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That Time of Year…
Yes, it’s that time of the year again, my dear hosts. No, not the holiday season… This one isn’t as festitive… It’s tax season! Yes, it’s time to pay our taxes here in the good old US of A!
Though it’s not a festive event, I have, once again, as in previous years, solicited the help of an expert. In order to make this year’s tax ride, with its new codes and brackets, as painless and traumatic as possible.
Who knows, maybe you’ll get some awesome advice here that will save you some cash? Perhaps, it might be a festive tax season after all… We’ll soon find out! That’s the goal!
So hosts, this year I have Mr. Miguel Centeno from Shared Economy Tax. He is the “chosen one” to take us through this year’s tax information. Of course, before we get started,
I have a disclaimer… because, as you all know, every situation is different… so a disclaimer is in order….
So, here it is…
The information contained in this episode is meant for guidance purposes only and is not considered professional or legal advice. Furthermore, this information is not meant to be personalized legal, tax, or any business advice in general. In other words,, consult your personal accountant or CPA before you file.
There. out of the way… Ok, and away we go!
Miguel Centeno from Shared Economy Tax:
After six years as a tax consultant at accounting giant Price Waterhouse Coopers, Miguel left management at the “Big Four” for more entrepreneurial pursuits with the goal of providing problem-solving approaches to smaller, but just as passionate, businesses… At Shared Economy Tax, Miguel has found just that.
Miguel is licensed to represent taxpayers in all matters before the IRS, including the U.S. Tax Court. He has been quoted in the Wall Street Journal, Fox Business, and MSNBC on tax and sharing-economy related articles and has testified before the U.S. Congress on tax reform as an expert witness for the Sharing Economy.
During the off season, Miguel coaches his son and daughter's soccer teams and enjoys taking extended camping trips in the California Sierras… Looks like we have an outdoorsy tax guy in the house.
So, in this episode Miguel and I get right into it.. No niceties or too many pleasantries from me.
No 1099 from Airbnb?
Hey, it’s taxes!
We have tons of information to give you. I want to make sure we get through it all and that it’s all very clear and easy for you to understand, and hopefully, easy for you to implement.
Now, you might be thinking… “I didn’t get a 1099 from Airbnb, so I don’t need to report it… How will the IRS find out?”
Well, hold on there sluggers! Before you write off the IRS… Lets just say, they have ways of finding out… I don’t know them personally, but from what I’ve heard… You NEVER want to mess with the IRS.
We will be discussing possible reasons why you didn’t get a 1099 from Airbnb… and what to do if that’s the case… Let it be known, even I, who grossed over 100k, didn’t get one. Still, I will report that income… Like I said, you don't mess with the IRS.
We will also define gross receipts. Yes, you have to include the Airbnb fees. We will review the reasons why.
We will also review what can be considered expenses, direct and indirect. There’s a difference when filing.
One of my big tips is to have a designated credit card just for your Airbnb expenses… It will save you time and confusion in the end.
And as always, my Facebook Group, The Hosting Journey, had some awesome questions for Miguel….
Of course, you’re welcome to join the group at thehostingjourney.com slash community. I always tell the group about my upcoming podcast guests… This way, they’re able to come up with some great questions for them and get the answers they need.
Ok, so I hope you are ALL settled in for…
“2018: Useful Tax Information For Airbnb Hosts”
Because taxes are here, and this train is getting ready to pull out of the station. So, let’s handle our taxes and make the ride a smooth one.
I want to thank Miguel for joining me for this very important conversation… I know the subject can be confusing and intimidating for many of us, and I appreciate your patience and taking time out of your busy schedule to help us understand taxes better and keep us on track. Remember to file on time.
If you want to reach Miguel, you can contact him at Sharedeconomycpa.com
Here is all the information on how to get your Airbnb earning information and Ernst & Young pdf.
Maybe next year I’ll be traveling and doing the hosting journey podcast from your neck of the world. I have to make sure I document the expenses of seeing the Opera house in Australia, a hike in Thailand. Yes, I’ll be visiting you, my dear hosts, and I can deduct those trips on my taxes…
Let’s do Evelyn travels. ahhh the possibilities….. the possibilities