Starting an investment account for a child can give them a head-start in life, but when choosing the right account type, you need to consider your goals and the child’s financial situation. One of the most flexible types of accounts is a UTMA account. Let’s look at UTMA account rules and the rules for the […]
Michael Tripp’s WSJ (Wall Street Journal) Feature
Summer is a time when many teens and students seek a part-time or full-time temporary job. The shared economy is full of opportunities, some of which even allow them to work from home. The shared economy, sometimes called the “gig” economy, is a lucrative opportunity. However, it’s important to know about a few changes […]
Top-5 Tax Deductions for Short-Term Rentals
Taxes can be a serious headache for short-term rental hosts. You already have so much on your plate, including housekeeping, pricing, guest questions, and reviews. That’s why we called in the tax experts from Shared Economy Tax to set the record straight about the best tax deductions for short-term rental hosts. We sat down with Miguel […]
EV Tax Credit 2022 Updates
Indeed, electric vehicles (EVs) are becoming quite popular with those who can afford them, that is. Not only are they quiet, but they emit no carbon dioxide as they run. As a result, many activists and policymakers champion EVs as essential to mitigating the ill effects of climate change. An EV tax credit has been […]
What is Estate Tax, and How Can You Avoid It?
When someone dies, their estate (defined as all the assets they own) becomes subject to the estate tax. The federal estate tax only applies to estates over $11.7 million, so very few people need to worry about the federal estate tax. However, most of the estate over $11.7 million is taxed at 40%. So it […]
What is Excise Tax?
varItMak Most people are well aware of income tax and sales tax, but are less aware of excise taxes. So what is excise tax? What are Excise Taxes? An excise tax is an additional type of tax imposed on the sale of specific goods and services. Manufacturers and retailers collect most excise taxes, but there […]
Schedule C vs Schedule E for Airbnb Income
Many things set Airbnb hosting apart from other rental properties. Let’s discuss this big difference: some Airbnbs qualify as non-passive income and are reported on Schedule C. Furthermore, this post will cover Schedule C vs Schedule E for Airbnb hosts in detail. Schedule C vs Schedule E: What Are They For? Let’s look at Schedule […]
What is Cost Segregation, and Can It Lower Your Taxes?
Cost segregation can help you reap huge tax savings, and it’s an excellent defense against an IRS inquiry. But, how does it work? What is Cost Segregation? When you purchase real estate, you need to split the purchase price between the building and the land. A cost segregation analysis helps you determine the proper allocation […]
CEO Miguel Alexander Centeno Speaks to the Wall Street Journal
Certain parts of the American Rescue Plan passed by Congress in 2021 carry major consequences for freelancers and independent contractors. The Wall Street Journal sought out Shared Economy Tax CEO Miguel Centeno’s expertise for an article on the subject. Shared Economy Tax CEO Miguel Alexander Centeno Miguel Alexander Centeno, CEO and Managing Partner of Shared […]
Are Pre-Settlement Legal Funds Subject to Taxation?
Pre-settlement legal funds can be lifesaving in case of a personal accident. Lawsuits that follow such accidents sometimes take too long to complete. This makes it difficult for one to pay their bills while attending court cases and working on their physical recovery if severely injured. It is critical to understand everything about this funding. […]