Kickstarter Tax Issues – Is it Taxable?

Kickstarter Tax Issues – Is it Taxable?

If you are one of the thousands of people who have successfully funded a project on Kickstarter, or similar sites such as Indiegogo, or Go Fund Me – congrats! Hopefully you’ve considered the crowdfunding tax issues beforehand, but if not, this article should provide you with some background knowledge. This article only covers the income…

Turo Tax Deductions and Other Car-Sharing Tax Expenses

Turo Tax Deductions and Other Car-Sharing Tax Expenses

This article will help you learn about what to do with Turo (formerly RelayRides) income and what deductions and other car-sharing tax benefits are available. Much like Airbnb has disrupted the hotel industry, companies such as Turo and Getaround are attempting to disrupt the car rental business. They have grown tremendously over the past few years. Car…

Free IRS Videos to Help You Understand Your Taxes

Free IRS Videos to Help You Understand Your Taxes

IRS videos are available to the public free of charge to help you understand your taxes. Many people are unaware that this resource even exists. The range of videos covers everything from what to ask your accountant to understanding depreciation. You can find all videos at the following link: http://www.irsvideos.gov/ If you’re an rideshare driver…

21 Common Rental Home Deductions

21 Common Rental Home Deductions

You may be entitled to more rental home deductions than you may realize. Following is a list, in no particular order, of the top 21 deductions. This list of rental home deductions is not all-inclusive, and some deductions may not apply in your situation: 1.       Property taxes 2.       Mortgage interest 3.       Mortgage insurance 4.       Credit…

Actual Expense Method for Deducting Auto Expenses

Actual Expense Method for Deducting Auto Expenses

Rideshare (Uber, Lyft, etc.) and other drivers actually have two options (see my mileage vs. actual expense method article) for deducting auto expenses attributed to driving passengers for hire. These methods include the standard mileage rate method (available starting in 2011), and the actual expense method. Your total deduction and recordkeeping requirements differ depending on…

The Mileage vs. Actual Expense Method for Car Expenses

The Mileage vs. Actual Expense Method for Car Expenses

Rideshare (Uber, Lyft, etc.) drivers actually have two options for deducting auto expenses attributed to driving passengers for hire. These methods include the standard mileage rate method (available starting in 2011), and the actual expense method, also known as the mileage vs. actual expense methods. Your total deduction and recordkeeping requirements differ depending on which…