Taxes and Short-Term Residential Rentals Webinar

Your short-term residential rental is a business. Do you know what kind? Your hours of involvement and your type of involvement dictate what kind of business. If you are "actively" involved, you may be self-employed.

Self-employment is earned income and in cases of loss, allows the loss to offset ordinary income.  If you are "somewhat" involved, your rental may be deemed passive. Passive income can only be offset against passive losses.  The bottom line is there is a lot to know about your investment. This course's goal is to show you your options and have you consider how to make your investment work for you tax-wise.

You will Learn:

• how to determine what type of business the rental activity is

• what activities are considered business activities

• the number of activity hours needed for each business type

• good practices for tracking hours & expenses

• the type of income earned & what income is

• the expenses available to the particular business 

• a brief overview of depreciation - the expense you do not pay out of pocket, but need to track & claim

Taxes Preparation for the Self-Employed

Sheila May, a tax preparer with the IRS Enrolled Agent credential, will be giving lots of good tips for the SELF-EMPLOYED. She will tell you easy ways to make tax preparation more manageable. You will gain an understanding about what you can expense and how - an essential for any self-employed taxpayer. Discussed will be what expenses lots of self-employed taxpayers overlook. In addition, she will clarify expenses that are often misunderstood. Finally, she will discuss how self-employed taxpayers are taxed, what can reduce those taxes, how to project your tax liability and how to pay those taxes.

Key takeaways you can expect:

• How you are taxed as a Self-Employed Person

• Knowledge about the options regarding the handling of expenses

• An understanding of what deductions are available

• Tips on common expenses that are overlooked/misunderstood