Accounting and Tax Tips from the Shared Economy Tax Firm

How The December 2020 Package Affects Small Businesses

Jan 19, 2021 | Tax Tips

The pandemic devastated the small business sector in 2020, so the government passed another round of stimulus measures in December of 2020. This December 2020 stimulus package provided additional support for the Coronavirus Relief Fund (CRF), including direct payments...

Home Office Deduction: What You Need to Know

Jan 14, 2021 | Legal, Tax Tips

As a business owner, tax deductions are your best friend. They help lower your taxable income, which helps you lower your tax bill. Qualified business expenses can actually be a huge benefit come tax time. Office supplies, marketing costs, and even office rent can...

Short-Term Rental Profit Academy Review: Is it Legit?

Oct 13, 2020 | Airbnb Taxes

The short-term rental (STR) industry has seen a massive boom over the last several years. These days, many travelers prefer Airbnb or VRBO over traditional hotels. And this trend has led to the growth of many operators, from empty nesters putting their spare rooms on...

Tax Document Checklist: Don’t File Without these Forms

Oct 1, 2020 | Tax Tips

The countdown is on until tax day. With just a short time away from the tax deadline, if you haven’t started preparing your taxes, there is no time like the present. It is important to file your taxes on time to avoid unnecessary penalties from the IRS. However,...

What is the Penalty for Filing Taxes Late?

Sep 30, 2020 | Legal, Tax Tips

The tax deadline tends to creep up quietly. In 2020, the IRS extended the tax deadline to July 15, giving taxpayers another three months to file and pay taxes. However, it’s back to the normal schedule this year. After all, it’s never too early to start...

Are Your Assets Subject to Personal Property Tax?

Sep 29, 2020 | Tax Tips

Some municipalities use personal property tax to generate revenues for public programs and infrastructure. Each tax jurisdiction has the power to levy their own taxes and set their own guidelines. As a result, there are no set rules regarding personal property taxes....

Everything You Need to Know About Chapter 13 Bankruptcy

Sep 28, 2020 | Legal

Bankruptcy is a last resort for most business owners, but sometimes it’s the best option. Filing for bankruptcy can protect you from your creditors, but it’s a complicated process with long-lasting consequences. Most people hire a lawyer to help them...

How to Avoid Capital Gains Tax on Real Estate Sales

Sep 27, 2020 | Tax Tips

Investing is all about turning profits, but those profits come with a price. Anytime you sell an asset for a financial gain, Uncle Sam wants his cut. The government takes its share of the loot through a capital gains tax. Capital gains taxes most commonly apply to...

3 Things to Consider Before Filing an Airbnb Tax Extension

Sep 24, 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. This list explains the top three things you should consider before pulling the trigger on your Airbnb tax...

Airbnb Tax Planning for Hosts

Sep 24, 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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