It is crucial for small businesses to be aware of the new reporting requirements of the Corporate Transparency Act (CTA). The CTA requires small businesses to report certain information about ownership to the Financial Crimes Enforcement Network (FinCEN). The application officially opened at the beginning of January this year. Businesses will have until January 1, […]
The cost of homeownership is rising, but many homeowners are offsetting the increasing costs by renting parts of the home. Renting your home is a great way to earn extra money from your most valuable asset, but you should consider the tax implications of renting your primary residence before you open for business. Sharing Your […]
In the realm of short-term rentals, Airbnb hosts must be vigilant about scams. We put together this helpful guide to Airbnb scams by guests to equip you with the knowledge and strategies you need to protect yourself from the most common scammer tactics. Introduction to Airbnb Scams Being an Airbnb host comes with numerous advantages, […]
In estate planning, one effective way to minimize taxes is through a Qualified Personal Residence Trust (QPRT). This trust offers a chance to reduce the taxes owed on your home, making it a valuable tool in tax-saving strategies for your estate plan. What is a Qualified Personal Residence Trust [QPRT]? A Qualified Personal Residence Trust […]
Whether you have a home office or are renting a commercial building, you may be wondering if it’s feasible to write off rent as a business expense. For business owners and freelancers, rent can be used as a tax deduction. However, there are strict guidelines you must follow to claim this tax break. Can You […]
Airbnb rental arbitrage has emerged as an intriguing option in the shared economy space, promising potentially lucrative returns with strategic planning. But as with any venture, it’s a balance of reward and risk. Before diving into its depth, it’s essential to understand the landscape of opportunities and the potential hurdles lying ahead. What is Airbnb […]
Selling a business asset may feel like a win, but have you considered the tax implications? In this article, we break down the nuts and bolts of depreciation recapture and offer strategies to navigate it effectively. What is Depreciation Recapture? Imagine buying an asset for your business at $10,000 and depreciating it by $4,000 over […]
The influencer market is booming, turning content creators into entrepreneurs running profitable businesses. But this financial growth means you need good accounting practices. The IRS is watching influencers closely, and poor accounting can lead to audits. As influencers become more economically significant, managing finances professionally is key. Accounting for Influencers: The Basics Influencer Marketing Hub […]
Running a vacation rental can be exciting and financially rewarding. Managing the financial aspect of your business is essential, and there is more to do beyond counting the money flowing into your bank account. We’ll look at the best practices for vacation rental bookkeeping and mistakes to avoid. Vacation Rental Bookkeeping Basics Vacation rental operators […]
Though student loan forgiveness has been in the news a lot lately, most borrowers are still shouldering significant debt. Though higher education can be a costly investment, there are some benefits to having loans when it comes to taxes. We’ll take a look at the student loan interest deduction and other student loan tax tips. […]