Tax Deductions for Turo Car Rental Fleets

You have to pay taxes when you run a business, even if you’re a Turo host. Fortunately, you can deduct your operating expenses to reduce your tax bill. Track and report every dollar you spend so you get credit a tax time. These write-offs are very helpful when it comes time to pay the IRS. […]

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Tax Considerations for Turo Owners

Do Turo Owners Need to Pay Sales Tax?Turo is a sharing economy service that allows you to list your car for rent. Renters can select travel dates and the location in order to rent your locally-owned car. However, if you plan to turn Turo into a serious business or even just to earn some extra income, you need to consider which taxes you might be responsible for before you begin. Here are a few questions and answers about Turo.com to help you better understand your tax liabilities with regard to […] […]

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Leasing vs Buying a Car: Which Offers More Tax Savings?

Rideshare business owners are facing new tax regulations following the passage of the Tax Cuts and Jobs Act (TCJA) some of which have affected leasing and depreciation tax rules. As a result, Tax Reform means that rideshare business owners now need to reassess the implications of lease vs. buy tax before deciding to lease or purchase new vehicles.Here are some important points to consider in evaluating lease vs. buy tax.Lease Tax Treatment vs. Depreciation ​Depreciation is a tax method tha […] […]

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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 […] […]

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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 […]

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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 […]

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The Best Way To Pay Your Sharing Economy Taxes

Your tax bill can be a real pain. You spend all of this time gathering your information, meeting with your tax professional, crunching numbers, preparing them, filing them, and in the end paying them, it takes a lot of energy and for some stress. Nobody likes to pay taxes, and the fact that the tax […]

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Tax Preparation For Peer-To-Peer Car Sharing Turo & Getaround

Peer-to-peer car sharing platforms like Turo and Getaround  are popular car rental sites for people who want to earn extra income renting out their car. People use sites like Turo and Getaround for a variety of reasons; they want to make extra income, or perhaps they want to use the service to help pay for […]

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