Gig Economy & Rental Real Estate

Real Estate & The Gig Economy:

The gig economy mushroomed during the pandemic, and more and more people supplement or earn full-time their income from the likes of AirBnB, Uber, Lyft, Etsy, etc. What many don't realize is the tax implications of earning via those platforms. For example, renting your real estate on AirBnB may require you to file a Schedule C or Schedule E. Ensuring you use the correct form could save you thousands with proper compliance to lower the risk of a negative audit finding.

#gigeconomy&realestate,#realestatetaxes,#1099K,#airbnbtaxes,#taxes,#taxplanning,#Schedule E,#Schedule C

Down To The Wire

So here we are, getting closer to the tax deadline, which is actually Monday, April 18th. Now, a LOT of folks have already filed their taxes, especially those with one job and a fairly basic return. 

But what about the rest of us? 

Those in the “gig” economy, or the self-employed, or stock traders/investors, and retirees?

Well, there’s still plenty of time, but you’ll have to use it properly.  #gigeconomytax #taxes #taxpreparation

Here are reasons people who don’t normally file should file a 2021 tax r...

Here are reasons people who don’t normally file should file a 2021 tax return:

• Did the taxpayer's employer withhold federal income tax from their pay?

• Did the taxpayer make estimated tax payments during the tax year?

• Did they overpay last year on their taxes and have it applied to their 2021 tax?

If you answer YES, you could be due a refund!

Watch the video below to hear more reasons... #taxes #tax #payments #taxrefunds #taxprep

Owe Back Taxes

Do you owe taxes to the IRS and can't pay by the due date?

The IRS wants you to pay on time, and imposes significant penalties on you if you don't. Plus, they can take aggressive collection actions against you. #taxdebt #IRS #wagegarnishment #taxhelp #taxaudit #taxpenalties #gettaxhelp #taxpenalties

COVID related pension withdrawals

What can you do about the tax on your “coronavirus-related distribution” realized on or after January 1, 2020, and before December 31, 2020? #COVID #taxrelief #taxreturns

EIP 2nd round

If you have any questions about this or anything I've said so far, call your tax advisor or a tax preparer. And if you have none, give me a call. My name is Wayne Scully and I'm with W Sculley CPA PC focused on fixing America's tax problems. Our firm specialize in tax resolution matters, and we serve clients virtually. Make an appointment by visiting www.wscullycpa.com. That's www.wsculleycpa.com or call me toll free (855) 254-1892. Okay? Please give me some love, comment on this video, like it, share it. Okay? And guys, take care for now, until next time.

Tax free Smartphones

                                                  Get your cellphone, tablets, etc., 100% tax-free even if you aren't a traditional employee....