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November 4, 2023
Question

Hello, I need categorizing my Airbnb income as it relates to BC tax laws. What's the appropriate coding if I foresee my income less to be less than 30k.

  • November 4, 2023
  • 1 reply
  • 0 views
From Jan to Aug 2023, i operated my unit as a short term rental. - tax exempt?
sept to present 2023, i switched it to long term rental. - ?

1 reply

November 6, 2023

Hi there cleahsusi-gmail-,

 

It's important that all your transactions are entered correctly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of sales tax on sales and purchases so you know the amount to declare to the government in your filing. I can point you in the right direction for assistance with these taxes. 

 

To know which tax code you should be applying to this income, I recommend reaching out to your accountant. They'll be able to view your income with you and provide which code should be applied, and if you don't have the correct tax set up, they'll be able to assist in creating a tax to make sure it's entered correctly in your books. You can invite your accountant to your QuickBooks Online account by clicking on the My Accountant tab. There's also an option to find an accountant near you in that section by clicking on the Find a Pro to help button.

 

If you have any other questions, feel free to reach out here.