Running a vacation rental can be exciting and financially rewarding. Managing the financial aspect of your business is essential, and there is more to do beyond counting the money flowing into your bank account. We’ll look at the best practices for vacation rental bookkeeping and mistakes to avoid. Vacation Rental Bookkeeping Basics Vacation rental operators […]
Student Loan Tax Tips: A Complete Guide
Though student loan forgiveness has been in the news a lot lately, most borrowers are still shouldering significant debt. Though higher education can be a costly investment, there are some benefits to having loans when it comes to taxes. We’ll take a look at the student loan interest deduction and other student loan tax tips. […]
Why Your Business Needs a Business Bank Account
Running a successful business involves complex decision-making, precise planning, and meticulous execution. One of the crucial first steps towards launching a successful business venture is setting up a dedicated business bank account. Your business bank account gives your company a strong foundation for transparent and compliant finances. Here’s what you need to know about business […]
Digital Nomad Taxes Survival Guide
Digital nomads have taken the idea of remote work to the extreme. While some may have home bases, some digital nomads have decided to travel the world and have jobs that allow them to stay connected wherever they are. This article explores digital nomad taxes. Though the idea of the open road and picturesque backdrops […]
Secure Act 2.0 Brings Big Changes for IRAs in 2024
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted in 2019. It changed many rules around retirement savings. In 2022, a second version, the Secure Act 2.0, was enacted, further strengthening retirement options for taxpayers. What is the Secure Act 2.0? The primary purpose of this law was to address the issue […]
What is Cost Segregation, and Can It Lower Your Taxes?
Cost segregation can help you reap huge tax savings, and it’s an excellent defense against an IRS inquiry. But, how does it work? What is Cost Segregation? When you purchase real estate, you need to split the purchase price between the building and the land. A cost segregation analysis helps you determine the proper allocation […]
How Does New IRS Funding Affect the Sharing Economy?
Although people have been sharing since the beginning of time, the sharing economy is still in its infancy. With ever-changing regulations and tax laws, it can take a lot of work to keep up with it all. However, the IRS will be receiving over $50 billion in additional funding over the next ten years. So, […]
High Rates and Mortgage Interest Deduction Limits 2023
If you’re thinking about wading into homeownership or are considering refinancing this year, it’s important to know how the mortgage interest deduction will affect you. The IRS limits the amount of mortgage interest that homeowners can deduct. We’ll take a look at the mortgage interest deduction limits for 2023, how mortgage interest affects your deductions, […]
Short-Term Rental Market: 2023 Airbnb Outlook
The past few years have been a bit of a wild ride for the short-term rental market. In the earliest days of COVID, the demand for travel dried up quickly. This was followed by a period of high demand as people looked for more remote vacation destinations. While we have yet to determine for sure […]
IRS Inflation Adjustments for Tax Year 2023
Every year, the IRS tweaks certain deductions to account for inflation. IRS inflation adjustments affect many parts of your taxes, including income tax brackets, standard deductions, and several other tax credits and deductions. The changes discussed in this article will apply for tax year 2023, so you can expect to see these adjusted totals starting […]