Employee vs. contractor? This is a common question among full-time travelers who work on the road. What’s the difference between an employee and contractor and how does it affect your tax obligations? Let’s get to it, so you can more easily figure out which one fits you best. Employee vs. contractor It’s pretty easy to …
If you own a business, it’s a must to understand the tax side of the business. This includes understanding pass-through income. Maybe you’ve heard of the advantages of registering your business in a no income tax state. In fact, you may have found companies offering to set this up for you for a small fee. …
Pass-through income: easily understand what it means Read More »
As with most things in business and life in general, it’s all about the basics, right? Well, here are the basics of choosing a business entity. If you already know them but aren’t implementing them, it’s time to start. If you’re just getting started, it’s really important to start your business off right. Don’t you …
Choosing a Business Entity: which is best for you? Read More »
Thinking of taking a trip away from your motorhome or RV? Plan on renting it out while you are gone. Keep these tax rules in mind. Now you can plan ahead for income taxes when renting out your RV. Renting out your RV Many RV owners use rental websites such as Outdoorsy to earn a …
Guide to Handle Income Taxes When Renting Out Your RV Read More »
Most of you proudly identify yourself as a full-time RVer or digital nomad because you’re living your dream. You are lucky enough to travel full-time while working remotely from the road. Does this mean you can take all your costs as a travel expense? Remember, you don’t live in a sticks-and-bricks home with a typical 9-5 lifestyle like the …
Full-time RV living: Can I deduct travel expenses on my taxes? Read More »
This year is different, because this was the year you installed solar on your RV (or qualifying property), and now you’re ready to get that big fat tax credit to take 30% right off the top of that expense. I’m here to hopefully clarify this process. If you’re reading this and haven’t yet installed solar on your RV, …
Residential Energy Efficient Property Tax Credits: Solar Read More »
How do you know if should itemize or take the standard deduction? First of all, what is the difference? The standard deduction is a fixed dollar amount that reduces your taxable income and varies according to your filing status. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim …
Unfortunately, for us RV owners who full-time, some of our deductions are limited as compared to a sticks and bricks homeowner. However, there is some overlap. As an RV full-timer myself, I understand the limitation of tax deductions for RV owners. I also get asked similar questions often. Let’s dive into the top 4 questions I …
4 Possible Tax Deductions for RV owners Explained Read More »
Taxpayers who still file paper returns may find now is the best time to switch to e-file. Last year over 85 percent of taxpayers filed their taxes electronically. E-file is the fastest and safest way to file. Here are the top seven reasons a taxpayer should file electronically in 2017. Accurate and Easy. e-file is the …
Tracking revenue and getting paid with accounting software is a piece of cake, right? But what about finding your business’ bottom line… and calculating what you owe Uncle Sam? In a small business, maximizing your tax deductions is critical to generating a healthy bottom line. Some deductions are obvious – rent, phone, cost of goods, …