If you work as an employee, your employer automatically withholds money to cover your taxes. However, freelancers and independent contractors need to handle their own taxes. If you’ve been freelancing for a while, you’ve probably had a client that asked for a W9 form. You probably know that these forms list your tax data for […]
Cryptocurrencies like Bitcoin and Ether have gained a lot of traction over the last several years. However, crypto regulations are notoriously vague, particularly in regard to cryptocurrency taxes. Some crypto traders even found themselves in trouble with the IRS for unintentionally violating tax laws. Last year, the IRS began a highly-public crackdown on Crypto tax […]
Nationwide lockdowns have taken a significant toll on the travel industry. Airbnb bookings are nosediving all over the country. The economic disaster has left many hosts wondering how they are going to make ends meet. Fortunately, Airbnb is offering assistance to some hosts through its Superhost Relief Fund. Here’s what you need to know. What […]
If you’re an American taxpayer, the IRS has a file on you. The IRS tracks tax payments, income, deductions, and other important tax information. If you ever find yourself in need of this information, you can ask the IRS to send you a tax transcript that details all the information they have on file. If […]
Most businesses start out as a simple sole proprietorship. However, if your business is successful, you will probably start looking rethinking your business structure relatively soon. Sole props are fine in the beginning but, as you grow, you run a greater risk of tax complications and liability concerns. Most importantly, organizing your small business into […]
You have to pay taxes when you run a business, even if you’re a Turo host. Fortunately, you can deduct your operating expenses to reduce your tax bill. Track and report every dollar you spend so you get credit a tax time. These write-offs are very helpful when it comes time to pay the IRS. […]
Book income measures your business’s financial performance, but it doesn’t always line up with your business’s taxable totals. Sometimes, you need to adjust your book income to accurately report your taxable income. However, the process requires some effort. These changes are called “book to tax adjustments” and they’re complicated. However, you can learn how […]
One of the most lucrative ways to earn an income in the Sharing Economy is through home-sharing platforms like Airbnb. Airbnb allows homeowners to rent out their vacant properties and spare bedrooms. If you’re an Airbnb host, the IRS classifies you as self-employed and applies certain tax rules to your business. As a result, you […]
One of the most significant financial reports for your business is going to be your profit and loss statement. The overall financial health of your business can be displayed in your profit and loss, it’s what banks will use in determining your eligibility for a loan, and it also plays a factor in determining […]
Bitcoin and other convertible virtual currencies have gained a lot of traction over the last several years. In its infancy, there was a lot of grey area in terms of how the IRS viewed cryptocurrency. This lack of guidance led to tax discrepancies for some crypto traders, and now the IRS is beginning to ratchet […]