What is Excise Tax?

varItMak Most people are well aware of income tax and sales tax, but are less aware of excise taxes. So what is excise tax? What are Excise Taxes? An excise tax is an additional type of tax imposed on the sale of specific goods and services. Manufacturers and retailers collect most excise taxes, but there […]

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Schedule C vs Schedule E for Airbnb Income

Many things set Airbnb hosting apart from other rental properties. Let’s discuss this big difference: some Airbnbs qualify as non-passive income and are reported on Schedule C.  Furthermore, this post will cover Schedule C vs Schedule E for Airbnb hosts in detail. Schedule C vs Schedule E: What Are They For? Let’s look at Schedule […]

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1099 NEC vs MISC: Key Differences and Uses 

Modern businesses are increasingly relying on independent contractors to fill jobs and essential roles, and 1099 Forms are becoming more and more common on tax returns. However, determining the right 1099 Form to file can be challenging for small businesses thanks to the advent of new form options. So, what is the difference between a […]

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What Is an IRS 4868 Form? [Free PDF]

  Most adults have needed some slack at one point in time or another. Maybe a young person starting out needs a loan from the parents. In other instances, drivers who missed a stop sign or speed limit indication could ask for leniency from an apprehending police officer. Still other cases may find struggling students […]

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Home Office Deduction Tips for Airbnb Hosts

If a portion of your home is used for conducting business, you may qualify for a home office deduction. You can choose from a couple of different methods for calculating the deduction. You might also need to know your total deduction for IRS ID verification purposes. We’re going to show you how to get it […]

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IRS Hobby Loss Rules: Deductions for Doing What You Love

  Have you ever considered turning a hobby into an income-producing activity? Starting a second business around something you love to do can provide outstanding tax benefits. But, before diving into a new enterprise, individuals should understand IRS hobby loss rules. These rules provide strict guidelines about what you can and cannot deduct. As such, […]

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The 21 Best Deductions for Airbnb Hosts
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