Hobby vs Business: How to Classify Your Rental Income

Is Your Rental Activity a Business?If you plan rent out a room of your home or a second home on Airbnb to earn extra income, you need to know how to determine if what are you doing qualifies as a business or hobby in order to properly prepare your taxes. Here are the rules to help you figure out if your rental activity is a business or hobby.How the IRS Defines a Business vs. Not-for-Profit (Hobby) There are nine factors that the IRS considers in determining whether your rental activity is a bus […] […]

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The Best Tax Tips For Freelancers

With the increasing popularity of sites like Upwork, many professionals are embracing freelance work. These platforms allow professionals to build their businesses, supplement existing income, and free themselves from the 9-to-5 grind. As a freelancer, the IRS classifies you as self employed, even if you also have a W-2  job. Whether you’re fulltime or parttime, […]

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Leasing vs Buying a Car: Which Offers More Tax Savings?

Rideshare business owners are facing new tax regulations following the passage of the Tax Cuts and Jobs Act (TCJA) some of which have affected leasing and depreciation tax rules. As a result, Tax Reform means that rideshare business owners now need to reassess the implications of lease vs. buy tax before deciding to lease or purchase new vehicles.Here are some important points to consider in evaluating lease vs. buy tax.Lease Tax Treatment vs. Depreciation ​Depreciation is a tax method tha […] […]

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