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 […]
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 […]
The pandemic devastated the small business sector in 2020, so the government passed another round of stimulus measures in December of 2020. This December 2020 stimulus package provided additional support for the Coronavirus Relief Fund (CRF), including direct payments to individuals and more loans for struggling businesses. The bill also extends supplemental unemployment benefits and […]
As a business owner, tax deductions are your best friend. They help lower your taxable income, which helps you lower your tax bill. Qualified business expenses can actually be a huge benefit come tax time. Office supplies, marketing costs, and even office rent can qualify as a tax deduction. One commonly used write off for […]
The short-term rental (STR) industry has seen a massive boom over the last several years. These days, many travelers prefer Airbnb or VRBO over traditional hotels. And this trend has led to the growth of many operators, from empty nesters putting their spare rooms on Airbnb to hungry upstart entrepreneurs standing up multiple listings in […]
The countdown is on until tax day. With just a short time away from the tax deadline, if you haven’t started preparing your taxes, there is no time like the present. It is important to file your taxes on time to avoid unnecessary penalties from the IRS. However, it is also important to prepare your […]
Some municipalities use personal property tax to generate revenues for public programs and infrastructure. Each tax jurisdiction has the power to levy their own taxes and set their own guidelines. As a result, there are no set rules regarding personal property taxes. You have to check with your local tax authorities to find out specific […]
Investing is all about turning profits, but those profits come with a price. Anytime you sell an asset for a financial gain, Uncle Sam wants his cut. The government takes its share of the loot through a capital gains tax. Capital gains taxes most commonly apply to sales of securities, like stocks and bonds, and […]