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Question
I'm running an Airbnb and also has a job with W2 income, how can I maximize my tax return?
AI accountant’s answer:
Maximizing your tax return involves both minimizing your taxable income and taking advantage of credits and deductions. Here are some tips to consider for your Airbnb and W2 income situation: 1. Keep detailed records: For your Airbnb income, maintain thorough records of all income and expenses related to your rental activity. This will make it easier to identify deductions and lower your taxable income from the venture. 2. Deduct rental expenses: You can claim various expenses related to your Airbnb rental, such as mortgage interest, property taxes, maintenance costs, insurance, utilities, and cleaning fees. Make sure to allocate these expenses between personal use and rental use if the property is also your residence. 3. Depreciate your property: If your Airbnb property is not your primary residence, you may be eligible to depreciate the property over its useful life (typically 27.5 years for residential rental property). Depreciation can provide tax benefits by spreading out the cost of the property, reducing your taxable income each year. 4. Report your W2 income: Make sure to report your W2 income accurately on your tax return, and don't forget to account for any withheld taxes, as they could lead to a higher refund or lower tax liability. 5. Take advantage of tax credits and deductions: For your personal income, utilize all applicable deductions and tax credits such as the standard deduction (or itemized deductions if they are greater), retirement account contributions, and education-related expenses. 6. Adjust your withholdings: Consider adjusting your W4 form with your W2 employer to ensure you're withholding the appropriate amount of taxes. This can help you avoid owing taxes or receiving a large refund, instead making your take-home pay more consistent throughout the year. Remember, everyone's tax situation is unique, so be sure to take into account your specific circumstances when implementing these tips.
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Ieva Ivanauskas, EA
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started