MIAMI, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Corvee, a software and solutions company serving small and medium-size businesses as well as tax and accounting firms, today announces the integration of Augusta Rule deduction filing guidelines into Instead and Instead Pro.
The Augusta Rule, known as Section 280A by the Internal Revenue Service, empowers homeowners in any income bracket to rent out their homes for up to 14 days without the obligation to report the rental income as taxable on their tax return.
Instead and Instead Pro offer seamless Augusta Rule savings estimation to help plan, calculate, document and file a return. Users can leverage Instead to:
- Discover and manage comparable rentals to maximize savings
- Construct and sign a rental agreement
- Document the business purpose, substantiating the deduction and the transfer of tax-free income to personal accounts
“We developed Instead to offer businesses and accountants an easy-to-use solution for managing and optimizing R&D tax credits. The addition of Augusta Rule calculations to the product enhances our clients’ capabilities, offering one more powerful tool to have in their arsenal,” states Andrew Argue, CEO and co-founder of Corvee. “By utilizing the Augusta Rule, individuals can rent out their homes or vacation properties to their businesses, not only accepting rental income tax-free on their personal returns, but also deducting the rental costs on the business return.”
For more information on Instead, visit www.instead.com.
About Corvee
Corvee (www.corvee.com) provides tax, accounting and financial advising firms the ability to make smarter tax decisions for their clients while growing and optimizing their operations. The company’s innovative software, including Corvee Tax Planning and the newly released Instead and Instead Pro, simplifies complex tax processes and fosters proactive, strategic planning. Stay connected with Corvee via its blog, Facebook, LinkedIn, Instagram, X and TikTok.
Media Contact
Vicki LaBrosse
Edge Marketing for Corvee
vlabrosse@edgemarketinginc.com
651.528.9445
