The tax code is complicated and confusing for many taxpayers. To make matters worse, the law is constantly changing, so it’s next to impossible for most business owners to keep up-to-date. It’s no wonder that many people have difficulty with tax preparation. Unfortunately, you can’t avoid it unless you want the IRS to come knocking. […]
How to Calculate Effective Tax Rate
One of the leading questions when it comes to tax preparation is, what determines my tax rate? Tax rate measures the percentage of your income that you pay in taxes. Understanding your tax rate is important because it can help you better strategize your taxes, and that could save you big money in the long […]
Building a COVID 19 Business Continuity Plan
The events of the last several weeks have left a lot of small businesses vulnerable. With the onset of COVID-19, many businesses are either unable to operate under social distancing mandates or have seen a significant drop in business as events have been canceled on a massive scale. For many small businesses like home sharers, […]
COVID-19 Update: IRS Announces Big Changes in Notice 2020-17
We are dealing with unprecedented times. The prolific spread of COVID-19 has caught many taxpayers off guard. With mandatory social distancing in place, many small businesses have been forced to temporarily close or alter their business practices. The COVID-19 outbreak had a tremendous impact on many taxpayers. Self-employed workers and small business owners were among […]
HomeAway vs Airbnb: Which is Better for Hosts?
HomeAway vs Airbnb, which is better? The timeshare industry has exploded over the last several years. Homeshare sites like HomeAway and Airbnb have gained in popularity. Travelers appreciate having flexible housing options when they travel. There are more short-term rental apps than ever before, so hosts have lots of options. So which platform is best […]
The Ultimate Tax Planning Checklist for Homeshare Hosts
Are you ready for this tax year? With the end of the year fast approaching, now is the best time to consider your tax strategy for the new year. By planning ahead, you can maximize your deductions before tax season begins. […]
Qualified Business Income Deduction for Homeshare Hosts
If you are self-employed or work as an independent contractor, tax deductions are really important for lowering your tax obligation. One such deduction that can be of tremendous help is the qualified business income deduction also known as QBI. The QBI deduction is available for small business owners and self-employed and allows them to deduct […]
Tax Considerations for Turo Owners
Do Turo Owners Need to Pay Sales Tax?Turo is a sharing economy service that allows you to list your car for rent. Renters can select travel dates and the location in order to rent your locally-owned car. However, if you plan to turn Turo into a serious business or even just to earn some extra income, you need to consider which taxes you might be responsible for before you begin. Here are a few questions and answers about Turo.com to help you better understand your tax liabilities with regard to […] […]
Easy Expense Tracking for Maximum Deductions
Tracking your income and your expenses is the first and one of the most important steps in understanding your tax obligations. Accurately calculating your net income (earnings less deductions) will give you the clarity you need to determine whether you are required to make estimated payments and whether you will be subject to underpayment penalties, for example. Calculating annual income Whether you’re paid hourly, weekly, or receive a fixed salary for the year, knowing how m […] […]
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 only natural that the IRS is going to want a […]