Accounting and Tax Tips Blog

Tax Planning Can Save You Thousands

Mar 6, 2020 | Tax Tips

Paying taxes can be a hard pill to swallow for many taxpayers, especially if their tax bill is high. Your business has had a great year, you have increased your profits, and whether you’ve noticed it or not, you’ve simultaneously increased your tax bill. It’s...

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Mileage Reimbursement Rules for Uber Drivers and Turo Owners

Mar 3, 2020 | Depreciation Tips, Rideshare Taxes, Tax Tips

As a business owner, tax deductions are your best friend. By leveraging your qualified expenses against your income, you can effectively lower your tax obligation. When it comes to qualified expenses, the IRS allows a lot of regular business expenses to be written...

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Corporate Taxes for Rental Businesses

Mar 3, 2020 | Airbnb Taxes

Corporate taxes can be a confusing subject for Airbnb hosts. If your Airbnb business is incorporated, you probably need some help preparing your taxes. You need a lot of paperwork to file corporate taxes, so we put them together to help save you time. Hopefully, this...

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Airbnb Tax Planning for Hosts

Feb 28, 2020 | Airbnb Taxes, Tax Tips

How do you report Airbnb taxes? Estimated tax planning is the best way to ensure that your taxes are properly filed as an Airbnb host. Here are some tips to help you prepare your Airbnb taxes so that you can avoid tax problems. This post specifically focuses on Airbnb...

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How to File Taxes as an Independent Contractor

Feb 27, 2020 | Tax Tips

Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to...

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Hobby vs Business: How to Classify Your Rental Income

Feb 27, 2020 | Tax Tips

How Does Rental Income Affect Taxes? If you plan to rent out an extra room or a second home on Airbnb, you need to understand how it affects your tax profile.  Depending on how much your business earns, Uncle Sam may classify your rental income as taxable or...

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Lyft Taxes: Tax Tips for Rideshare Drivers

Feb 26, 2020 | Legal, Rideshare Taxes, Tax Tips

Navigating the complex nature of self-employed taxes can leave you with a lot of unanswered questions. How does the IRS tax my Lyft income? Do I have to report my income from ridesharing? Will I get a 1099 form? These are just a few examples of common questions about...

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Who Qualifies For The Earned Income Tax Credit?

Feb 26, 2020 | Tax Tips

Many taxpayers save a lot of money with the Earned Income Tax Credit (EITC). This common tax credit can make your refund bigger or, if you owe, it could help you save on your year-end tax bill. While the EITC is a common tax credit, you need to meet certain criteria...

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Marginal vs Effective Tax Rate: What’s The Difference?

Feb 25, 2020 | Tax Tips

Your tax rate determines how much you pay in taxes. There are currently 7 tax brackets, ranging from 10% to 35%, where you fit into the tax brackets will depend on your income. Sounds pretty straight forward, but there is actually a little more to it. The US has a...

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Uber Drivers: The Standard Mileage Deduction Might Not Be a Good Idea

Feb 25, 2020 | Rideshare Taxes

If you drive for Uber or Lyft, you have two options for deducting your vehicle expenses. Drives can choose to take the standard mileage rate or Section 179 deduction. The standard mileage rate is the most common, but it’s not always the best option. In fact, you...

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