As you begin to prepare your taxes this year, it is crucial to ensure you avoid common red flags if you are using a new tax preparer. Many types of tax preparer scams can be costly for you and even result in identity theft in some cases. This article will walk you through some of […]
Turo Tax Guide: Car Share Tax Tips
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 […]
Tax Preparation 2024: What You NEED to Know
There are many important updates that you should consider before you file taxes this year. Many of these developments may allow you to lower your tax bill. One particularly exciting development is the Energy Efficient Home Improvement Credit, which gives you energy credits for making energy-efficient upgrades to your home. Other significant tax changes include […]
Your Guide to the Energy Efficient Home Improvement Credit
In August 2022, the Inflation Reduction Act was signed into law. Along with boosting domestic energy production, this law provides tax credits to homeowners who take steps to improve efficiency. The Energy Efficient Home Improvement Credit helps homeowners reduce their taxes by making specific home improvements, buying the right equipment, and obtaining audits. This guide […]
UGMA vs UTMA: Which is the Best for College Savings?
Many parents may want to get an early start on securing their child’s educational and financial future. The Uniform Gift to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) are both excellent options to consider. These accounts are very flexible and beneficial for your child’s future. You can choose the types of investments […]
Can an Airbnb Sublet Be Profitable?
If you have ever thought of getting into real estate investing but did not think this was possible as a renter, an Airbnb sublet might be your answer. To take advantage of this lucrative opportunity, you have to have a willing landlord and a city that is friendly to the idea. You only need an […]
How to Become an Airbnb Superhost
According to AirDNA, Airbnb Superhosts earn 60% more revenue than the average rental operator on the platform. With numbers like that, it’s no surprise that many hosts are eager to achieve Superhost status, but where do you start and is it worth the effort? Here’s what you need to know about becoming an Airbnb Superhost […]
The Top-6 Short-Term Rental Tax Benefits
When you use your home as a short-term rental property, there are many tax breaks you can benefit from. These deductions and incentives allow you to effectively reduce your costs and build income. In this helpful guide, you’ll learn about six of the most useful short-term rental tax benefits available to you. Short-Term Rentals & […]
Corporate Transparency Act FinCen Reporting Requirements for 2024
It is crucial for small businesses to be aware of the new reporting requirements of the Corporate Transparency Act (CTA). The CTA requires small businesses to report certain information about ownership to the Financial Crimes Enforcement Network (FinCEN). The application officially opened at the beginning of January this year. Businesses will have until January 1, […]
Tax Implications of Renting Your Primary Residence
The cost of homeownership is rising, but many homeowners are offsetting the increasing costs by renting parts of the home. Renting your home is a great way to earn extra money from your most valuable asset, but you should consider the tax implications of renting your primary residence before you open for business. Sharing Your […]