SALT deductions can provide valuable savings for both businesses and individuals. However, recent legislation has limited the benefits for many. Nonetheless, every taxpayer should take advantage of this still-lucrative deduction. In this post, we’ll cover SALT deduction tips that could deliver big savings for Airbnb hosts. What is a SALT Deduction? For taxpayers that opt […]
What Are the Best Mortgage Tax Deductions for Airbnb Hosts?
Mortgage tax deductions are one of the most lucrative write-offs available for Airbnb hosts. Today, we’ll show you how you can calculate and claim the valuable mortgage tax deduction. Mortgage Tax Deductions: The Basics Virtually every mortgage borrower can claim deductions relating to their loan. However, you must itemize your deductions to qualify. It’s also […]
1099 NEC vs MISC: Key Differences and Uses
Modern businesses are increasingly relying on independent contractors to fill jobs and essential roles, and 1099 Forms are becoming more and more common on tax returns. However, determining the right 1099 Form to file can be challenging for small businesses thanks to the advent of new form options. So, what is the difference between a […]
S-Corps for Real Estate: Not a Good Option for Airbnb Hosts
Real estate can be a great investment, but it also comes with some risks. Along with the financial risks of rental property, owning real estate may open you up to potential liability. Owning the property through a company can protect your other assets, but does an S-corp for real estate holdings make sense? S-Corps and […]
Is HELOC Interest Tax Deductible?
Owning a home comes with many tax benefits, but knowing what is tax-deductible can be a little tricky. It gets even more complicated when you have a mixed- or dual-use property. We’re going to dive into the HELOC tax deduction for various types of home-sharing properties. What is a HELOC (Home Equity Line of […]
Mixed-Use Property: Tax Implications for Airbnb Hosts
Do you have an extra bedroom or a granny suite that’s begging to be turned in to a rental? You could rent it as a mixed-use property, also known as shared-use property or dual-use property, to offset your housing expenses. However, mixed-use properties carry special tax rules that affect how you account for income and […]
SEP IRA: The Best Self-Employed Retirement Account?
According to the recent numbers in a Pew Research study, about 16 million people in the U.S. are self-employed. If you are one of them, you already know that building retirement savings is one of the greatest challenges you face. Fortunately, the SEP IRA offers options for building a retirement for the self-employed, so you […]
The Best Airbnb Bookkeeping System
One of the most important aspects of operating a successful Airbnb is bookkeeping. Proper Airbnb bookkeeping can make a difference in your bottom line and help you operate more efficiently. Let’s explore some bookkeeping solutions for Airbnb that will help make you a successful host. Airbnb Bookkeeping Basics One of the most important considerations for […]
What Is an IRS 4868 Form? [Free PDF]
Most adults have needed some slack at one point in time or another. Maybe a young person starting out needs a loan from the parents. In other instances, drivers who missed a stop sign or speed limit indication could ask for leniency from an apprehending police officer. Still other cases may find struggling students […]
7 Tax Tips to Maximize Your Airbnb Deductions
Are you maximizg your tax deduction? Short-term rental hosts are eligible for a variety of tax benefits and deductions. If you want to keep as much of your rental income as possible, you must familiarize yourself with Airbnb taxes. […]