Tax Planning Airbnb

3 Replies

Dare,

You should definitely hire a professional accountant to prepare your taxes. A good accountant will save you thousands more than what you pay them. 

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

@Dare Adebonojo

Tracking all your expenses is definitely something you can do by yourself and with the help of a software like QuickBooks or Stessa. As your business grows, it will become more time-consuming and some layers of complexity, but by no means impossible. If it is something you enjoy I definitely recommend trying it. You could always find an accountant or tax specialist to review your work. I did my own and QuickBooks for about two years and struggled with keeping up my bookkeeping and dreading the time I had to spend doing it. I started a tax and accounting Business and now have great people doing this work for me who really love it They can do it quicker and more accurate than I ever could. 

@Dare Adebonojo

Taxpayers who normally airbnb are entitled to the following deductions
Real estate taxes, mortgage interest, insurance, travel to and from the property, cleaning, furnishing to name a few.

You want to consider working with a professional who is making sure you are claiming all the deductions you are entitled to.