One of the most lucrative ways to earn an income in the Sharing Economy is through home-sharing platforms like Airbnb. Airbnb allows homeowners to rent out their vacant properties and spare bedrooms. If you’re an Airbnb host, the IRS classifies you as self-employed and applies certain tax rules to your business. As a result, you […]
Category: Tax Tips
Bitcoin Taxes for Crypto Traders
Bitcoin and other convertible virtual currencies have gained a lot of traction over the last several years. In its infancy, there was a lot of grey area in terms of how the IRS viewed cryptocurrency. This lack of guidance led to tax discrepancies for some crypto traders, and now the IRS is beginning to ratchet […]
The Most Pressing Airbnb Tax Questions
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 […]
Self Employed Tax Deductions: The Complete List
Taxes are an inevitable part of being a small business owner. If you own your own business or work as an independent contractor, you know that your tax bill can quickly add up. The more successful you are, the more money you owe. You have probably heard of the saying “it takes money to make […]
Best Retirement Plans for Small Businesses
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 […]
Are Credit Card Rewards Taxable?
Many lenders offer credit card rewards as an incentive to attract customers. These bonus goodies come in the form of cash, account credits, airline “miles”, and much more. Previously, only the most exclusive credit cards offered rewards, but now almost every major card offers some form of bonus program. Getting rewarded for spending is a […]
Government Waives Student Loan Interest: What You Need to Know
The coronavirus has had a major impact on people’s livelihoods. Americans need all the help they can get during this difficult time. In response to the pandemic, President Trump suspended student loan interest on all federally held student loans. Keep reading to learn everything you need to know about the changes. State of Emergency The […]
What is a 1099 and why does it matter?
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 […]
What Is the Head of Household Deduction?
How you file your taxes has a lot to do with how much money you save on your tax bill. The IRS has 5 different filing status options, and you must choose one. The head of household deduction is one of the most beneficial filing statuses because it offers those who claim it a larger […]
Sharing Economy Income and Social Security Benefits
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 […]