Do you have an extra bedroom or a granny suite that’s begging to be turned in to a rental? You could rent it as a mixed-use property, also known as shared-use property or dual-use property, to offset your housing expenses. However, mixed-use properties carry special tax rules that affect how you account for income and […]
SEP IRA: The Best Self-Employed Retirement Account?
According to the recent numbers in a Pew Research study, about 16 million people in the U.S. are self-employed. If you are one of them, you already know that building retirement savings is one of the greatest challenges you face. Fortunately, the SEP IRA offers options for building a retirement for the self-employed, so you […]
The Best Airbnb Bookkeeping System
One of the most important aspects of operating a successful Airbnb is bookkeeping. Proper Airbnb bookkeeping can make a difference in your bottom line and help you operate more efficiently. Let’s explore some bookkeeping solutions for Airbnb that will help make you a successful host. Airbnb Bookkeeping Basics One of the most important considerations for […]
What Is an IRS 4868 Form? [Free PDF]
Most adults have needed some slack at one point in time or another. Maybe a young person starting out needs a loan from the parents. In other instances, drivers who missed a stop sign or speed limit indication could ask for leniency from an apprehending police officer. Still other cases may find struggling students […]
7 Tax Tips to Maximize Your Airbnb Deductions
Are you maximizg your tax deduction? Short-term rental hosts are eligible for a variety of tax benefits and deductions. If you want to keep as much of your rental income as possible, you must familiarize yourself with Airbnb taxes. […]
The Best Section 179 Vehicles for 2022
Small business owners – especially during the COVID-19 era – need to save money whenever they can. The IRS recognizes this reality and offers a variety of tax incentives to help businesses both grow and save money. If you bought or leased a vehicle for your small business this year, you may qualify for […]
Child Tax Credit 2022: How Much Can You Get?
The IRS child tax credit has been a part of the tax code since 1997. This provision allows you to deduct a certain amount of money from your taxable income if you have a qualifying child. This year, the credit was expanded in an effort to help alleviate the financial difficulties caused by the pandemic. […]
Can Airbnb Hosts Claim a Home Improvement Tax Deduction?
If you’re a homeowner, deducting the cost of repairs or improvements to your home could yield substantial tax savings. However, whether you can deduct these expenses depends on your circumstances. Airbnb hosts can write off many items that most homeowners can’t, but it again depends on how they use the property in question. Let’s explore […]
Should Airbnb Hosts Form an LLC Holding Company?
If you’re an Airbnb host, one of your top priorities should be protecting yourself from liability. Whether it’s a tenant suing over an injury or a municipality fining you for a zoning violation, the potential costs of hosting can add up quickly. One way to protect yourself is by forming an LLC holding company for […]
Home Office Deduction Tips for Airbnb Hosts
If a portion of your home is used for conducting business, you may qualify for a home office deduction. You can choose from a couple of different methods for calculating the deduction. You might also need to know your total deduction for IRS ID verification purposes. We’re going to show you how to get it […]