Taxes: Do you handle it yourself or get any help?

[Quincy]

Hello everyone,

Being an Airbnb Host comes with its fair share of rewards and responsibilities. One task that can perhaps be a bit daunting is managing your taxes.

For some, the thought of taking care of taxes can make one feel anxious, and perhaps for others it might be a walk in the park. Chances are that you, as a Host employ an accountant to do your taxes for you, and this way they'll save you precious time and find deductions you may have missed, and ensure you're fully compliant.

So, here's the big question: Do you get help with your taxes or do you handle them yourself?

I look forward to reading your comments!

Quincy

[Mike-And-Jane0]

@Quincy We handle ours ourself. With expenses, pension contributions and a suitable income split between us we manage to minimise our tax bill.

[Quincy]

Thanks for sharing @Mike-And-Jane0. How long does it usually take you to go through everything? 

[Mike-And-Jane0]

@Quincy As I keep a spreadsheet of all revenues and expenses during the year the tax  return usually takes about 30 minutes or so. It is easy to make mistakes but as long as you know how much tax you should pay (from spreadsheet calculations) you just keep going until the numbers are correct.

[Quincy]

That's quite fast @Mike-And-Jane0! 

[Tony1703]

Hello and good afternoon all

Thank you for welcoming my family and I to the Air B&B world/community. I have filed my personal work related taxes my self for years and depending on how successful we are with this I plan to continue filing them myself.

[Quincy]

Welcome to the Community Center @Tony1703! Thanks for sharing your answer here 🙂

Did you just start as a Host? 

[Tony1703]

Good morning Quincy

Yes, my family and I started as hosts approximately 2 weeks ago. Any any ideas or suggestions you have that will help us be successful would be greatly appreciated.

Thank you 

Tony

[Izaak3]

Hi Quincy,

We manage most taxes ourselves.

We are charging our guests the taxes (tourist tax & tourism assessment) through our AirBnB listing.

Monthly we pay those taxes on-line to our tax office.

Yearly we also pay income tax, which is being handled by our tax consultant.

After that and all other costs we hope there's something left for us 🙂

Does that help?

Best,

Izaak

[Quincy]

Hi @Izaak3, thanks for the detailed response! I assume having a tax consultant in this case saves you quite some time? 

[Izaak3]

Unlike the other two taxes, income tax can be complicated and might change a lot.

[Lynne496]

I am told by Airbnb that I can't have them collect it since I have only one listing and don't qualify for the Professional Hosting Tools, so my only recourse is to notify the guests ahead of time on my listing and request it from them when they arrive.  Not happy about that but maybe won't be a problem?  Can you tell me how you collect it?

Thanks. 
Lynne

[Helén-Och-Morgan0]

I have a company their all rents are paid. We do our economy by our selves. We have 12% taxes in Sweden.

[Quincy]

Hi @Helén-Och-Morgan0! Thank you for taking some time to respond 🙂 Do you make use of any tax software to make the process easier? 

[Helén-Och-Morgan0]

No we make it ourselfes