It costs money to make money. And running your Airbnb business is no exception. You have to account for cleaning costs, maintenance expenses, supplies, and listing improvements. While it seems like these expenses can add up, they may be beneficial when it’s time to file and pay your Airbnb taxes. Operating an Airbnb can offer […]
Owning your own business or working as an independent contractor has its perks. You can set your own rate, and work when and where you want. This is what has drawn so many individuals to the Sharing Economy. Whether it’s Airbnb, Upwork, or Turo – the platforms are flexible, and … if done right, can […]
Millions of Americans use Airbnb as an outstanding source of income. But short-term leasing can expose hosts to a gauntlet of local regulations. In places like New York City, where rules are strict, it can be a challenge to host on Airbnb. This article will outline the short-term leasing Airbnb laws in NYC, and how […]
When it comes to the pandemic, we are starting to see the light at the end of the tunnel. Hopefully, this progress is sustainable. And while things are starting to look more optimistic, many small businesses are still reeling from the economic ramifications of the pandemic. Now more than ever, business owners are concerned about […]
When you own your own business or are self-employed, you have many more responsibilities regarding your bookkeeping and finances. It is important to keep accurate bookkeeping for your self-employment income and business expenses. This enables reliable forecasting, allows for strategic tax planning, makes preparing and filing your taxes a lot easier, and is instrumental in […]
Listing a property on Airbnb can be a great source of extra income. But, the convenience of using this platform comes at a cost. To pay for its services and 24/7 support, the company charges an Airbnb service fee – something hosts need to understand. As such, we’ll use this article to explain everything you […]
As a business owner, you need to buy, use, and – eventually – dispose of the property. And, when you sell something, the IRS wants to get its cut of any gains on that sale. These taxes can take a major toll on your finances. To plan for these taxes, businesses need to first understand […]
Businesses can’t survive unless they’re making money, and invoicing software can help you get paid quickly and efficiently. Some companies choose to implement their own invoicing systems, but DIY invoicing can become cumbersome once your company gets larger. The best invoicing software helps you receive payments quickly and efficiently with low transaction fees and user-friendly […]
Many homeowners use Airbnb to make money from their property, and, as usual, city governments want a piece of the action. Several cities have imposed special taxes on Airbnb and other short-term rental apps over the past years to increase their tax revenues. Most recently, Atlantic City, NJ joined this category when the city implemented […]
Real estate investing offers an outstanding path to long-term wealth. However, a lot of confusion exists when it comes to real estate and taxes. New investors hear that real estate provides great tax advantages, but they don’t necessarily know-how. Things get even more complicated when you consider real estate professional status. The IRS formally designates […]