What is Excise Tax?

varItMak Most people are well aware of income tax and sales tax, but are less aware of excise taxes. So what is excise tax? What are Excise Taxes? An excise tax is an additional type of tax imposed on the sale of specific goods and services. Manufacturers and retailers collect most excise taxes, but there […]

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CEO Miguel Alexander Centeno Speaks to the Wall Street Journal

Certain parts of the American Rescue Plan passed by Congress in 2021 carry major consequences for freelancers and independent contractors. The Wall Street Journal sought out Shared Economy Tax CEO Miguel Centeno’s expertise for an article on the subject. Shared Economy Tax CEO Miguel Alexander Centeno Miguel Alexander Centeno, CEO and Managing Partner of Shared […]

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Can Hosts Claim Airbnb Experience Tax Deductions?

Airbnb Experiences can provide hosts with a lucrative supplement to their rental earnings. Some resourceful entrepreneurs even use them to generate revenue despite not having property to rent. However, can you earn Airbnb Experience tax deductions from your expenses? We’ll explain the rules and qualifications for deducting Airbnb Experience expenses in this handy guide. Are […]

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SALT Deduction Tips for Airbnb Hosts

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 […]

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Should Airbnb Hosts Form an LLC Holding Company? 

If you’re an Airbnb host, one of your top priorities should be protecting yourself from liability. Whether it’s a tenant suing over an injury or a municipality fining you for a zoning violation, the potential costs of hosting can add up quickly.  One way to protect yourself is by forming an LLC holding company for […]

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Home Office Deduction Tips for Airbnb Hosts

If a portion of your home is used for conducting business, you may qualify for a home office deduction. You can choose from a couple of different methods for calculating the deduction. You might also need to know your total deduction for IRS ID verification purposes. We’re going to show you how to get it […]

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IRS Hobby Loss Rules: Deductions for Doing What You Love

  Have you ever considered turning a hobby into an income-producing activity? Starting a second business around something you love to do can provide outstanding tax benefits. But, before diving into a new enterprise, individuals should understand IRS hobby loss rules. These rules provide strict guidelines about what you can and cannot deduct. As such, […]

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CO’s New Rental Laws for Airbnb Hosts in 2022

Sites like Airbnb and VBRO have gobbled up huge market share in the hospitality industry. Unfortunately, this shift has caused drastic changes in some locales. Real estate investors have poured money into residential markets with hopes of using the properties for Airbnb’s. This rush of demand drove up prices in many markets, and locals often […]

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Top-5 Tax Tips for a Stress-Free Filing Deadline

Tax season is approaching rapidly, so it’s time to start preparing for a smooth and successful filing deadline. Getting your ducks in row early can save you from a major headache in April so, whether you’re going it alone or working with an accountant, it’s always best to get started as soon as possible. You […]

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