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Accounting and Tax Tips Blog

Obamacare and Your Taxes: 2020 Edition

The Patient Protection and Affordable Care Act (ACA), AKA Obamacare, came into effect in 2014. Some of the rules changed over the past few years, but it still affects your taxes. President Trump eliminated the penalty for non-coverage, but most of the Obamacare...

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Airbnb Hosts: How to Respond to IRS Notice CP2000

Did you receive a CP2000 notice from the IRS? If so, don’t ignore it. Usually, the letters warn you about discrepancies between your reported earnings and IRS records. The CP2000 notice isn’t as bad as an audit, but don’t take it lightly. CP2000 is serious...

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Occupancy Tax Rates for Airbnb in Major Cities

A few years ago, cities began to realize that Airbnb rentals were eating into their tax revenues. At the time, Airbnb hosts weren’t paying taxes like hotels, so many US cities set out to change that. Now, many cities make Airbnb hosts pay taxes just like hotels....

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6 Tax Extension Tips for Rideshare Drivers 

Best Tax Extension Tips for Rideshare Drivers Automatic extensions can give you up to six additional months to file your tax return. The extra time makes a big difference for many rideshare drivers. However, taking a few steps in advice can save you a lot of...

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

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?

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

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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