I can't get a license for short term rentals in Kansas City ...
I can't get a license for short term rentals in Kansas City (the city refuses to issue any licenses), so I'm losing $ every m...
@Quincy We handle ours ourself. With expenses, pension contributions and a suitable income split between us we manage to minimise our tax bill.
Thanks for sharing @Mike-And-Jane0. How long does it usually take you to go through everything?
@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.
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.
Welcome to the Community Center @Tony1703! Thanks for sharing your answer here 🙂
Did you just start as a Host?
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
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
Hi @Izaak3, thanks for the detailed response! I assume having a tax consultant in this case saves you quite some time?
Unlike the other two taxes, income tax can be complicated and might change a lot.
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
I have a company their all rents are paid. We do our economy by our selves. We have 12% taxes in Sweden.
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?
No we make it ourselfes