Child Tax Credit 2022: How Much Can You Get?

The IRS child tax credit has been a part of the tax code since 1997. This provision allows you to deduct a certain amount of money from your taxable income if you have a qualifying child. This year, the credit was expanded in an effort to help alleviate the financial difficulties caused by the pandemic. […]

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Should Airbnb Hosts Form an LLC Holding Company? 

If you’re an Airbnb host, one of your top priorities should be protecting yourself from liability. Whether it’s a tenant suing over an injury or a municipality fining you for a zoning violation, the potential costs of hosting can add up quickly.  One way to protect yourself is by forming an LLC holding company for […]

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Home Office Deduction Tips for Airbnb Hosts

If a portion of your home is used for conducting business, you may qualify for a home office deduction. You can choose from a couple of different methods for calculating the deduction. You might also need to know your total deduction for IRS ID verification purposes. We’re going to show you how to get it […]

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IRS Hobby Loss Rules: Deductions for Doing What You Love

  Have you ever considered turning a hobby into an income-producing activity? Starting a second business around something you love to do can provide outstanding tax benefits. But, before diving into a new enterprise, individuals should understand IRS hobby loss rules. These rules provide strict guidelines about what you can and cannot deduct. As such, […]

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CO’s New Rental Laws for Airbnb Hosts in 2022

Sites like Airbnb and VBRO have gobbled up huge market share in the hospitality industry. Unfortunately, this shift has caused drastic changes in some locales. Real estate investors have poured money into residential markets with hopes of using the properties for Airbnb’s. This rush of demand drove up prices in many markets, and locals often […]

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