As a business owner, you work hard to minimize expenses and maximize profits. However, your expenses also reduce your tax liability, so they can be advantageous in some circumstances. Section 179 gives business owners the right to deduct the full cost of business assets. As a result, this rule can provide you with some substantial deductions. […]
The short-term rental industry has been on the rise over the last several years. While travel restrictions and mandates put a damper on the travel industry during the pandemic, things are revving back up quickly as things get back to normal. And home-sharing, or short-term rental accommodations, are a popular choice for both travelers and […]
Being self-employed or working as an independent contractor can be a rewarding and lucrative way to earn income. However, the busier you are running your business, the more you may struggle to maintain the accounting fundamentals of your business. With software programs like Hurdlr, you can have your cake and eat it too. It can […]
For Airbnb hosts, determining whether you should be considered as a real estate professional is very important as it can have a major impact on your tax liabilities. Here is what a real estate professional is and how this status affects how much in taxes you will have to pay each year.What is a Real Estate Professional?According to the IRS, a real estate professional is a taxpayer who spends the majority of his or her time in real property businesses. To meet this specification, the taxpayer mus […] […]
Approximately 10 million individuals file an extension every year, and many of them are homeshare hosts. If you rent on Airbnb, you should consider a few things. This list explains the top three things you should consider before pulling the trigger on your Airbnb tax extension. Check out our special blog post on COVID-19 tax extensions to […]
Automatic extensions can give you up to six additional months to file your tax return. The extra time makes a big difference for many rideshare drivers. However, taking a few steps in advice can save you a lot of aggravation later. If you filed an automatic extension, these tax extension tips can help you prepare […]
The IRS classifies your Airbnb earnings as income, and you have to pay taxes on those earnings. If you expect to owe more than $1,000 in 1099 taxes, you must pay quarterly taxes for your earnings. Some new hosts might feel overwhelmed with these new tax hurdles, but it’s not as bad as it sounds. […]
One of the most important decisions you can make for your accounting process is which accounting software to go with. There are several different options available, but the two that reign supreme are Quickbooks and Xero. Both are very powerful and boast impressive features. So which one should you choose? Let take a look at […]
The Patient Protection and Affordable Care Act (ACA), aka Obamacare, came into effect in 2014. Some of the rules changed over the past few years, but it still affects your taxes. President Trump eliminated the penalty for non-coverage, but most of the Obamacare provisions still apply. This brief guide explains how the ACA affects your […]
Did you receive a CP2000 notice from the IRS? If so, don’t ignore it. Usually, the letters warn you about discrepancies between your reported earnings and IRS records. The CP2000 notice isn’t as bad as an audit, but don’t take it lightly. CP2000 is serious business and if you don’t respond, you could face harsh […]