This is such a common pain point for S Corp owners! I went through the exact same thing a few years ago. The key insight that finally clicked for me was understanding that the IRS treats S Corps as separate entities for payroll tax purposes, which is why you lose the FICA exemption for minor children. One approach that worked for us was creating a separate sole proprietorship for property management services. This sole prop contracts with our S Corp to provide maintenance services for the rental properties, and then hires our kids directly. The sole prop pays the S Corp a management fee, and the kids get paid by the sole prop - avoiding FICA taxes on their wages. The critical part is making sure this has real business substance. We documented everything: service agreements between entities, separate bank accounts, proper invoicing, and detailed records of work performed. Our kids track their hours using a simple app, and we pay them bi-weekly by direct deposit. One word of caution - make sure you're paying reasonable wages for their age and the work performed. We researched local rates for teen lawn care workers and stay within that range. The IRS will scrutinize family employment arrangements, so documentation is everything. Would definitely recommend finding a good CPA who understands these structures before implementing anything. The setup costs are worth it for the long-term tax savings and the valuable work experience for your kids!

Great discussion here! I've been following along as someone considering a similar setup. One thing I haven't seen mentioned yet is the importance of getting everything properly documented from a legal perspective, not just tax. When you create these separate entities (sole prop, family partnerships, etc.), you need to make sure you're complying with your state's business registration requirements. Some states require even sole proprietorships to register if they're operating under a business name different from your personal name. Also worth considering - if your kids are going to be doing any maintenance work involving tools or potentially hazardous tasks, make sure your business insurance covers them as employees. Had a friend whose teenage son got hurt doing yard work for the family business, and they had coverage issues because the insurance company wasn't aware minors were working for the business. The documentation suggestions everyone's given are spot-on. I'd add that it's also smart to have your kids sign basic employment agreements (age-appropriate) that outline their responsibilities, work schedules, and safety protocols. Shows the IRS this is a legitimate employment relationship, not just allowance with extra steps. One last thought - consider having them contribute some of their earnings to a Roth IRA. Great way to teach financial responsibility while taking advantage of their likely low tax bracket!

Make sure you keep documentation of all your attempts to contact the trustee about getting your K-1. If you end up having to file late because of their delay, you can request abatement of any penalties by showing it wasn't your fault. I went through this last year, and the IRS was actually pretty reasonable when I explained and provided evidence of my multiple attempts to get the necessary documents from the trustee.

I'm dealing with a similar situation right now and found that some states have specific statutes governing trustee communication requirements. In my state (California), trustees are required under Probate Code Section 16061 to provide beneficiaries with reasonably detailed information about trust administration upon request. You might want to check if your state has similar laws. I sent my trustee a formal written request citing the relevant state statute, and suddenly they became much more responsive. It's worth looking up your state's trust code or uniform trust act provisions - many require trustees to keep beneficiaries "reasonably informed" which would include timely notification about filing extensions. Even if there's no criminal penalty, trustees can face personal liability for breaching their fiduciary duties, so mentioning the legal requirements often gets their attention quickly.

I had a similar experience with ID.me's invasive requirements. What worked for me was using the IRS Direct Authentication method that others mentioned. The key thing to know is that you'll need to have your financial information handy - they ask about previous addresses, loan amounts, and account details from your credit report. Make sure you have access to your most recent tax return too, as they sometimes reference information from it. The process is much more straightforward than ID.me's facial recognition circus, and you don't have to worry about uploading sensitive documents to a third party. Once you're verified, accessing your transcripts is instant and you can use them for whatever tax planning you need to do.

I completely understand your concerns about ID.me - their data practices have been questionable at best. I recently went through this same process and found that the IRS Direct Authentication method is definitely the way to go. Unlike ID.me, you're dealing directly with the IRS system, so there's no third-party data sharing involved. The verification process asks knowledge-based questions about your financial history, similar to what you mentioned with your banking verification. Make sure you have your previous tax returns handy and know details about any loans or credit accounts you've had. The whole process took me about 10 minutes, and I had immediate access to my transcripts without having to upload any photos or go through facial recognition. It's honestly what the IRS should have been using all along instead of forcing people through ID.me's invasive process.

Something to remember about the dependent care FSA: if you and your spouse both have access to one through work, the $5000 limit is per family, not per person. Made that mistake one year and had to deal with excess contributions on our tax return. Not fun!

For the healthcare side, remember that FSA and HSA are completely different things! FSA = Flexible Spending Account, use-it-or-lose-it each year HSA = Health Savings Account, yours forever, rolls over yearly You mentioned both in your title but then only talked about FSAs. If you actually have access to an HSA (requires being on a high-deductible health plan), that's usually a better long-term financial choice than an FSA because you never lose the money and can invest it for retirement.

I've been dealing with this exact same TaxAct saving issue for the past week! What finally worked for me was a combination of things: first, I switched to using Microsoft Edge instead of Chrome (apparently some tax sites work better with Edge), then I made sure to disable all browser extensions, and most importantly - I found that the saving issue happens less frequently if you manually save your progress every few minutes by clicking on a different section and then coming back. Also, if you're worried about losing your data, TaxAct actually keeps multiple backup copies. You can access previous versions by going to "My Account" and looking for "Restore Previous Version" - this saved me when I thought I lost everything last Tuesday. The system usually auto-saves even when the visual indicator gets stuck, but having that backup option gave me peace of mind. One more tip: try working on your return during off-peak hours (early morning or late evening). I noticed the saving issues were much worse during typical work hours when their servers are probably getting hammered by everyone trying to file before the deadline.

I've been struggling with this exact same TaxAct saving issue! After reading through all these suggestions, I wanted to share what finally worked for me. I tried the browser switching (Chrome to Firefox), cleared cache, used incognito mode - nothing worked consistently. What actually solved it was a combination of using a wired connection instead of WiFi AND working during early morning hours (around 5-6am). The difference was night and day! I think their servers are just completely overloaded during peak times as we get closer to the deadline. For anyone still battling this - don't panic about losing your data. I discovered that even when the "saving" message gets stuck, TaxAct is still saving your progress in the background. You can verify this by logging out completely, then logging back in - your information should still be there. If you absolutely can't get it working and need to switch software, make sure to download or print a copy of what you've entered so far as backup before starting over elsewhere. The deadline stress is real, but there are definitely solutions that work!