Accounting and Tax Tips from the Shared Economy Tax Firm

LLC Advantages for Freelancers and Small Businesses

Sep 21, 2020 | Legal, Tax Tips

Choosing an entity structure for your business is not an easy call. You have a lot of options to choose, but LLCs are one of the most popular. We’ll cover LLC advantages so you can decide whether an LLC structure is the best option for your business.. What is an...

Form 1040EZ: How to File a Simplified Tax Return

Sep 18, 2020 | Tax Tips

For 1040 is the form you use to file your taxes. Currently, Form 1040 is also available as Form 1040A and 1040EZ. The form you’ll need to use depends on various factors, including your filing status, overall income, and how many dependents you’re claiming. However,...

7 Tax Tips to Maximize Your Airbnb Deductions

Sep 18, 2020 | Airbnb Taxes, Tax Tips

Don’t sell yourself short come tax time. Get the most out of your Airbnb deductions with these top tax tips. Follow these tips to make tax time a breeze and maximize your deduction. If you’re earning rental income, you can’t afford to miss it. Best Tax Tips for...

Everything You Need to Know About Coronavirus IRA Withdrawals

Sep 16, 2020 | Tax Tips

The coronavirus has been devastating in more than one way. After many states implemented shelter in place orders, many Americans were left in a very vulnerable financial situation. Without the ability to go to work and earn an income, many people have struggled to...

What is a Property Lien and How to Get Out From One

Sep 11, 2020 | Tax Tips

Creditors have a lot of collection weapons in their arsenal, but a property lien is one of the most feared. Property liens create major hassles for both the property holder and any parties interested in buying the underlying assets. If you’re up against a...

6 Tips for Avoiding an IRS Audit

Sep 4, 2020 | Tax Tips

No one wants to run afoul of the IRS. Few situations can invoke as much angst as an IRS audit. Although, none really come to mind at the moment. An IRS audit is the result of the IRS wanting more information from you. There are various reasons why an IRS audit may be...

Is It Cheaper to Buy or Build a House to Expand Your Airbnb Business?

Sep 1, 2020 | Airbnb Taxes

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...

Uber Tax Forms: What You Need to File

Sep 1, 2020 | Rideshare Taxes

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...

Can a Holding Company Protect Your Airbnb Assets?

Aug 31, 2020 | Legal

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...

5 Things You Should Include Your Articles of Organization

Aug 14, 2020 | Legal

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...

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