AIRBNB- How does being a “host” impact your income taxes?

How does renting a room in your house or an entire apartment impact your income taxes?  It is important to keep good accounting records in order to minimize your taxes at the end of the year, While on vacation this year I decided to try Airbnb. Airbnb is a company that provides the platform for individuals (hosts) to rent rooms in their home or entire apartments mainly to travelers. Airbnb rates are typically lower than most hotels. The most intriguing aspect to me was the opportunity to interact with the locals which in my opinion adds to a traveler’s most authentic traveling experience. Of course, the accountant in me surfaced… Read More

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Tax Debt Relief – 5 Things to Consider

Tax Debt Relief- Five things to Consider Many people today face IRS tax debt because the economy has really hurt their finances If you suffer from tax debt, you are looking for ways to get out of debt and have some relief from your tax debt problems. If you need tax relief, here are five things that you need to consider. 1. Get Professional Help You need to find a reliable company that you trust to help you get some tax relief. There will be a fee, so you need to make sure you choose a company that you can afford. Dealing with the IRS can be scary and intimidating;… Read More

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Choosing a Tax Resolution Service

Evaluating Tax Resolution Services Nobody likes paying taxes. In fact, if there were a way for most of us to avoid it, we would. Plenty of surveys have shown that a large percentage of people cheat on their income taxes, and would do so even more if they knew they wouldn’t get caught. The trouble is you can’t get away with it for long. Sooner or later the IRS will catch up with you. When that happens, you’ve got a couple of options. One is to simply plead guilty and throw yourself on the mercy of the court. How this comes out, however, is wholly dependent on your agent, and… Read More

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