What is the definition of a member’s distributive share of an LLC?

Each member’s distributive share is his or her respective interest in the LLC’s profits or losses for a given year (whether or not…

How much may I charge for renting my home or a part of my home?

If you plan to rent out your home, it is important that you charge a “fair rental price.”

What is an LLC?

A Limited Liability Company.

A Limited Liability Company (LLC) is a type of business organization that is not directly subject to income tax. Instead, the income of the LLC passes through to its owners and is taxed to them at the tax rates applicable to…

I have generated more than nominal income through the sharing economy. What are the benefits to establishing a formal legal entity?

While there are different types of legal entities that an individual can…

I have generated a small amount of income from utilizing resources in the sharing economy. Do I need to report and pay taxes on this income?

All income generated must be reported as part of an…

I am renting out my entire apartment or house. What portion of the expenses associated with maintaining my home qualify as deductible rental expenses?

Out-of-pocket expenses associated with maintaining…

I live in one state, but earn income in another state. What state do I attribute my income to?

State taxation can be tricky and requires attention to tax laws that can vary from state to state. For this…

I rented out my home this past tax year at a loss. May I carry over my deductible rent expenses into the next year?

The answer is yes in certain cases, but even then there are limitations to the amount of…

I have a resource that I utilize for both personal use and resource sharing. How do I allocate the separate uses so that I pay the appropriate taxes for each use?

These guidelines will focus on the two…

I am using my car to generate income through a ride-share company. Can I claim the costs of maintaining the car (i.e., gas, maintenance, etc.) as a business expense?

In general, you may apportion the…