Turo hosting is a great way to generate extra income from your vehicles, but the money you earn on the platform is taxable. Whether you’re new to Turo or an experienced fleet owner, Turo taxes can quickly become complicated, so it’s best to stay ahead of the curve. Our Turo tax guide will help you […]
Category: Turo Taxes
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. […]
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 […] […]
Turo Insurance for Fleet Owners: Everything You Need to Know
The Sharing Economy has changed the way we conduct a lot of business. From where we stay when we travel, to how we care for our pets, and even how we get from point A to point B. Ridesharing like Uber and Lyft have pioneered the Sharing Economy industry, paving the way for companies like […]
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 […] […]
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 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 […]
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 […]
Should Fleet Owners Offer Turo Car Rental?
Turo car rental can be a great way for fleet owners to get the most out of their vehicles. You can find everything you need to get started inside. […]
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 […]