The coronavirus pandemic forced many businesses to close their doors. Unfortunately, the lockdown has a disproportionate impact on smaller firms. Congress recently passed the Coronavirus Aid, Relief, and Economic Security […]
How to Avoid Airbnb Backup Withholding
Airbnb doesn’t typically hold back any funds for taxes. You still have to pay taxes on your earnings, but Airbnb doesn’t pay them for you. You’re considered self employed, so […]
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 […]
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 […]
Are REITs a Good Idea for Airbnb Hosts?
What is a Real Estate Investment Trust?A REIT, or Real Estate Investment Trust, is a company that owns or provides financing for income-producing real estate. Similar to mutual funds, REITs have shareholders and pay out taxable income as dividends. REITs enable ordinary investors to invest in portfolios of properties via the purchase of stocks. The majority of REITs are traded on major stock exchanges, however there are also public non-listed REITs and private REITs. REITs generally fall into tw […] […]
Filing Requirements for Mexico Airbnb Hosts
In Mexico, there is no differentiation between residents and non-residents when it comes to the payment of taxes. As a United States citizen, you are still required to pay taxes if you own rental property in Mexico that you rent out on Airbnb. As a rental property owner, you are required to pay Mexico Income Tax, called ISR (Impuesto Sobre la Renta) in Spanish, and Mexico Value Added Taxes, called Impuesto al Valor Agregado (IVA) in Spanish. Thanks to a tax treaty between the United States […] […]
Filing requirements for London Airbnb Hosts
Expanding your Airbnb business into international territory can be intimidating. After all, foreign tax laws differ from the U.S., so renting property abroad can complicate your tax situation. However, if […]
The Easy Way to File a Tax Extension
Taxes can be a very time-consuming process. Of course, you want to take your time, and go over everything carefully to avoid any misrepresentations like underreporting your income. Unfortunately, small […]
Estimated Tax Planning For Airbnb Hosts
Airbnb has risen in popularity over the last several years for both travelers and individuals looking to make an extra income. However, Airbnb hosts have to deal with tax ramifications. […]
How to Claim the Self Employed Health Insurance Deduction
Working as a 1099 contractor isn’t always easy, but it comes with some tax benefits that aren’t available to W4 employees. Healthcare is a huge expense for millions of Americans, […]