Has anyone tried just keeping 2 sets of books? Like one for taxes with max write-offs and another one showing your actual profit for lenders? Not talking about anything illegal just different ways of presenting the same info.

This is such a great question and honestly one that trips up a lot of LLC owners! I went through this same struggle when I was trying to get financing for equipment last year. The key thing I learned is that you DON'T have to choose between tax savings and loan approval - you just need to present your financials correctly. Most business lenders are actually pretty sophisticated about this stuff. They know that smart business owners take legitimate deductions. What really helped me was preparing a simple one-page summary alongside my tax returns that showed: - My net income from Schedule C (the taxed amount) - Add-backs for depreciation, home office, mileage, etc. - My "adjusted income" for lending purposes I also kept clean P&L statements in QuickBooks that showed my actual business cash flow before tax strategies. When I brought both documents to my lender, they immediately understood what they were looking at and had no issues with the loan approval. The bottom line is: take your legitimate tax deductions AND get your loans. You just need to tell the story properly to lenders who understand business finances.

can someone explain why we even need to worry about this ein stuff when converting? i mean i get that an llc gives you liability protection but why does the irs care if its the same business just with a different legal structure?? seems like unnecessary bureaucracy to me.

Just went through this exact conversion process a few months ago and can confirm what others have said - you definitely need a new EIN for your LLC. The confusion often comes from people thinking they can "transfer" an EIN, but that's not how it works. Here's what I learned: Your DBA is tied to your personal SSN or sole proprietor EIN, while your LLC is a completely separate legal entity that needs its own tax identification number. Think of it like this - if you were to close your LLC tomorrow, your personal tax obligations would still exist separately. The process is actually pretty straightforward once you understand it: 1. File your LLC formation docs with your state first 2. Apply for a new EIN online at irs.gov (takes 5 minutes, get it instantly) 3. Use your old EIN for final sole proprietor tax filings 4. Start using your new EIN for all LLC business going forward Don't overthink it - the IRS chat service is notoriously unhelpful for specific questions like this. The online EIN application is really the easiest route. Just make sure your LLC paperwork is filed with your state before applying for the EIN.

One thing nobody's mentioned - if you use actual expenses instead of standard mileage for Schedule C, you have to track your business use percentage. That means calculating what percentage of your total annual mileage was for business. Example: If you drove 12,000 total miles and 8,500 were for business, that's about 71% business use. You'd multiply all your car expenses (gas, insurance, repairs, etc.) by 71% to find your deduction. The first year you use a car for business is crucial because it locks you into either standard mileage or actual expenses for the life of that vehicle. If you choose actual expenses the first year, you can't switch to standard mileage later!

Don't forget that you need to have good documentation regardless of which method you choose for Schedule C. The IRS specifically looks for: 1) Mileage logs with dates and purpose 2) Odometer readings (beginning/end of year) 3) Total miles driven for the year (personal + business) 4) Receipts if using actual expenses I got audited on my Schedule C a few years back and they specifically went after my mileage deduction. I had a decent log but was missing some details. They disallowed about 40% of my claimed miles because I couldn't prove business purpose for every trip.

This thread has been incredibly informative! I just opened my Woodforest account last month specifically because of their early direct deposit feature, so I'm honestly a bit bummed to learn that tax refunds don't qualify. But I'd much rather know this now than find out the hard way when I'm counting on those funds! What really helped me understand the situation was learning about the IRS ACH codes and federal regulations that essentially override bank policies. It makes perfect sense why even banks that want to help their customers can't bend these rules - they're dealing with government protocols that are set in stone. For anyone else who might be new to this like me, I'm definitely taking away the key lesson about planning conservatively for tax refund timing, regardless of which bank you use. The advice about proactive communication with service providers when you have time-sensitive payments is gold too. I have a couple bills due around my refund date and was absolutely planning to rely on early deposit - now I know to call those companies ahead of time to discuss payment arrangements if needed. Thanks to everyone who shared their real experiences over multiple years. This kind of detailed, consistent feedback from actual customers is way more valuable than trying to decode marketing materials! 🙏

This has been such a comprehensive and eye-opening discussion! As someone who's been researching this exact question for my own Woodforest account, I really appreciate everyone sharing their detailed experiences across multiple tax seasons. The consistency is remarkable - it seems like regardless of year or customer, the pattern is always the same: regular paychecks get the early deposit treatment, but tax refunds arrive exactly on the IRS-specified date. The technical explanations about ACH codes and federal regulations really help clarify why this happens - it's not that banks don't want to help, but they're bound by IRS protocols that override their usual early deposit policies. I was definitely falling into the same trap of assuming "early direct deposit" meant everything, but now I understand it really only applies to eligible recurring employer deposits, not government disbursements. For anyone else who might be counting on early refund access for time-sensitive expenses, the advice throughout this thread about proactive communication with service providers is spot-on - much better to explain the situation upfront than scramble at the last minute. Thanks to everyone who took the time to share real experiences rather than speculation. This kind of community knowledge is invaluable for proper financial planning! 🙌

I'm sorry for your loss, Liv. I went through this same process when my mother passed away, and the confusion between certified copies and transcripts is so common - even some IRS phone representatives don't always clarify the difference clearly. One thing I learned that might save you some time: if your father filed his taxes electronically, the IRS processing time for certified copies is sometimes a bit faster than for paper-filed returns. It doesn't change the 75-day maximum, but in my case, I received the certified copy in about 45 days rather than the full timeframe. Also, I'd strongly recommend calling ahead to confirm the exact mailing address for your state before sending everything. The Form 4506 instructions list different processing centers, and I've heard of people having delays because the addresses occasionally change or get updated. A quick call to verify can prevent your package from being forwarded around internally. The whole process feels daunting when you're already handling so much, but everyone's advice here is excellent. Take it one step at a time, double-check everything before mailing, and remember that thousands of people successfully get through this same process every year. You're asking all the right questions and you'll get through this.

I'm so sorry for your loss, Liv. I went through this exact process when my stepfather passed away last year, and I completely understand the confusion - the IRS phone system is absolutely terrible at distinguishing between transcripts and certified copies. One additional tip that saved me a lot of headache: when you're filling out Form 4506, there's a checkbox for "Number of copies" - don't just put "1" automatically. As others mentioned, you might need multiple certified copies for different parties (attorney, bank, insurance companies, etc.). Each copy is the same $43 fee whether you request 1 or 3 copies of the same tax year, so it's much more efficient to get what you need upfront. Also, I'd recommend including a brief cover letter with your submission explaining that you're the executor requesting certified copies for estate settlement purposes. While not required, it can help the processing clerk understand the context and may prevent any confusion about why you're requesting someone else's returns. The waiting is definitely the hardest part when you're trying to close out an estate efficiently, but getting everything submitted correctly the first time is worth the extra preparation. Based on all the great advice in this thread, you're definitely on the right track.