When you have a tough question about taxes (or the tax business), where do you ask it?
I used to go on Facebook Groups to ask questions but wow, Facebook has really taken a dive as far as user experience. Every time I go on there, I get hit with a million “notifications” that I don’t need and don’t want. I mostly stay off it now.
Nowadays, I ask my tough tax and tax business questions in our own Pronto Tax School Mentor Support Sessions, which happen live 3x per week (Monday, Wednesday, and Thursday) and are included in our Dream Team Membership.
Between our Mentors–EA Daren Gress, CPA Andrea MacDonald, CPA Adam Shay, our very own Glen Wielandt–and then all the other experienced tax pros who attend these Sessions and are happy to help, I know I can find good answers FAST by simply attending a Session and speaking up to ask my question.
Just this week, I got rock solid answers to the following questions related to AirBnB / short-term rental tax issues:
- How do I avoid the Passive Activity Loss Limitations for clients doing AirBnB short-term rentals?
- Can we use cost segregation, Section 179, Qualified Improvement Property, and other “accelerated depreciation” methods for AirBnB, since technically these are considered commercial (not residential) properties?
- If a client changes back and forth between short-term and long-term rental use for the same property, do we need to file Form 3115 to reflect the change from 39 year depreciation for commercial to 27.5 year depreciation for residential?
BOOM! Now I can head into tax season more confident when dealing with AirBnB clients. (An important topic for my own tax situation, too, since my wife and I started up our own first short-term rental property last year…and we have spent a lot of money getting it up and running, and I want those tax deductions coming our way as quickly and as bigly as possible.)
If you’re already a Dream Team Member, I want to humbly encourage you to attend at least one of these Sessions per week, to ask and answer questions and enjoy time with your peers–people who are walking the same path you are and actually want to see you enjoy less stress and more success.
We typically “open the floor” right at the beginning of the Session for anyone who has a pressing question, because we know everyone’s time is valuable and we don’t want these Sessions to turn into another “obligation” on your calendar. If you want to just ask a quick question and then jump out of the Session once you have your answer, nobody takes it personally! 🙂
I should also note that all Sessions are recorded and Members can go in and watch the recording later if you miss it live (for example, if you want to watch the Session where we talked through the AirBnB tricky tax stuff mentioned above, you’ll find that in the “Andrea’s Answers” course inside your Pronto Online Account).
- Reminder! Dream Team Membership price goes up by $1,000 on December 16. Now’s the time to lock in the lower prices for the life of your membership. If you want to see what all is included and then decide, click here.
- Reminder #2! Prices for existing Dream Team Members do NOT go up on December 16. Any existing Members, you keep your same price locked in for as long as you’re a Member–that lifetime price lock is our way of thanking you for being an “early adopter” and helping us fund these efforts (pay the Mentors, staff our support department with experienced tax pros who actually know stuff, etc.)
Most Members choose to stay Members, we are privileged to have a very high retention rate, and that means the savings will really add up over the years for Members who price lock before December 16…
Please always feel free to contact us firstname.lastname@example.org or 310-422-1283 if you want to talk over Membership options or have questions.