3 Ways to Take the Section 179 Deduction on an RV
You own an RV and decide to rent it out for some extra cash. How do you deal with taxes? Let’s dive into understanding the section 179 deduction on your RV rental. First, it’s important to separate the different types of RV rentals. Residential Rental if you live FULL-TIME in your RV If you are…
Do I need to file a tax return for my LLC with no activity?
Sometimes a limited liability company or LLC has a year with no business income or activity. Maybe it’s a newly formed LLC, which hasn’t started doing business yet. Is it an older LLC that hasn’t been formally dissolved? Whatever the reason for no activity, does the LLC need to file a tax return? LLC tax…
Choosing a Business Entity: which is best for you?
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…
Travel expenses: Are they deductible on your taxes?
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…
6 Simple Small Business Tax Deductions for RV entrepreneurs
You’ve got the revenue part down. Now you need to figure out the expenses. Here are 6 simple small business tax deductions you should be taking. 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, salaries – but…