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 […]
Corporate taxes can be a confusing subject for Airbnb hosts. If your Airbnb business is incorporated, you probably need some help preparing your taxes. You need a lot of paperwork […]
If you drive for Uber or Lyft, you have two options for deducting your vehicle expenses. Drives can choose to take the standard mileage rate or Section 179 deduction. The […]
With the increasing popularity of sites like Upwork, many professionals are embracing freelance work. These platforms allow professionals to build their businesses, supplement existing income, and free themselves from the […]
Rideshare business owners are facing new tax regulations following the passage of the Tax Cuts and Jobs Act (TCJA) some of which have affected leasing and depreciation tax rules. As a result, Tax Reform means that rideshare business owners now need to reassess the implications of lease vs. buy tax before deciding to lease or purchase new vehicles.Here are some important points to consider in evaluating lease vs. buy tax.Lease Tax Treatment vs. Depreciation Depreciation is a tax method tha […] […]
Carsharing presents a great opportunity for people with cars sitting in their driveway and for entrepreneurs looking to compete with traditional car-rental services. In addition, there can be key tax benefits. If you’ve earned money this year from sharing your car on Relay Rides, Turo, or Maven, you should know that you may be eligible to take a deduction on your taxes for your vehicle. The tax code’s vehicle Section 179 deduction could potentially save you a lot of money on your taxes. Here is […] […]
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 […]
Working with an expert can save you from learning from your own mistakes. And having a tax advisor is a smart choice that can lead to a lot of benefits […]
Airbnb has proven to be an excellent way for many people to generate income. What is really great about Airbnb is it allows you more freedom and flexibility. You can […]
As an Airbnb host/short term rental host, you will automatically be considered as a 1099 worker by Airbnb. A 1099 worker, also called an independent contractor, is a self-employed person who engages in a business, trade, or profession in which they have the right to control when their work is done and how it is done. As a 1099 business, you will be responsible for paying your own taxes, including social security and unemployment taxes. You’ll have the option to operate as a sole propr […] […]