Turo and Getaround Tax Strategies and Accounting
Working through the complexities of Airbnb income can be a headache for some. Unlike other shared economy platforms, Airbnb income requires you to have a deep understanding of rental property income, various state and local room and board taxes, not to mention identifying the potential tax deductions that are available to you. For these reasons, we’ve decided to heavily investigate these tax issues and came to better understand the tax law to help mitigate your tax liability. Through this, we’re confident in our skills to best service you and limit any unnecessary tax exposure. We have helped our clients answer the following questions:
- Do I have to report my income if I rented out my home for less than 14 days?
- Should I rent or buy another house to rent out?
- Can I deduct my water bill, electricity and internet?
- Where do I report my Airbnb income, is it on a Schedule E?
- Do I have to pay hotel taxes?
- What should I do if I owe taxes and did not save any money?
These questions, along with many more, have been asked by our Clients which caused us to focus on providing superior quality to Airbnb hosts. We have been able to save our Clients a substantial amount of money by helping them identify all of the tax deductions that are special to their circumstances and we’re confident that we’ll be able to apply this methodology for you to ensure that you’re saving as much money as possible.
Webinars for the Airbnb Host
Looking to learn how to maximize your Airbnb business without the pitfalls? Our team is unlike any other in that we’ve helped maximize tax savings with over 800 Airbnb host tax returns under our belts, across 35 states.
- What are the mistakes we consistently catch our clients making?
- How can you automate tax savings while collecting interest on the money you put away?
- Can you automate your accounting so you are a reviewer and not a bookkeeper?
- What happens if you don’t have a business license in your city ?
These are just some of the questions we tackle in our bi-weekly Airbnb webinar, where we educate you on the importance of guidance and advice that we provide as we continue to serve the Airbnb host community.
The difference between us and your neighborhood tax professional? We’re not guessing when it comes to Homesharing tax issues, we’re sharing our experience.