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More and more owners
are operating small vacation-home businesses, especially in retirement, says
Tom Kelly on Inman News.
 Even in this
economy, families are still finding ways to take vacations and the vacation
home rental business is thriving. "The
'stay-cation' philosophy rarely lasts longer than one year; people tend to
invest in family vacations and reunions consistently -- even if for shorter
periods of time." Says Kelly
But running your own
rental business is not for the faint of heart. There's a lot involved.
A Greenwood Village, Colorado based company named HotSpot Tax Services, has addressed some of the issues homeowners
can run into regarding taxes and compliance issues for contract labor, such as
housecleaning services.
The company was founded by two brothers who were renting
out their Vail condo through the VRBO website. "We began to wonder if other
rental property owners understood what they needed to do to be in
compliance," said Rob Stephens of HotSpot. "That discovery really
provided the basis for our business model."
For a small fee, HotSpot offers six basic services to help
you manage your vacation home rental property:
They can help you:
1.
Obtain business and tax licenses based on
location.
2.
Help you determine the tax rate to charge
renters.
3.
Remind you when tax reports and returns are due.
4.
File your tax returns.
5.
Keep your records up to date.
6.
Correspond with tax jurisdictions.
"For about
$130 a year, we take care of all tax issues," Stephens said. "It
offers owners some peace of mind and also is a tax-deductible business
expense."
Read the full
article at Inman News.
 photo credit: Vic Sharp
Posted on October 27, 2011 13:11:53 by  IPTV.Boyz
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