How Airbnb Owners Increased Profits with Less Management
This article is for current and prospective Airbnb owners and hosts who want to maximize their profits by integrating technology tools that accurately and completely capture all revenue & expenses with simplicity.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.
There is massive potential to increase your bottom line income from using a short-term rental marketplace like Airbnb, VRBO, or HomeAway firstly because of supply and demand and secondly because of the creative and unique options you provide your guests. Both factors increase your business activity and like a business, you need to spend money to make money.
Most Airbnb owners aspire to have a
First, second and third: You view ” The 3 Behind the Scenes Secrets to Successful Bookkeeping” then you implemented the Pura Vida Bookkeeping process into your business.
Fourth: You identified the rules and information on how to maximize deductions:
You’ll have a much easier time with taxes on your rental property if you treat it as a business from the get-go. Here are the basics: You are entitled to deduct all “necessary” expenses to operate your rental business. If you buy new towels for your guests, repaint the guest-room or put a bottle of wine on the table for incoming guests, you can deduct these expenses from your rental income.
Deductibles you need to track
You’ll find a ton of expenses related to your rental investment that can be claimed as deductibles come tax time. Just make sure you have receipts for proof — another reason to use a flawless bookkeeping service like Pura Vida.
| Advertising your property for rent | Cleaning & maintenance supplies and services | Utilities | Property Insurance | Mortgage – Interest | Guest service fees | Merchant fees | Property management | Legal & accounting fees | Homeowners association fees | Repairs & maintenance | Registration & relevant education | Vehicle expenses |
The tools and strategies discussed all integrate together with Pura Vida Bookkeeping. So there is no need to do any calculations and manual entries, learn new platforms or have multiple logins.
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