Tax Warrior Chronicles

The Tax Ins and Outs of Short-Term Rentals

Posted on Mon, May 22, 2017

By: Adele Kilgus, CPA

 

Summer is quickly approaching, which means weekend getaways for fun in the sun. If you are looking for extra income to fund your relaxation time, you might rent your home to summer travelers while you are out of town. Airbnb, HomeAway, and other similar services make the process of short-term renting much simpler by handling all booking and collecting of payments. However, even with the added simplicity, there are still some important tax implications to consider. With proper planning, you can maximize your extra income and minimize any extra tax liability.

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“Up in Smoke:” Feds Say Marijuana Dispensary Can’t Deduct Business Costs

Posted on Mon, Jul 27, 2015

Few subjects in America evoke such a visceral reaction from people as the question of the legalization of marijuana. Tensions tend to relax a bit when the question is redirected for medical use only. In this case, 23 states and the District of Columbia have enacted laws to legalize medical marijuana. However, state rules and regulations around the growing and dispensing of the drug remain at odds with federal law, which bans the use of marijuana—medical or otherwise. This impedes the sale of the drug in many states.

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2015 Standard Mileage Rates

Posted on Mon, Dec 29, 2014

Attention road warriors! The IRS recently released Notice 2014-79, which provides the optional standard mileage rates for substantiating deductible expenses for using an automobile for business, moving, medical, or charitable purposes. 

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Employee Business Expenses: What is Deductible?

Posted on Mon, Aug 25, 2014

Miller, TC Summary Opinion 2014-74

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Owning a Bike vs. Bike Share for Commuting: Which is More Tax Friendly?

Posted on Mon, Oct 14, 2013

Health and air pollution-conscious commuters have taken to riding bicycles to work in growing numbers, especially in urban areas. As a result, bike share programs are growing in popularity and are available primarily for short-term use in urban areas as an alternative to - private vehicles, taxis, or mass transit. Bikes are rented at one docking station and may be returned to that or any other docking station. The stated goal is to reduce traffic congestion, noise and air pollution. But, even this noble endeavor is not out of the grasps of the IRS’s reach.

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