I think everyone is overcomplicating this. We just bought a 2024 F-350 diesel for our construction business for $94k. Our accountant recommended we take the full amount as a Section 179 deduction since we're having a very profitable year. She said we can still deduct ALL operational expenses (fuel, maintenance, insurance, etc.) regardless of how we handled the initial purchase price. The only requirement is that we use it 100% for business, which we do. We have separate personal vehicles.

Great discussion here! As someone who's been through this exact situation with multiple heavy truck purchases, I'd add a few practical considerations: 1. **Cash flow timing** - If you're profitable this year but uncertain about next year's income, taking the full Section 179 deduction now might be smart. But if you expect steady or growing profits, spreading it out could be better. 2. **State tax implications** - Don't forget that some states don't follow federal Section 179 rules exactly. Make sure to check how your state handles these deductions. 3. **Equipment financing** - If you're financing the truck, you can still claim Section 179 on the full purchase price even though you're making payments over time. 4. **Alternative Minimum Tax (AMT)** - For some businesses, large Section 179 deductions can trigger AMT issues, though this is less common with the current tax law. The key is matching your deduction strategy to your specific business situation. What works for one construction company might not be optimal for another, even with similar truck purchases. Also, keep excellent records of business use from day one - GPS logs, job site documentation, etc. The IRS loves to scrutinize vehicle deductions, especially on expensive trucks.

This thread has been incredibly comprehensive and helpful! I've been running a small home repair business for about a year now, and I'm considering adding pool maintenance services during the summer months. Reading through everyone's experiences really confirms that I can use my existing EIN for both businesses. What strikes me most from all the shared experiences is how critical the organizational foundation is - separate bank accounts, meticulous record keeping, and proper quarterly tax planning seem to be the pillars of success when managing multiple businesses under one EIN. The DBA discussion has been particularly enlightening since "Mike's Home Repairs" and "Mike's Pool Service" would definitely present better to clients than just using my personal name. One thing I'm curious about that relates to several comments here: since both of my businesses involve going to customers' homes but have different liability exposures (general contracting vs. pool chemicals and equipment), has anyone found that insurance companies view these as requiring separate policies, or can they typically be bundled under one comprehensive coverage plan? I want to make sure I'm properly protected for both slip-and-fall risks during home repairs and potential chemical/equipment issues with pool maintenance. Also, I appreciate all the insights about business licenses - it sounds like I'll need to check whether my general contractor license covers pool maintenance or if that requires separate certification in my state. Thanks to everyone who shared such detailed real-world advice - this practical guidance is invaluable!

This has been such a valuable discussion! I'm currently running a small event planning business and I'm thinking about adding wedding photography services since I have the skills and equipment. After reading through everyone's experiences, I'm confident I can use my existing EIN for both businesses. The recurring themes about organization really hit home - separate bank accounts, detailed record keeping, and quarterly tax planning seem absolutely essential. I'm particularly grateful for the DBA insights since "Memorable Moments Events" and "Memorable Moments Photography" would definitely create clearer brand identity for clients than just using my personal name. One question that builds on the insurance discussion: since event planning involves coordinating vendors and managing large gatherings, while photography involves equipment and potential copyright issues, these seem like they'd have quite different professional liability needs. Has anyone dealt with getting coverage for businesses that both involve events but have such different service components? I'm wondering if one comprehensive policy could cover vendor coordination, event management, photography equipment, and potential copyright issues, or if I'd need separate policies for each business activity. The licensing discussion has also been really helpful - I'll need to check if my event planning license covers photography services or if I need additional permits for commercial photography in my state. Thanks to everyone for sharing such detailed, practical experiences - this thread is an incredible resource for anyone considering multiple sole proprietorship businesses!

Has anyone had experience with an installment sale approach? I'm selling my business and the buyer wants to structure it as an asset purchase but pay over 5 years. How does this affect the tax situation?

Great discussion here! I went through a business sale two years ago and learned some hard lessons about the importance of getting proper valuation and allocation documentation early in the process. One thing I wish I'd known is that the IRS pays close attention to how you allocate purchase price between assets, especially when there's a large goodwill component. They want to see that the allocation reflects actual fair market values, not just what's most tax-advantageous for either party. My advice: get an independent business valuation done before you start negotiations. It costs a few thousand dollars but it gives you solid ground to stand on when the buyer's team starts pushing for allocations that favor them. The appraiser will break down the value of tangible assets, customer lists, non-compete agreements, and goodwill based on accepted valuation methods. Also, don't forget about potential depreciation recapture on equipment and other assets - this gets taxed as ordinary income even in an asset sale, which caught me off guard. Make sure your tax advisor runs the numbers on this before you commit to any structure. The whole process is complex but definitely manageable with the right professional help. Good luck with your sale!

I went through a very similar decision process last year and ended up saving myself a lot of money by avoiding those expensive YouTube courses. Here's what actually worked for me: I started with the IRS VITA program to get free training and real hands-on experience. After volunteering for a season, I felt confident enough to get my PTIN ($35.50) and take the Annual Filing Season Program course (also free). Total investment so far: under $40. For software, I went with TaxSlayer Pro at around $450 for the year. So my total startup costs were under $500 compared to the $1,350 you're considering. My first paid season (this past year), I prepared 38 returns and made $6,400. I charged $120-200 depending on complexity and only worked evenings and weekends. Most of my clients came through word of mouth after people heard about my VITA volunteer work. The best part about starting with VITA is you get supervised experience with real returns, so you learn to handle different situations safely. Plus, the training is always current with the latest tax law changes, unlike some of those course videos that might be outdated. Just focusing on tax prep without bookkeeping is completely fine - that's exactly what I do. The seasonal nature actually makes it perfect for a side hustle since you're not tied down year-round. My advice: skip the expensive courses and go the legitimate route through IRS resources. You'll save over $800 and get better, more current training.

I've been preparing taxes professionally for 5 years, and I have to echo what everyone else is saying - those YouTube courses are way overpriced for what you get. Here's the reality: I started with the IRS VITA program (completely free), got my PTIN ($35.50), and invested in Drake Tax software ($425 that first year). Total startup cost under $500 versus the $1,350 you're considering. My first year I made $4,800 preparing 42 returns, working only evenings and weekends during tax season. I charged $100-180 per return depending on complexity. Now I consistently make $16,000+ each season. The VITA program was invaluable because you get hands-on experience with real returns under supervision. You'll encounter situations that no video course covers, and having experienced volunteers there to guide you builds real confidence. Plus, the training is always current with the latest tax law changes. Just focusing on tax returns is absolutely viable - that's what I do. The seasonal nature is perfect for a side hustle since you're only committed January through April but can still generate substantial income. My advice: Skip those expensive courses. Start with VITA volunteering to build skills, get your PTIN, invest in legitimate tax software, and begin with simple returns. You'll save over $800 and get much better, more practical training. The word-of-mouth referrals from doing quality work will build your client base naturally. Those YouTube "gurus" are capitalizing on people who don't know about the free IRS resources. Don't fall for it!

I completely understand your frustration - dealing with poor service while paying premium prices is maddening. As others have mentioned, there's no special audit protection from having a CPA prepare your return. The IRS uses computer algorithms to flag returns based on statistical anomalies, not who prepared them. With your straightforward tax situation (W-2 + K-1s, standard deduction), you're paying way too much for subpar service. The fact that you're catching errors actually shows you have a good understanding of your tax situation already. One piece of advice: before making the switch, pull out your last couple years' returns and review them line by line. Make sure you understand where each number from your K-1s goes on your 1040. This will give you confidence that you can handle it yourself going forward. Most people in your situation find that modern tax software actually explains things better than their CPA ever did. The peace of mind you're seeking comes from accuracy and good record-keeping, not from paying someone else to potentially make mistakes on your behalf.

I went through almost the exact same situation two years ago - overpriced CPA making errors and treating me poorly. The "audit protection" thing is definitely a myth that some tax professionals use to justify their fees. What finally convinced me to switch was realizing that I was already doing quality control on my CPA's work anyway by catching his mistakes. If I'm going to review everything carefully regardless, why not just prepare it myself from the start? For your situation with W-2 and K-1 income, the tax software will actually guide you through the K-1 entries much more clearly than most CPAs explain them. I use FreeTaxUSA (costs about $15 for state filing) and it handles my K-1s perfectly. The software asks specific questions about each box on the K-1 and puts everything in the right place automatically. The real audit protection comes from accurate reporting and keeping good documentation - something you can do regardless of who prepares your return. Save yourself the $950 and frustration. You'll probably end up with a more accurate return anyway.