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Accounting and Tax Tips Blog

Does High Inflation Impact Real Estate Investments?

JPMorgan Chase CEO Jamie Dimon directly addressed inflation on a recent earnings call. He stated that, “inflation could be worse than people think,” and “I don’t think it’s only temporary.” Homeowners should pay close attention to Dimon’s insight, as a strong...

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Can Section 1231 Help You Save on Taxes? 

Most business owners know the IRS taxes long-term capital gains at a lower rate than ordinary income. However, Section 1231 of the Internal Revenue Code offers an exception to this rule.  This rule gives business owners the best of both worlds. When you sell Section...

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A Complete Guide to IRS Form 8995 and How to Use It

Many business owners have heard of IRS Form 8995. But what does this do for small businesses? And how can you use IRS Form 8995 to save your business money? The 2017 Tax Cuts and Jobs Act (TCJA) made some major changes to the tax code. In particular, this legislation...

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Top 5 Tips to Reopen Your Airbnb

With most of the pandemic finally behind us, many places around the country are starting to reopen. With bookings picking up throughout the country, it’s a good time to think about reopening your Airbnb if you have not done so already. After over a year’s hiatus...

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Should I File With Schedule C-EZ?

As a small business owner, it’s easy to become overwhelmed with tax-filing requirements. The number of different IRS forms can seem extremely confusing. For example, in 2018, qualifying businesses could report income on Schedule C-EZ, which is a simplified version of...

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Can Airbnb Help You Save on Taxes?

It costs money to make money. And running your Airbnb business is no exception. You have to account for cleaning costs, maintenance expenses, supplies, and listing improvements. While it seems like these expenses can add up, they may be beneficial when it’s time to...

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How Does VRBO Work?

The short-term rental industry has been on the rise over the last several years. While travel restrictions and mandates put a damper on the travel industry during the pandemic, things are revving back up quickly as things get back to normal. And home-sharing, or...

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Hurdlr Review: Is It The Best Self-Employed App?

Being self-employed or working as an independent contractor can be a rewarding and lucrative way to earn income. However, the busier you are running your business, the more you may struggle to maintain the accounting fundamentals of your business. With software...

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Airbnb Laws in NYC: A Guide for 2021

Millions of Americans use Airbnb as an outstanding source of income. But short-term leasing can expose hosts to a gauntlet of local regulations. In places like New York City, where rules are strict, it can be a challenge to host on Airbnb. This article will outline...

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