Some jobs are great for the do-it-yourself person – oil changes, remodeling your RV, designing your website, etc. However, filing your income tax return isn’t one of them. Here are 6 reasons why you shouldn’t try to file your own taxes. First, let’s talk about who should prepare their own return. File Your Own Taxes…
With so many questions, tax time can feel overwhelming. With this list, I hope to answer some questions to aid in gathering information and staying organized throughout the year to make tax time easier. Remember each of us is individual and has individual tax needs even when we live in an RV. Full-time RV life…
With the holiday season upon us, 2019 is almost officially behind us. Eek. How does the time fly by so quickly? However, that means that now is the perfect time to complete year-end to dos even for us RV entrepreneurs. Time to take the pesky record keeping and financial decision-making tasks off your plate, so…
Many of you have most likely heard of self-employment taxes. What about income that you collect occasionally or one-time? Let’s dive into when you DON’T owe self-employment taxes. If you’re not familiar with self-employment taxes, then I highly suggest you learn about them as a freelancer or business owner. The IRS even has a tool…
For anyone planning on workamping or camp hosting, it’s important to understand your tax obligations. Even if you don’t do your own taxes, it’s important to understand these 5 tax considerations when workamping or camp hosting. You should have a basic understanding of your tax situation so you are prepared to share this information with…
Chances are if you are reading this, then you are already self-employed or interested in becoming a small business owner. Congrats! However, it’s important to consider self-employment taxes if this is you. Self-employed means you fit any of the following: You carry on a trade or business as a sole proprietor (single-member LLC included) or receive income…
I’m guessing that many RV entrepreneurs have heard of the tax savings an S Corp offers. However, it’s important to know when it’s worth electing S Corp status. It’s also important to understand the extra responsibilities of an S corp. If you’re wondering if you should elect S Corp status, then this is for you.…
Which state is best to domicile as an RV entrepreneur or digital nomad? I get this question often. There is no one right answer. However, here are a few things to consider when choosing your domicile state. You probably already know the top 3 states that full-time RVers and digital nomads pick as their domicile…
As a sole proprietor, you deserve to get paid. However, it’s important to know how to pay yourself as an entrepreneur. Who doesn’t want to be compensated for their hard work, right? You’re an entrepreneur which means you are your own boss. This can be quite rewarding but it also comes with some pain points.…
Are you getting ready to hit the road and start your nomadic life? Chances are you might also be getting ready to sell your home. Here are some tips to help you understand taxes when selling a home. Gain The IRS has exceptions for taxpayers who sell their main home. This means you may qualify…