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Accounting and Tax Tips Blog

Tax Considerations for Turo Owners

Fleet owners can make a lot of money by using Turo. This carshare platform allows vehicle hosts to connect with renters in the area. However, Turo hosting is a business, so you must pay taxes on your income. These Turo tax tips explain what you can expect at tax...

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Easy Expense Tracking for Maximum Deductions

Expense tracking is important for a multitude of reasons. These records provide a clear picture of your business’s financial health. More importantly, you can use an accurate expense record to defend yourself in the event of an audit. If you’re not doing...

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Tax Planning Can Save You Thousands

Paying taxes can be a hard pill to swallow for many taxpayers, especially if their tax bill is high. Your business has had a great year, you have increased your profits, and whether you’ve noticed it or not, you’ve simultaneously increased your tax bill. It’s...

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Corporate Taxes for Rental Businesses

Corporate taxes can be a confusing subject for Airbnb hosts. If your Airbnb business is incorporated, you probably need some help preparing your taxes. You need a lot of paperwork to file corporate taxes, so we put them together to help save you time. Hopefully, this...

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Airbnb Tax Planning for Hosts

How do you report Airbnb taxes? Estimated tax planning is the best way to ensure that your taxes are properly filed as an Airbnb host. Here are some tips to help you prepare your Airbnb taxes so that you can avoid tax problems. This post specifically focuses on Airbnb...

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How to File Taxes as an Independent Contractor

Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to...

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Hobby vs Business: How to Classify Your Rental Income

How Does Rental Income Affect Taxes? If you plan to rent out an extra room or a second home on Airbnb, you need to understand how it affects your tax profile.  Depending on how much your business earns, Uncle Sam may classify your rental income as taxable or...

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Who Qualifies For The Earned Income Tax Credit?

Many taxpayers save a lot of money with the Earned Income Tax Credit (EITC). This common tax credit can make your refund bigger or, if you owe, it could help you save on your year-end tax bill. While the EITC is a common tax credit, you need to meet certain criteria...

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