Accounting and Tax Tips from the Shared Economy Tax Firm

What is a Real Estate Professional?

Feb 2, 2021 | Legal

Real estate investing offers an outstanding path to long-term wealth. However, a lot of confusion exists when it comes to real estate and taxes. New investors hear that real estate provides great tax advantages, but they don’t necessarily know-how. Things get even...

Can an Airbnb Host Qualify as a Real Estate Professional?

Feb 2, 2021 | Airbnb Taxes

For Airbnb hosts, classifying as a real estate professional is can have a major impact on your tax liabilities. In this post, we’re going to explain what a real estate professional is and it affects your taxes. What is a Real Estate Professional? The IRS...

Joe Biden Stimulus: What Does It Mean For Small Business?

Jan 22, 2021 | Tax Tips

Recently, President Biden released his proposed COVID-19 economic stimulus plan. Dubbed the “American Rescue Plan,” this proposal would amount to a $1.9 trillion total stimulus package. With that much spending, businesses are asking how they will be impacted....

How The December 2020 Package Affects Small Businesses

Jan 19, 2021 | Tax Tips

The pandemic devastated the small business sector in 2020, so the government passed another round of stimulus measures in December of 2020. This December 2020 stimulus package provided additional support for the Coronavirus Relief Fund (CRF), including direct payments...

Home Office Deduction: What You Need to Know

Jan 14, 2021 | Legal, Tax Tips

As a business owner, tax deductions are your best friend. They help lower your taxable income, which helps you lower your tax bill. Qualified business expenses can actually be a huge benefit come tax time. Office supplies, marketing costs, and even office rent can...

Short-Term Rental Profit Academy Review: Is it Legit?

Oct 13, 2020 | Airbnb Taxes

The short-term rental (STR) industry has seen a massive boom over the last several years. These days, many travelers prefer Airbnb or VRBO over traditional hotels. And this trend has led to the growth of many operators, from empty nesters putting their spare rooms on...

Tax Document Checklist: Don’t File Without these Forms

Oct 1, 2020 | Tax Tips

The countdown is on until tax day. With just a short time away from the tax deadline, if you haven’t started preparing your taxes, there is no time like the present. It is important to file your taxes on time to avoid unnecessary penalties from the IRS. However,...

What is the Penalty for Filing Taxes Late?

Sep 30, 2020 | Legal, Tax Tips

The tax deadline tends to creep up quietly. In 2020, the IRS extended the tax deadline to July 15, giving taxpayers another three months to file and pay taxes. However, it’s back to the normal schedule this year. After all, it’s never too early to start...

Are Your Assets Subject to Personal Property Tax?

Sep 29, 2020 | Tax Tips

Some municipalities use personal property tax to generate revenues for public programs and infrastructure. Each tax jurisdiction has the power to levy their own taxes and set their own guidelines. As a result, there are no set rules regarding personal property taxes....

Everything You Need to Know About Chapter 13 Bankruptcy

Sep 28, 2020 | Legal

Bankruptcy is a last resort for most business owners, but sometimes it’s the best option. Filing for bankruptcy can protect you from your creditors, but it’s a complicated process with long-lasting consequences. Most people hire a lawyer to help them...

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