Accounting and Tax Tips Blog

How Do I Set Up a Payment Plan with the IRS?

Jul 3, 2020 | Tax Tips

The tax deadline is just a few short weeks away. Your tax return and tax payment are both due on the tax deadline. In instances where your tax bill is more than you can afford to pay, you have the ability to set up a payment plan with the IRS. Here we will walk you...

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Are REITs a Good Idea for Airbnb Hosts?

Jun 29, 2020 | Airbnb Taxes

Real estate investment trusts are popular vehicles for large-scale real estate investments, but do they have any application to your short-term rental business? Many publically-listed real estate companies organize themselves as REITs for tax benefits and...

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Countdown to Tax Day 2020: The July 15 Deadline

Jun 27, 2020 | Tax Tips

Tax day 2020 is right around the corner, so it’s time to start thinking about taxes. If you haven’t prepared your 2019 taxes yet, now is a good time to get started. The IRS extended the 2019 tax deadline to July 15 as a result of the COVID-19 pandemic, so...

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Filing Requirements for Mexico Airbnb Hosts

Jun 25, 2020 | Airbnb Taxes

Mexico is a popular tourist destination with lots of affordable real estate opportunities. It’s no wonder that many Airbnb hosts choose Mexico for their first international rental. However, Mexico Airbnb hosts need to keep up with Mexican taxes or they risk...

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Filing requirements for London Airbnb Hosts

Jun 22, 2020 | Airbnb Taxes

Expanding your Airbnb business into international territory can be intimidating. After all, foreign tax laws differ from the U.S., so renting property abroad can complicate your tax situation. However, if your prepared, renting Airbnb properties abroad can be a great...

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Estimated Tax Payments for 1099 Independent Contractors

Jun 18, 2020 | Airbnb Taxes, Rideshare Taxes, Tax Tips

If you participate in the sharing economy by working as a 1099 contractor or by renting your home on Airbnb, you know that you will likely be required to pay taxes on your income. But just how much do you need to save in order to cover your estimated tax payments?...

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The Easy Way to File a Tax Extension

Jun 15, 2020 | Uncategorized

Taxes can be a very time-consuming process. Of course, you want to take your time, and go over everything carefully to avoid any misrepresentations like underreporting your income. Unfortunately, small business owners don’t usually have a lot of time on their...

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Estimated Tax Planning For Airbnb Hosts

Jun 11, 2020 | Airbnb Taxes, Tax Tips

Airbnb has risen in popularity over the last several years for both travelers and individuals looking to make an extra income. However, Airbnb hosts have to deal with tax ramifications. Many hosts are surprised to find out they owe estimate taxes on their earnings....

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3 Things to Consider Before Filing an Airbnb Tax Extension

Jun 8, 2020 | Airbnb Taxes

Approximately 10 million individuals file an extension every year, and many of them are homeshare hosts. If you rent on Airbnb, you should consider a few things you should consider. This list explains the top three things you should consider before pulling the trigger...

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How to Claim the Self Employed Health Insurance Deduction

Jun 4, 2020 | Tax Tips

Working as a 1099 contractor isn’t always easy, but it comes with some tax benefits that aren’t available to W4 employees. Healthcare is a huge expense for millions of Americans, but most employees can’t deduct the expense on their taxes. However,...

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