Author: Karlene Chance
IRS enforcement priorities continue to evolve, and in 2026, the agency remains focused on accuracy, reporting transparency, and compliance consistency. While most businesses aim to follow the rules, certain patterns and errors tend to attract closer attention during reviews or audits. One major area of focus is income reporting. Discrepancies between reported income and information returns such as 1099s or other third-party documentation often trigger questions. Businesses that receive income from multiple sources must ensure all revenue is accurately reported and properly categorized. Another ongoing area of scrutiny involves deductions. While deductions are a legitimate and important part of tax…
Owning rental property can be a great source of income, but it also comes with tax obligations. Whether you’re renting out a single-family home, an apartment, or even a room in your house, the IRS requires you to report rental income and related expenses accurately. Here’s a straightforward guide to help you navigate the process. What Is Rental Income? Rental income includes all payments received for the use or occupation of property. This can include: Which IRS Form Should You Use? If you rent real estate as an individual (not through a business entity), you’ll report income and expenses on…
by Claude AI Here are some practical travel tips for business executives: Before you leave Pack a backup charger and important cables in your carry-on. Keep a pre-packed toiletry kit ready to go. Download offline maps and any presentations you’ll need. Take photos of your passport, credit cards, and itinerary in case something gets lost. Airport and flights TSA PreCheck or Global Entry will save you considerable time if you travel even a few times a year. Fly out Sunday evening or Monday morning when possible to avoid weekend leisure crowds. Use airline apps to track gate changes and get…
A 5-Star Exceptional Experience Creating a 5-star experience for your guests is the key to getting more repeat bookings and recommendations. The short-term rental market is very competitive, but there are little things you can put in place to stand out and gain more stellar guest reviews. On Vrbo and Airbnb, reviews are everything, so if you want to build an excellent host reputation, here are some things you can do. Clear Communication From the moment a potential guest sends you a message to the moment they set foot on your property, your communication should be top-notch! Let the guests…
Keeping records of mileage is an important part of maximizing your tax savings as a P2P car rental host. By keeping accurate records of your mileage, you can effectively reduce your taxable income and save money on your taxes. You can decide to deduct either your actual expenses (fuel, repairs, maintenance, and depreciation) or your standard mileage rate, which is a set amount for each business mile driven. As of January 2024, the standard mileage rate for business use of a vehicle is $0.67 per mile and for 2025 is $0.70 per mile, $0.33 of that rate is depreciable rate…