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 […]
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 […]
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 […]
Starting a business is exciting, you’re filled with optimism and ready to take on a new challenge. However, the excitement comes with mundane tasks. You could have to open new bank accounts, update tax filing information, and more. But first, you need to choose a business structure. Your business structure can impact everything from compensation […]
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, […]
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 […]
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 […]
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. […]
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 […]
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. […]