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Well-known websites like Airbnb are encouraging some homeowners in Columbus to rent out all or a portion of their houses in order to make money. However, what are the tax implications of this?

Your income, how much of your house you rent out, and how often you make it available will all affect the tax implications of renting out your house. If you want to know how much taxes you are obliged to pay for renting out your home, contact a tax professional to know the tax services in Columbus.

Know the tax implications of renting out a portion of your home on Airbnb.

According to federal tax legislation, rental income is often taxable. However, there is a catch if you rent out a house that you live in and you do so for fewer than 15 days a year. The one exception is that neither rental revenue nor rental expenses are shown on your tax return. This allows a person to temporarily rent out their house without suffering any tax penalties.

Certain expenses, such as eligible mortgage rates, real estate taxes, and casualty losses that you would normally be able to claim as itemized deductions, are still deductible …

Frauds are very common in the world of small business, and they can affect your business badly by causing problems in operations, trust issues, and financial losses. Still, many small businesses ignore this and do not take proper action to avoid fraud.

If you are a small business owner who wants protection for your business from fraud, then contact a professional CPA in Hanover, MD. These experts can help you in making sure that your business is well-prepared to deal with fraud. This is important as strong financial security is important for every business type.

Read this article to learn some important tactics to prevent fraud and make your business’s defense strong. Once you read this article, you will have enough knowledge to minimize risk and understand why it is important to get expert help to create a fraud-proof system.

Understanding Common Fraud Schemes

Fraud can occur via various means, both internal and external. It is important to be aware of this to prevent it. By knowing some common types of fraud, you can easily recognize them and take proper action as soon as possible.

Internal Fraud

Employee theft, false claims of expertise, or manipulation of records can severely …