Do you have your Airbnb’s as LLC, etc? I’m trying to figure it out
I believe you still get the lower 20% corporate pass through rate whether it’s a Schedule C, partnership or corporation. Don’t quote me, just some interpretations I’ve read and I haven’t done enough analysis to opine.
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The 20% does not help if you are an S-Corp (like we are). But there are some allowances (you get to take into account your investment) to lower your taxes on the S-Corp, too. I looked at them once, but figured I could not do much about them and decided to wait until after I’ve filed the 2017 taxes to worry about the 2018 taxes.
I run a virtual accounting service offering local and national support and it’s really best to have an accountant/bookkeeper to do the work for you especially now with the changing tax laws and the uncertainty of how they will all play out by the end of 2018. It’s cleaner, accurate and most importantly frees up your time for family / social.
Contact me through here for any questions or estimates for your monthly accounting.
Degreed and certified
I was faced with such a dilemma, I would like to discuss!
@dpfromva my CPA asks me if any one invoice is over $2500, but has not mentioned the limit of $10k in a year. I’d have to go back and see if any one category of my accounting was over $10k, but I’d think they were.
Rely on your accountant, these provisions change from time to time.