Generate Your Airbnb Invoice PDF for NPOs Effortlessly

Airbnb invoice pdf for NPOs

let's talk about the top 10 expenses that you can deduct when running a short-term rental business as a general rule of thumb you can essentially deduct anything that is ordinary and necessary and if you can justify it as a business expense then typically it's a business expense but let's go over the top ten number one you can deduct the rent that you pay your landlord because of course that is a deduction that is a business expense the difference from what you pay in rent utilities cleaning versus how much you generate on Airbnb is your profit so again rent is one of those expenses that is ordinary and necessary for you to run your business the second one is utilities right like power gas even Wi-Fi all the utilities that you need to run your business are also an expense next of course we have cleaning and supplies you're gonna have to pay your cleaners in order to clean your short-term rental and you're going to need replenishables like body wash shampoo conditioner toilet paper paper towels all of it all of those are also deductions the next one is think of your initial expenses when you first launched the Airbnb you had to furnish it by appliances and Decor all of those are expenses as well now this next one is marketing and advertising now if you use Airbnb to acquire your clientele like I do then we don't need to do any marketing or advertising but if you have your own website and you're doing a lot of direct bookings then any marketing or advertising as well as website and domain costs would also be a deduction by the way if you guys are enjoying the expenses here I've got more for you so don't go anywhere but in the meantime make sure you guys hit subscribe and turn on that notification Bell now this next one is maintenance and repairs so when we look at maintenance we're looking like Landscaping if you need somebody to cut down some trees if you've got a pool just any ongoing maintenance that you need in order to operate the property and then of course you have repairs if there are ever any repairs that you need to make in order to make sure you keep providing a five-star experience those are also deductions the next one is insurance I'm sure most of you are utilizing short-term rental insurance and that is also a business expense now this next one only applies if you actually own the property and that is depreciation this is what allows you to accelerate the depreciation of a property now many people are going to depreciate their homes over 27 and a half years which is pretty standard but you also have the ability to do bonus depreciation which means you can actually take 80 percent of the depreciation in year one this would allow you to bring down your tax liability to either minimize or completely eliminate your tax bill depending on your net profit and how many properties you have to depreciate but again this only works if you own the property the next one are home office expenses right like I am in my office right now filming this video and I need this office in order to run my Airbnb business I am here when I'm communicating with my team having our weekly meetings with our manager who runs our short-term rentals and so having a home office is also a necessary and ordinary expense this next one is travel expenses many of you are traveling to a different city or even a different state or even a different country in order to look at properties that you're going to potentially launch and if that's what you're doing then the entire travel the Airbnb or the hotel all the food everything that you do with that trip can be justified as a business expense now I got a couple bonuses for you guys but before we do if you guys are enjoying this video make sure you guys smash that like button I truly appreciate it now this next one is in the category of professional fees so if you have somebody that does your bookkeeping your payroll your tax returns or any type of legal fees as far as setting up LLCs whatever it is all these professional fees are also a tax deduction and then the last one is supplies and equipment any supplies or any equipment that you buy in order to operate your airbnbs is also a necessary and ordinary business expense with that being said guys I hope you guys enjoyed this video going over my top 10 nfu bonus on expenses for Airbnb again before you guys go anywhere make sure you guys check out one of my other videos here and I'll see you guys on the next one peace