Listing a short-term rental with Airbnb or other sites can provide an excellent revenue stream. If you’re willing to make your guests feel welcome and accommodated, it’s even more lucrative. However, the IRS will want its cut when your rental business becomes successful. The IRS expects you to report every bit of income so it […]
Category: Tax Tips
Car Depreciation for 1099 Contractors and Car-Sharers
Carsharing presents a great opportunity for people with cars sitting in their driveway and for entrepreneurs looking to compete with traditional car-rental services. In addition, there can be key tax benefits. If you’ve earned money this year from sharing your car on Relay Rides, Turo, or Maven, you should know that you may be eligible to take a deduction on your taxes for your vehicle. The tax code’s vehicle Section 179 deduction could potentially save you a lot of money on your taxes. Here is […] […]
How Does Airbnb Hosting Affect Taxes?
Renting an extra room on Airbnb is a great way to generate some side income. However, the income you earn isn’t tax-free. Some hosts only use the platform to supplement their income but, for others, it’s a full-time business. Either way, every dollar you earn on Airbnb could affect your tax situation, so it’s important […]
How to Find the Best Tax Professional for Your Business
Working with an expert can save you from learning from your own mistakes. And having a tax advisor is a smart choice that can lead to a lot of benefits for your business. Tax advisors aren’t just for tax preparation. They can provide guidance on multiple areas of your business and help steer you towards […]
Self Employed Taxes For Dummies: A Foolproof Compliance Guide
Self employed taxes can be a hassle. However, you need to understand them if you want to run a successful business. Each tax situation is unique, so you should at least understand what you’re up against. If taxes drive you crazy, you’re not alone. However, every business owner should be aware of their potential tax […]
Finding the Best Freelance Tax Expert
With the onset of the internet more and more working individuals have the opportunity to work from home. As a freelancer, you have unlimited potential to earn money and fulfill your dreams because you have the freedom, the operative word, to create your own schedule. You can work as much as you like, take your […]
Best Tax Tips For Airbnb, VRBO, and Homeaway Hosts
As a short-term rental host with Airbnb, VRBO or HomeAway, you must learn about the possible tax implications of your side gig. In most cases, you’ll be required to pay tax on your short-term rental income. As a result, tax planning is a must if you want to minimize your tax bill and also make […]
How To Calculate and File Upwork Taxes
If you have been working freelance using sites like Upwork, you may be wondering how to file Upwork taxes. Regardless how often you work on Upwork, your income from the platform could affect your tax requirements. Here is what you need to know about Upwork taxes. Upwork Tax Information As an Upwork freelancer, you need […]
A Simple Tax Guide for Airbnb Hosts
Airbnb has proven to be an excellent way for many people to generate income. What is really great about Airbnb is it allows you more freedom and flexibility. You can rent out your property as much as you want to. This creates a substantial full time or part-time income for many taxpayers. When it comes […]
Tax Help for Turo Fleet Owners
Now is a good time to start thinking about your taxes, especially if you are self-employed. It really is never too early to start planning for taxes. The most well-thought tax planning strategies typically yield the biggest tax savings. As a Turo fleet owner, or if you operate a business in the Sharing Economy you […]