Since tax regulations can vary by location, business type, or the amount of money you earn, you must do your research to see if any taxes apply to you. Ensure that you’re properly following all local laws and that you understand the rules as they apply to the experiences you offer. If you need any help finding this information, contact our Yonder Scouts Team.
Some taxes that may apply to you:
- Lodging Tax - Also known as stay tax or room tax, depending on your city, county, region, or state regulations, property owners are required to pay a tax for short-term rental agreements.
- Sales Tax - Sales tax is a tax on retail purchases. It is used to pay for state and local budget items, and each state sets its own sales tax rates, rules, and regulations. If you’re selling or renting any physical items to your guests, your experience may require a sales tax.
Including a tax percentage on your listings will add a percentage to the total cost of the booking, and guests will need to pay for this percentage. As a Steward, you are responsible for collecting these taxes and paying proper tax authorities.
Helpful Tax Tip: Make sure you keep all receipts and records of any purchases related to your experiences. Whether it’s specialized equipment or basic supplies, keep this information handy.
No Rendering of Advice: The information contained within this article is provided for informational purposes only and is not intended to substitute a professional tax or financial planner. This information is not intended to create, and receipt does not constitute, a tax planner-client or financial-planner-client relationship. Online readers or users are advised not to act upon this information without seeking the service of a professional tax and/or financial planner.