Is Airbnb Rental Income Subject to Self-Employment Tax?
Tags: QuickBooks Bookkeeping, Sarasota CPA, self-employment tax, Tax Planning Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said,...
When Cancellation of Debt (COD) Income Can Be Tax-Free
Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Tax Problems, Tax Planning Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel (forgive) debts that are owed...
$80 Billion to the IRS: What It Means for You
Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Tax Preparation, Tax Planning You may have noticed that the Internal Revenue Service (IRS) is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the...
Section 1031 Exchanges vs. Qualified Opportunity Zone Funds-Commercial or Rental Property
Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Tax Planning, Tax Planning Selling Commercial or Rental Property? Have you sold, or are you planning to sell, commercial or rental property? To avoid immediately paying capital gains tax on the profit of your sale...