Author: Miguel Alexander Centeno

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Posts by Miguel Alexander Centeno

How to Pay IRS Taxes Online

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We like to do a lot online these days, including ordering food, selling our services, paying our bills, and even checking our mail from our phones and our laptops. As the government works to catch up with the digital age, we are starting to see the IRS adapt to our methods. Earlier this year, the Internal Revenue Service (IRS) launched IRS.gov, their new website. And to get right to the point, there are two primary functions we recommend that everyone know how to use at a minimum:  Pay […] […]

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The Best Tax Checklist for New Airbnb Hosts

Posted on Posted in Airbnb Taxes

As a new Airbnb host, you will be responsible for saving for taxes along with other regulatory requirements. Before you open your area to your future guests, you might want to think about the tax implications before you start hosting. Below is a tax checklist for new Airbnb hosts. Tax Checklist #1: Follow Local Short-Term […]

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Should You Put Your Rental Property in a Trust?

Posted on Posted in Airbnb Taxes, LegalLeave a comment

Life is short. Although thinking about the what happens when you or loved ones pass away, forcing yourself to do it ahead of time will make things much easier for your loved ones when it comes dealing with your finances and assets. It is the responsible thing to do. With home sharers who own property, one of the most common questions we get is whether a trust is a valuable vehicle for asset protection and estate planning. ​Putting your home in a trust offers a number of benefits, […] […]

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The Most Pressing Airbnb Tax Questions

Posted on Posted in Airbnb Taxes, Tax TipsTagged , , , Leave a comment

Short term rental platforms like Airbnb and VBRO have increased in popularity over the last several years. What once started out as a part-time income for some, has been scaled to quite a profitable enterprise for others. Regardless of if you are a part-time or full time, you probably have some Airbnb tax questions. Taxes […]

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Best Retirement Plans for Small Businesses

Posted on Posted in Tax Tips

Traditional employees aren’t the only ones who can access tax-advantaged retirement accounts. In fact, freelancers and contractors have even more options for retirement savings. Two of the best retirement plans for small businesses include simplified employee pension (SEP) IRAs and traditional IRAs. However, there are a few key differences between these programs. Here’s what you […]

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Top 5 Airbnb Tax Deductions For Hosts

Posted on Posted in Airbnb Taxes

Airbnb tax deductions can help hosts save a bundle at tax time. Each deduction reduces your tax liability, so they play an important role in tax planning. There are tons of deductions, but all of them aren’t obvious. However, you’ll get the most benefit by using as many as you can. These are 5 of […]

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What is a 1099 and why does it matter?

Posted on Posted in Tax Tips

Our clients constantly ask about the 1099 tax form and how it applies to sharing-economy workers, independent contractors, and freelancers.  To clear the air, we wanted to put a fully encompassing blog post together to cover this. If you’re asking yourself, “what is a 1099 form anyway?”; you’re in the right place. You’ll find everything […]

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Sharing Economy Income and Social Security Benefits

Posted on Posted in Tax Tips

We’ve been receiving numerous inquiries from people who have Sharing Economy Income and also Social Security Disability Insurance (SSDI). If you’re on SSD or SSI, sharing economy income can impact your eligibility. For these reasons, we’ve created a post to help you navigate handling both income streams. Reasons for Losing SSD Benefits If the medical […]

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