Shared Economy Tax

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.

Shared Economy Tax (formerly Shared Economy CPA) is the premiere Tax firm for 1099 Independent Contractors and those working in the Sharing Economy to help with tax planning, compliance, preparation and savings.

Renting your home allows you to supplement (or support) your income while providing you with great tax benefits.  Below is a partial list of value added services we provide to our Clients:

• Maximizing Home Mortgage, Rental Expense Deductions
• W-2 and Start-up Expense Allocations with HomeSharing Activities
• Properly structuring Short Term Rental activities: LLC, S-Corp, Sole Proprietorship, etc.
• Income and Expense Allocations Between Personal and Business
• Short Term Rental Income and Unemployment Tax Reporting
• Renovating and/or Finishing a New Building on Your Property For Rental Activities
• Capital Improvements to Your Property: New Heaters, Plumbing, Fixtures, etc.
• Receipt and Record Keeping Management for Tax Purposes

Our general CPA Services:

• Individual and Business Income Tax Return Preparation
• Entity Selection: Corporate and LLC tax reporting structures and set-up
• Compliance with local, state, and federal regulatory requirements
• Tax and Estate Planning
• Quarterly tax payment planning and preparation
• IRS audit and defense