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Welcome to Tax Buddy! Let's make taxes less terrible together.
Welcome to Tax Buddy!
Hey there! We know taxes are about as fun as stepping on a LEGO, but we've got your back. This app breaks down everything you need to know about your 2025 taxes — from your K-1 to your savings opportunities. Let's do this!
Your Numbers at a Glance
The big picture — no squinting required
Explore Your Tax World
Pick a topic and dive in — no judgment, no jargon
How We Built This
27 AI agents analyzed 30+ documents so you don't have to read IRS publications at 2 AM.
Tax 101
K-1s, SE tax, QBI — all explained like you're a smart human, not a CPA.
Your K-1 Deep Dive
Every box on your K-1, decoded with YOUR actual dollar amounts.
Every Dollar You Can Save
Deductions, credits, retirement strategies — your full tax-break arsenal.
Buy Yourself Time
Can't pay it all at once? Extensions, payment plans, and what they actually cost.
Let's File This Thing
Step-by-step filing order, form-by-form, with software recommendations.
Your Most Urgent Action
April 15, 2026 is coming in hot! Head to your Action Plan to see what needs to happen NOW — especially filing that extension and paying Illinois first (trust us, that 10% penalty cliff is no joke). Every item you check off is money saved and stress avoided.
Quick Tax Facts
SE Earnings (Net)
$159,352
Net self-employment earnings from K-1 Box 14A. Guaranteed payments ($175,377) minus business loss ($16,025).
Guaranteed Payments
$175,377
Your guaranteed payments from the partnership — like a salary, but you're paying both sides of the employment taxes. Thanks, LLC!
Business Loss
($16,025)
Your 42.5% share of the partnership's ordinary business loss. Nets against guaranteed payments to create your SE earnings.
Self-Employment Tax
$22,513
Social Security (12.4%) + Medicare (2.9%) on 92.35% of SE earnings. The price of being your own boss AND employee.
Health Insurance Deduction
$31,377
Self-employed health insurance premiums — above-the-line deduction via Form 7206. Saves ~$7,530 at 24% bracket.
Half SE Tax Deduction
$11,256
The "employer" half of your SE tax, deductible on Schedule 1, Line 15. The IRS's way of saying they feel a little bad about the 15.3%.
QBI Loss Carryforward
($16,025)
No deduction this year (guaranteed payments excluded from QBI), but this loss carries forward to offset future positive QBI. Plant the seed!
Excess Distribution (Capital Gain)
$443
Distribution in excess of your $0 basis = long-term capital gain. Small amount, but a reminder: with $0 basis, every distribution is a taxable event.
Estimated Federal Tax
~$49,000
Approximate total federal tax liability including income tax and SE tax, before applying deductions and credits.
Potential Savings (Conservative)
$28,000
SE deductions + SEP-IRA + SALT. Low-hanging fruit that requires minimal effort. Just the basics!
Potential Savings (Aggressive)
$70,000+
Includes defined benefit plan, energy credits, all deductions, and basis restoration. The full arsenal deployed.
IL Estimated Tax
$7,224
Illinois flat tax (4.95%) on your K-1 income. Remember: pay this first to avoid the 10% penalty cliff!
Partner Basis
$0
Your adjusted basis in the partnership is zero after the excess distribution. Handle distributions carefully — every dollar over $0 is a capital gain.
Suspended Losses
$46,924
Losses waiting to be unlocked! These are suspended under IRC 704(d) because your basis is $0. Contribute capital to the LLC to restore basis and release these for ~$11,262 in federal savings.