October 2024 - Private Tax Solutions

At Private Tax Solutions, we understand that navigating tax laws surrounding personal property rentals can be complex. Whether you’re renting out equipment, vehicles, or other assets for business purposes, the way these rentals are taxed depends on how the activity is classified. Here’s a breakdown of the three key classifications: business, for-profit activity, and not-for-profit activity.

Receiving a penalty notice from the IRS can be stressful, but don’t rush to pay it just yet. You might qualify to have these penalties removed or even refunded. This guide breaks down effective steps for relief and how Private Tax Solutions can assist.