Can Airbnb Hosts Claim a Home Improvement Tax Deduction?

If you’re a homeowner, deducting the cost of repairs or improvements to your home could yield substantial tax savings. However, whether you can deduct these expenses depends on your circumstances. Airbnb hosts can write off many items that most homeowners can’t, but it again depends on how they use the property in question. Let’s explore […]

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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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Section 179 for Small Businesses 2021

As a business owner, you work hard to minimize expenses and maximize profits. However, your expenses also reduce your tax liability, so they can be advantageous in some circumstances. Section 179 gives business owners the right to deduct the full cost of business assets. As a result, this rule can provide you with some substantial deductions. […]

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Can I Still Get a Self-Employment Tax Deferral?

In 2020, the US Congress passed the CARES Act to help ease pandemic-related difficulties for small businesses and taxpayers.  One of the act’s key provisions allowed some taxpayers to take a self-employment tax deferral. Across the country, many businesses and self-employed individuals took advantage of the deferral.  However, a key deadline for deferred tax payments […]

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How to Save with the Alternative Motor Vehicle Credit 🔋

The federal government wants businesses to adopt sustainable energy, and they’re offering tax breaks to incentivize business owners. Businesses who make the leap can get tax credits, rebates, and more. The alternative motor vehicle credit helps offset some of the costs associated with switching to sustainably fueled vehicles, but it’s only available for certain vehicles. […]

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