Accounting and Tax Tips Blog

Tax Planning Can Save You Thousands

Mar 6, 2020 | Tax Tips

Paying taxes can be a hard pill to swallow for many taxpayers, especially if their tax bill is high. Your business has had a great year, you have increased your profits, and whether you’ve noticed it or not, you’ve simultaneously increased your tax bill. It’s...

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Mileage Reimbursement Rules for Uber Drivers and Turo Owners

Mar 3, 2020 | Depreciation Tips, Rideshare Taxes, Tax Tips

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 expenses, the IRS allows a lot of regular business expenses to be written...

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Airbnb Tax Planning for Hosts

Feb 28, 2020 | Airbnb Taxes, Tax Tips

How do you report Airbnb taxes? Estimated tax planning is the best way to ensure that your taxes are properly filed as an Airbnb host. Here are some tips to help you prepare your Airbnb taxes so that you can avoid tax problems. This post specifically focuses on Airbnb...

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How to File Taxes as an Independent Contractor

Feb 27, 2020 | Tax Tips

Tax season is upon us, so you should be gathering your documents and preparing to meet with your tax advisor. Independent contractor taxes are different from standard W2 taxes in a few key ways. For starters, no tax is withheld from your pay so it is your job to...

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Hobby vs Business: How to Classify Your Rental Income

Feb 27, 2020 | Tax Tips

How Does Rental Income Affect Taxes? If you plan to rent out an extra room or a second home on Airbnb, you need to understand how it affects your tax profile.  Depending on how much your business earns, Uncle Sam may classify your rental income as taxable or...

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Lyft Taxes: Tax Tips for Rideshare Drivers

Feb 26, 2020 | Legal, Rideshare Taxes, Tax Tips

Navigating the complex nature of self-employed taxes can leave you with a lot of unanswered questions. How does the IRS tax my Lyft income? Do I have to report my income from ridesharing? Will I get a 1099 form? These are just a few examples of common questions about...

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