HomeAway vs Airbnb, which is better? The timeshare industry has exploded over the last several years. Homeshare sites like HomeAway and Airbnb have gained in popularity. Travelers appreciate having flexible housing options when they travel. There are more short-term rental apps than ever before, so hosts have lots of options. So which platform is best […]
If you are self-employed or work as an independent contractor, tax deductions are really important for lowering your tax obligation. One such deduction that can be of tremendous help is the qualified business income deduction also known as QBI. The QBI deduction is available for small business owners and self-employed and allows them to deduct […]
If you overpay on your taxes, you’re eligible to receive a tax refund. Usually, refunds are the result of employers withholding too much money. However, self-employed individuals may receive a refund if they overpay on their estimated taxes. If you are one of the lucky taxpayers who gets a tax refund, here’s how you can […]
As a business owner, tax deductions are your best friend. By leveraging your qualified expenses against your income, you can effectively lower your tax obligation. When it comes to qualified expenses, the IRS allows a lot of regular business expenses to be written off. One of the best deductions for business owners and independent contractors […]
Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to calculate and remit the correct amount. […]
Navigating the complex nature of self-employed taxes can leave you with a lot of unanswered questions. How does the IRS tax my Lyft income? Do I have to report my income from ridesharing? Will I get a 1099 form? These are just a few examples of common questions about Lyft taxes. If you drive for […]
Many taxpayers save a lot of money with the Earned Income Tax Credit (EITC). This common tax credit can make your refund bigger or, if you owe, it could help you save on your year-end tax bill. While the EITC is a common tax credit, you need to meet certain criteria to qualify for it. […]
Your tax rate determines how much you pay in taxes. There are currently 7 tax brackets, ranging from 10% to 35%, where you fit into the tax brackets will depend on your income. Sounds pretty straight forward, but there is actually a little more to it. The US has a progressive tax system, meaning the […]
The Sharing Economy has changed the way we conduct a lot of business. From where we stay when we travel, to how we care for our pets, and even how we get from point A to point B. Ridesharing like Uber and Lyft have pioneered the Sharing Economy industry, paving the way for companies like […]
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 […]