Congress passed the Families First Coronavirus Relief Act (FFCRA) to soften the financial impact of nationwide lockdowns. One notable benefit of this program is government-backed sick leave for employees. Self-employed workers and freelancers can also tap into this program by claiming FFCRA tax credits. However, you must meet specific criteria to qualify for these benefits […]
How to Use an ACH Transfer to Save on Invoicing
Payment processing fees can add up. A few percentage points may not seem like much, but these fees can add up to thousands of dollars in extra costs by the end of the year. Requesting payments via ACH can result in significant savings over third-party invoicing services. ACH transfers are typically free, so you can […]
Is It Cheaper to Buy or Build a House to Expand Your Airbnb Business?
Many travelers are beginning to prefer homeshare platforms over traditional hotels, and platforms like Airbnb and VRBO are growing at an incredible rate. These easy-to-use platforms provide property owners with an easy way to list rentals, and some are making it into a full-time business. If you’re interested in growing your homeshare business, you might […]
Uber Tax Forms: What You Need to File
Taxes are an inevitable part of working. Regardless of how you earn your income, taxes must be paid on the income you earn. The tax filing deadline is quickly approaching. If you haven’t filed your taxes yet, now is a good time to start gathering the necessary documents. If you drive for Uber or work […]
Can a Holding Company Protect Your Airbnb Assets?
Owning a business is very rewarding. However, you could lose everything if you run into legal troubles. For example, creditors could come after your Airbnb properties to cover an old debt. Luckily, you protect your assets by organizing them into a separate legal entity. This type of organization is often referred to as a holding […]
5 Things You Should Include Your Articles of Organization
Articles of organization play an important role in how you formally set up your business. This document outlines your business’s fundamental information and registers it with the state. You must file one of these documents anytime you set up a new business entity, but you should take some things into consideration before you get started. […]
How to File Your Airbnb Estimated Taxes
The IRS classifies your Airbnb earnings as income, and you have to pay taxes on those earnings. If you expect to owe more than $1,000 in 1099 taxes, you must pay quarterly taxes for your earnings. Some new hosts might feel overwhelmed with these new tax hurdles, but it’s not as bad as it sounds. […]
Quickbooks vs Xero: Which Is The Best Accounting Software?
One of the most important decisions you can make for your accounting process is which accounting software to go with. There are several different options available, but the two that reign supreme are Quickbooks and Xero. Both are very powerful and boast impressive features. So which one should you choose? Let take a look at […]
How to Calculate Profit Margin and Improve Profitability
Business owners need to understand their revenues and earnings to make effective business decisions. However, it’s not easy to keep track of this information manually because unanticipated expenses often come into play. The profit margin formula helps business owners quickly gauge their company’s financial health. Profits are the ultimate goal for every business, so every […]
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 provisions still apply. This brief guide explains how the ACA affects your […]