for federal returns. One additional tip - if you have multiple W-2s from different employers, make sure to attach ALL of the Copy B forms. I made that mistake once and had to mail in the missing ones separately, which delayed my processing. Also, double-check that all the information on your W-2 matches what you entered on your 1040. Even small typos in names or amounts can cause issues. The IRS computers are pretty good at catching discrepancies between what you report and what your employer reported. Good luck getting that return in the mail on time!