I've been exactly where you are! Started my consulting business in January but didn't get my LLC paperwork sorted until May, so I had months of mixed transactions too. Here's what worked for me: First, breathe - you haven't messed anything up! The IRS absolutely allows business expense deductions even when paid from personal accounts. What matters is that they're legitimate business expenses, properly documented. I spent one weekend going through my personal bank statements and credit card records, creating a simple spreadsheet with columns for: Date | Vendor | Amount | Business Purpose | Receipt Status. Found about $3,200 in deductible expenses I almost forgot about! For your new business account, just start using it consistently going forward. No need to complicate things by transferring old money around. That $3,695 quote is insane for your business size. I'm doing similar revenue and pay my CPA $425 annually for tax prep. I handle my own bookkeeping with QuickBooks Simple Start ($15/month) and it takes maybe 2 hours monthly once you get the hang of it. The key is building good systems now so next year is easier. Set aside time each week to categorize transactions and you'll thank yourself later!

You're in great company - this mixed account situation happens to almost every new business owner! The stress you're feeling is totally normal, but you can relax because you haven't done anything wrong. Here's the simple truth: the IRS allows business expense deductions regardless of which account paid for them. What they care about is proper documentation showing these were legitimate business expenses. My recommendation is to tackle this systematically: 1) Set aside a few hours to go through your personal account statements from March-July 2) Create a simple spreadsheet tracking: Date | Vendor | Amount | Business Purpose | Receipt/Documentation 3) Don't worry about transferring old income to your new business account - that creates unnecessary complications 4) Start using your business account religiously from now on That $3,695 quote is absolutely outrageous for your revenue level. I'd suggest finding a local CPA who charges $300-500 for small business tax prep, and handle your own bookkeeping with QuickBooks Simple Start ($15/month). You'll save thousands and actually understand your finances better. The key is building good systems going forward. Once you establish consistent habits with your new business account, tax time becomes much less stressful. You've got this!

Just to add another resource - if you have access to your company's HR portal or benefits website, sometimes the retirement plan documents stored there will include the EIN. Many employers keep the Summary Plan Description (SPD) and other plan documents in their employee self-service portals, and these often contain the EIN in the administrative details section. It's worth checking if you still have access to your former employer's benefits site, as this information is usually available to both current and former employees for exactly these kinds of tax preparation needs.

Another quick tip - if you're still struggling to find the EIN, check your old pay stubs from when you were contributing to the retirement plan. Sometimes the EIN appears in the deduction details section where it shows your 401(k) or retirement contributions. I discovered this accidentally when I was organizing my tax documents and noticed the EIN listed next to my retirement deduction line. It's not always there, but worth checking if you have any old pay stubs saved. Also, if your company switched retirement providers at any point, make sure you're looking for the right EIN - it could be different from what you expect if Transamerica took over from another provider.

As a new member of this community, I'm blown away by the wealth of practical information and support being shared here! I'm currently navigating my first Schedule C paper filing situation after e-filing issues forced me to mail my return on February 25th. Reading through everyone's real-world timelines and experiences has been incredibly valuable for setting realistic expectations and planning my business cash flow. I particularly appreciate the specific resources mentioned - Form 3911 for refund tracing, Form 911 for economic hardship, and the various financing alternatives while waiting. One thing I'd like to add based on my research this week: I discovered that the IRS also has a "Taxpayer Assistance Centers" (TAC) locator on their website where you can sometimes schedule in-person appointments to get status updates on paper returns. While availability is limited, it might be another option for those facing urgent business deadlines. I'm planning to try the online account tracking and Form 3911 route first, but it's good to know about multiple pathways for getting information. Thank you all for creating such a supportive environment - it's made dealing with this stressful situation much more manageable knowing others are going through similar challenges!

As a new community member dealing with my first Schedule C paper filing experience, I'm incredibly grateful for all the detailed information and real-world timelines shared here! I submitted my paper return on March 3rd after encountering e-filing issues with my business expenses documentation. Based on everyone's experiences, it sounds like I should expect anywhere from 6-12 weeks for processing, with potential additional delays due to Schedule C complexity. I've already set up my IRS online account for tracking and plan to explore the Form 3911 option after the 28-day mark. One question I haven't seen addressed - has anyone had success with reaching out to their state representatives' offices for assistance with federal tax processing delays? I've heard they sometimes have dedicated staff for constituent services that can interface with the IRS on urgent business matters. Also planning to research the bridge financing options mentioned by several members here, since I have some equipment purchases that can't wait much longer. Thank you all for creating such a supportive and informative community - it's made this stressful process much more manageable!

I did exactly what you're considering - started a business and included my brother for tax advantages. We went with the multi-member LLC but soon regretted it because: 1) Had to file partnership returns which were way more complicated than I expected 2) Splitting profits fairly became an issue when he wasn't doing equal work 3) Couldn't make business decisions quickly because we needed mutual agreement We ended up dissolving that and forming separate single-member LLCs instead. Now I hire his LLC for specific services when needed. Much cleaner arrangement. Whatever you decide, seriously consider the practical business relationship aspects, not just the tax benefits!

Great question about business structures! As someone who's helped family members navigate this exact situation, I'd suggest starting simple and evolving as your business grows. For your immediate needs, a multi-member LLC is probably your best bet. It allows both you and your dad to share in business deductions proportional to ownership percentage, and the tax filing (Form 1065 + K-1s) isn't too overwhelming for a small business. Just make sure you have a solid operating agreement that clearly defines roles, responsibilities, and profit/loss sharing. The key thing the IRS looks for in family businesses is that the arrangement serves a legitimate business purpose beyond just tax savings. If your dad brings capital, expertise, connections, or other valuable contributions, then his ownership stake is justified even if he works fewer hours than you. I'd avoid the two-LLC structure initially - it creates unnecessary complexity and paperwork. You can always restructure later as the business grows. And don't worry about S-Corp election until you're consistently profitable - the additional administrative burden usually isn't worth it for smaller operations. One practical tip: document everything from day one. Keep records of each member's contributions, time spent, and business decisions. This protects you if the IRS ever questions the legitimacy of your family business arrangement.

Did anyone actually tell you it was an IRA distribution? Because it makes a huge difference if it was a regular inherited IRA vs. a beneficiary IRA that was set up after the grandparent's death. Each has different tax consequences and requirements.

Just wanted to add some perspective from someone who works in estate administration. The tax withholding you're seeing is actually required by law in many cases - financial institutions are obligated to withhold taxes on IRA distributions unless the beneficiary specifically elects out of withholding (which most people don't know they can do). The 12.5% withholding rate suggests this was likely a traditional IRA. However, depending on your combined income and tax bracket, you might still owe additional taxes beyond what was withheld, or you might get some back as a refund. The key is that this gets reconciled when you file your 2025 return. One thing to consider: if there are multiple distributions planned from the estate, you might want to consult with a tax professional about timing and tax planning strategies. Sometimes spreading distributions across tax years can help minimize the overall tax burden, especially if it keeps you out of higher tax brackets.