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Accounting and Tax Tips Blog

How to File Your Airbnb Estimated Taxes

The IRS classifies your Airbnb earnings as income, and you have to pay taxes on those earnings. If you expect to owe more than $1,000 in 1099 taxes, you must pay quarterly taxes for your earnings. Some new hosts might feel overwhelmed with these new tax hurdles, but...

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How to Calculate Profit Margin and Improve Profitability

Business owners need to understand their revenues and earnings to make effective business decisions. However, it’s not easy to keep track of this information manually because unanticipated expenses often come into play. The profit margin formula helps business owners...

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Obamacare and Your Taxes: 2020 Edition

The Patient Protection and Affordable Care Act (ACA), aka Obamacare, came into effect in 2014. Some of the rules changed over the past few years, but it still affects your taxes. President Trump eliminated the penalty for non-coverage, but most of the Obamacare...

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Airbnb Hosts: How to Respond to IRS Notice CP2000

Did you receive a CP2000 notice from the IRS? If so, don’t ignore it. Usually, the letters warn you about discrepancies between your reported earnings and IRS records. The CP2000 notice isn’t as bad as an audit, but don’t take it lightly. CP2000 is serious...

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Occupancy Tax Rates for Airbnb in Major Cities

A few years ago, cities began to realize that Airbnb rentals were eating into their tax revenues. At the time, Airbnb hosts weren’t paying taxes like hotels, so many US cities set out to change that. Now, many cities make Airbnb hosts pay taxes just like hotels....

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How Do I Set Up a Payment Plan with the IRS?

The tax deadline is just a few short weeks away. Your tax return and tax payment are both due on the tax deadline. In instances where your tax bill is more than you can afford to pay, you have the ability to set up a payment plan with the IRS. Here we will walk you...

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