Are cleaning fees on short-term rentals taxable income?
Guest cleaning fees are generally receipts of the rental activity; payments to cleaners are separately analyzed as expenses.
Tax Strategy Blog: Page 22
1236 articles for business owners and real estate investors. Page 22 of 35.
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Showing articles 757–792 of 1236.
Can a landlord deduct abandoned tenant property cleanup?
Reasonable cleanup after a tenant leaves may be an operating expense, while replacement or restoration of a major component can be capital.
Rental Lease-Up Costs Before the First Tenant
Which costs can a landlord deduct before the first tenant moves in? Separate ready-for-rent operating costs from acquisition and improvement costs.
Rental Foreclosure: Recourse vs. Nonrecourse Debt
A foreclosed rental can trigger sale gain or loss and possibly cancellation-of-debt income. The loan's recourse status changes the calculation.
How to Reconcile 1099-K Gross Payments to Business Revenue
A Form 1099-K can exceed bank deposits and taxable sales. Build a reconciliation for fees, refunds, sales tax, transfers, and duplicate forms.
What If an S Corporation Election Was Filed Late?
A late Form 2553 may qualify for IRS relief when the business intended S status and reported consistently. Learn the records, timing, and entity-classification issues.
Initial Franchise Fees vs. Ongoing Royalties: Tax Treatment
Initial franchise rights and recurring royalties often have different tax timing. Learn what to separate before booking a franchise agreement.
What Should an Audit-Ready Cost Segregation Study Include?
Use the IRS cost segregation audit guide to evaluate methodology, asset schedules, site evidence, cost reconciliation, and tax implementation deliverables.
Can I deduct the old roof's remaining basis when replacing it on a commercial rental?
Replacing a commercial rental roof? Learn when the old roof's remaining basis may be deductible, what records prove it, and whether a cost segregation study helps.
Who Owns Consignment Inventory for Tax Purposes?
Consigned goods usually stay in the consignor's inventory until sold. Learn how sellers and shops should reconcile stock, commissions, and revenue.
Can a business deduct a newly built website?
Website costs can include currently deductible maintenance, capitalizable development, purchased software, and separately amortizable intangibles.
Can a cash-basis business deduct unpaid customer invoices?
A cash-method business generally does not recognize an unpaid invoice as income and therefore generally has no bad-debt deduction when it goes uncollected.
Are trade-show booth costs deductible?
Event fees and short-lived promotional costs may be operating expenses; a reusable booth structure or equipment can be a depreciable asset.
How is a landlord's tenant-improvement allowance taxed?
The treatment of a construction allowance depends on lease terms, who owns the improvements, and whether a specific statutory exclusion applies.
Are meals at a company-wide employee event fully deductible?
Recreational events primarily for employees may receive different deduction treatment from ordinary business meals when they satisfy the statutory.
Is a local sponsorship an advertising deduction or donation?
A payment for meaningful advertising can be a business promotion cost, while an amount paid without substantial return benefit may be a charitable.
How are SaaS subscriptions different from software purchases for tax?
Recurring access fees may be operating expenses, while acquisition of a perpetual license or custom software can require capitalization or different.
Is sales tax collected from customers business income?
Sales tax collected as an agent for the state is generally a liability rather than business revenue; taxes imposed directly on the seller can differ.
The Buyer Cut Our Business Sale Price After Closing. Do We Amend for the Working-Capital True-Up?
Buyer cut your business sale price after closing? See when a working-capital true-up changes gain, allocation, Form 8594 or 8883, and the return-year decision.
How are noncompete payments in a business sale taxed?
A separately bargained covenant can produce different tax character for the seller and amortization treatment for the buyer than goodwill does.
Business sale indemnity escrow: Do I owe tax before the cash is released?
Selling a business with an indemnity escrow? See when restricted proceeds may be taxed, what installment rules require, and which deal records to review.
How is health insurance for a more-than-2-percent S corporation shareholder reported?
Premiums paid or reimbursed by the S corporation generally need proper W-2 inclusion for a more-than-2-percent shareholder before a potential.
I guaranteed my S corporation's bank loan. Can I deduct this year's loss?
Guaranteed your S corporation's bank loan before a loss year? See when debt basis arises, what Form 7203 needs, and which losses may remain suspended.
My S-corp distribution exceeded stock basis after filing. What should I correct?
Took an S-corp distribution above stock basis and already filed? See when to correct Form 7203 and your 1040, when the 1120-S needs amendment, and what to gather.
How do customer refunds affect business taxable income?
Refunds, returns, and allowances reduce sales when properly recorded, subject to the business's accounting method and the timing of the original sale.
Are referral fees deductible and reportable?
A bona fide referral payment for business may be deductible, but information-reporting, licensing, and anti-kickback rules can also matter.
How do buyers and sellers allocate a business purchase price?
An applicable asset acquisition generally requires allocation among asset classes, affecting buyer deductions and seller gain character.
Can a business deduct promotional giveaways?
Ordinary promotional items can be advertising expense, while gifts to identified recipients can trigger business-gift limits and documentation rules.
When can a business deduct rent paid in advance?
Prepaid rent generally is allocated to the period it covers, with timing rules that vary by accounting method and benefit period.
Can a small business deduct prepaid multiyear insurance immediately?
A premium covering future years generally cannot all be deducted when paid; the coverage period and accounting rules control recovery.
We reported a fixed partner payment as a distribution. Do we need to correct Form 1065 and the K-1?
Was a fixed partner payment filed as a distribution? Review guaranteed-payment treatment, Form 1065 and K-1 effects, and the amendment or AAR path.
Is a partnership distribution of equipment taxable?
A property distribution is often not immediately taxable, but special rules, partner basis, liabilities, and disguised-sale provisions can change the result.
Why is part of a partnership buyout ordinary income?
A partner's sale can produce ordinary income to the extent attributable to certain unrealized receivables or inventory, often called hot assets, even.
Can a partner deduct expenses paid personally for a partnership?
An unreimbursed partnership expense may be deductible by a partner when the partnership agreement requires the partner to bear it and reimbursement...
Our S Corp Paid Owner Allowances and Filed W-2s: What Must We Correct?
Did your S corp pay owner mileage or travel allowances without an accountable plan? See when to correct Form 941, W-2, 1120-S, and owner returns.
My S corporation is repaying a shareholder loan after losses reduced its basis. Will I owe tax?
Is your S corporation repaying a shareholder loan after losses reduced debt basis? See the gain calculation, note-versus-open-account rules, and records to review.