It’s almost the end of the year, dears hosts. Thanksgiving has come and gone over here in the USA. Black Friday sales are over, and we’re in the middle of the holiday season. On the Facebook Group, The Hosting Journey, hosts are wondering, should I decorate my Airbnb with a Christmas tree or keep it non-denominational? Tough decision, I know. I tend to go very light on the decorations at my vacation rental.
Of course, in addition to all of the decorations and festivities, there is something else to start gearing up for. Taxes, dear hosts, taxes. I am sure that’s not what you want to hear right now. You want my secret flan recipe. Believe me, it’s so delicious it’s spoken about in social groups. You’re in Holiday mode. I get it, but I want you to be ready! So, this week’s episode is Are You Ready for Your End of Year… Taxes?
Some of the links mentioned are affiliate links. if you choose to make a purchase, I may earn a commission. Commissions come at no additional cost to you.
Miguel Centeno… Back Again:
For the occasion, I have invited Miguel Centeno from Shared Economy Tax back to the show. Miguel was here earlier on The Hosting Journey to share his tax wisdom on Episode 35 Useful Tax Information For Airbnb Hosts, and I asked him to join us once again.
Miguel worked as a tax consultant at accounting giant Price Waterhouse Coopers for over 6 years, but he 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.
Money Conversation:
Miguel and I talk a lot about my desire to get out of the cold of NY to seek warmer climates and the ways that trip can be written off as a tax deduction. We also discuss how to get ready for the end of year taxes. Yes, dear hosts. Money and taxes. In this episode, that’s what we are all about.
We dived into these questions:
- Researching other places to expand your short-term rental empire? Going to Costa Rica, Florida, or Puerto Rico? We discussed how to design a trip that can be deducted on your taxes… Oh yeah.
- Pass through deductions. What are they? How they changed this year and what you do with them.
- Do you need to report your Airbnb income? Yes. and now the IRS is requesting past data. Make sure you listen to Episode 35.
- And if Airbnb is withholding 20% of your income, you’ll find out why.
- Most importantly: Do you know your numbers? Are you really making money? Because that will influence not only who is getting a Xmas gift but also whether you want to make any upgrades this year or leave them for next year.
Yes, Miguel and I went deep into how to figure out if you are really making money. I was even transparent about my own money. I know you want to know.
I hope you are nice and cozy and settled in for…Are You Ready for Your End of the Year…Taxes?
Trusted Advisors:
Isn’t Miguel just amazing? He and I can go on for hours about money and numbers. I value his input, advice, and expertise, so much so that I have added his business to the very small and elite list of companies that I associate and do affiliate business with.
Yes, Miguel and Shared Economy Tax are now in The Hosting Journey’s council of trusted advisors. And he is offering you, my Dear Hosts, a $50 discount on their fees for doing your taxes with them.
You can sign up at Sharedeconomycpa.com/hostingjourney so you get that $50 discount. You need to get your taxes done. Might as well get them done by someone who knows the ins and outs of vacation rentals.
I know we gave you a lot of information in this episode. I admit that even I was a bit overwhelmed. But I want all of us to be clear about our numbers so we can be ready for tax season!
Make it easy for yourself. You might think you’re making just a little bit of money until you look at those numbers and realize, wait, it’s a lot more than I expected and now I have to pay taxes on it. How can I keep more of it in my pocket? Figure out your financial strategy now before it is too late.
Evelyn
Links:
Some of the links mentioned are affiliate links. if you choose to make a purchase, I may earn a commission. Commissions come at no additional cost to you.
PS: Want more…
