Carsharing presents a great opportunity for people with cars sitting in their driveway and for entrepreneurs looking to compete with traditional car-rental services. In addition, there can be key tax benefits. If you’ve earned money this year from sharing your car on Relay Rides, Turo, or Maven, you should know that you may be eligible to take a deduction on your taxes for your vehicle. The tax code’s vehicle Section 179 deduction could potentially save you a lot of money on your taxes. Here is […] […]
Month: February 2020
How Does Airbnb Hosting Affect Taxes?
Renting an extra room on Airbnb is a great way to generate some side income. However, the income you earn isn’t tax-free. Some hosts only use the platform to supplement their income but, for others, it’s a full-time business. Either way, every dollar you earn on Airbnb could affect your tax situation, so it’s important […]
How to Find the Best Tax Professional for Your Business
Working with an expert can save you from learning from your own mistakes. And having a tax advisor is a smart choice that can lead to a lot of benefits for your business. Tax advisors aren’t just for tax preparation. They can provide guidance on multiple areas of your business and help steer you towards […]
Self Employed Taxes For Dummies: A Foolproof Compliance Guide
Self employed taxes can be a hassle. However, you need to understand them if you want to run a successful business. Each tax situation is unique, so you should at least understand what you’re up against. If taxes drive you crazy, you’re not alone. However, every business owner should be aware of their potential tax […]