The questions on this website were developed through experience working with start-up companies built to thrive in a dynamic sharing economy. The answers were developed through research by a recent law school graduate of the relevant corporate, regulatory, and tax issues and has undergone further review by Collaborative Fund’s legal counsel. This resource was created to provide some common-sense answers tailored to general needs in the sharing/exchange economies. However, these answers are still intended to reach a broad collection of users and should be instructive chiefly in narrowing the questions that users must ask as they have their own unique experiences and circumstances in these new marketplaces.
These are the main sources used in our research:
General
Do You Need to File a Federal Income Tax Return?
https://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
How should I record my business transactions?
Topic 551 — Standard Deduction
http://www.irs.gov/taxtopics/tc551.html
Home Office Deduction
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Home-Office-Deduction
Reporting Miscellaneous Income
http://www.irs.gov/uac/Reporting-Miscellaneous-Income
Do I have to File a Tax Return?
http://www.irs.gov/uac/Do-I-have-to-File-a-Tax-Return%3F
Recordkeeping
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Recordkeeping
Marketplaces
Forming a Limited Liability Company in New York
http://www.dos.ny.gov/corps/llcguide.html
New York Department of State’s Division of Corporations, State Records and Uniform Commercial Code
Forming a Business Corporation in New York
http://www.dos.ny.gov/corps/busguide.html
How to Form an LLC in California
http://www.nolo.com/legal-encyclopedia/california-form-llc-31670.html
How to Form an LLC in New York
http://www.nolo.com/legal-encyclopedia/new-york-form-llc-32140.html
How to Form an LLC
http://www.nolo.com/legal-encyclopedia/form-llc-how-to-organize-llc-30287.html
New York — LLC, Business License, Incorporation
https://www.incorporate.com/new_york.html
What Can I Deduct?
https://www.irs.gov/publications/p535/ch01.html#en_US_2012_publink1000208606
Publication 587 (2012), Business Use of Your Home
http://www.irs.gov/publications/p587/index.html
Deducting Business Expenses
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses
SCHEDULE C-EZ (Form 1040) Net Profit From Business (Sole Proprietorship)
http://www.irs.gov/pub/irs-pdf/f1040sce.pdf
SCHEDULE C (Form 1040) Profit or Loss From Business (Sole Proprietorship)
http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
How LLC Members Are Taxed
http://www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html
Limited Liability Company (LLC)
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Limited-Liability-Company-LLC
LLC Taxation
http://www.companiesinc.com/llc/taxation.asp
LLC Tax Classifications
http://www.companiesinc.com/llc/tax-classifications.asp
The LLC Operating Agreement
http://www.nolo.com/legal-encyclopedia/llc-operating-agreement-30232.html
Self-Employment Tax (Social Security and Medicare Taxes)
LLC Tax Classifications
http://www.companiesinc.com/llc/tax-classifications.asp
LLC Vs. S-Corp Payroll Taxing
http://smallbusiness.chron.com/llc-vs-s-corp-payroll-taxing-3776.html
Tax considerations of LLC Corporations
S Corporations
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporations
Resource Sharing
Airbnb: What rental expenses are tax deductible?
https://www.airbnb.com/help/question/182?cdn_spdy=1
When To Report
https://www.irs.gov/publications/p527/ch01.html
Personal Use of Dwelling Unit (Including Vacation Home)
https://www.irs.gov/publications/p527/ch05.html
How Renting Out Your Extra Bedrooms Affects Your Taxes
http://blogs.hrblock.com/2012/08/16/how-renting-out-your-extra-bedrooms-affects-your-taxes/
Tax Issues When Renting Out a Room in Your House
http://www.nolo.com/legal-encyclopedia/tax-issues-when-renting-out-room-your-house.html
Reporting Rental Income, Expenses, and Losses
http://www.irs.gov/publications/p527/ch03.html
Leasing a Car
https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100034045
Depreciation Deduction
https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100033986
Car Expenses
https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100033986
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
http://www.irs.gov/uac/IRS-Announces-2012-Standard-Mileage-Rates,-Most-Rates-Are-the-Same-as-in-July
Do You Need an EIN?
https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Do-You-Need-an-EIN
Dividing Expenses
https://www.irs.gov/publications/p17/ch09.html
Crowdfunding
26 USC § 170 — Charitable, etc., contributions and gifts
http://www.law.cornell.edu/uscode/text/26/170
Choosing The Right Corporate Structure For Your Business
How to Calculate Self-Employment Tax
http://www.obliviousinvestor.com/how-to-calculate-self-employment-tax/
LLC vs. S-Corp vs. C-Corp (The 3-Minute Version)
http://www.obliviousinvestor.com/llc-vs-s-corp-vs-c-corp/
Business Structures
http://www.entrepreneur.com/topic/business-structures
LLC Basics
http://www.entrepreneur.com/article/77966
State Taxation
Etsy: Seller Handbook Archive
http://www.etsy.com/blog/en/2013/the-seller-handbook-archive/
Etsy: Taxes 101 for Etsy Sellers
http://www.etsy.com/blog/en/2013/taxes-101-for-etsy-sellers/
Etsy: Making Online Sales Tax Work for Small Sellers
http://www.etsy.com/blog/news/2013/making-online-sales-tax-work-for-small-sellers/
Etsy: Tax Tips: Everything You Need to Know About Sales Tax
http://www.etsy.com/blog/en/2010/tax-tips-everything-you-need-to-know-about-sales-tax/
Etsy: How to Determine Your Sales Tax
http://www.etsy.com/blog/en/2012/how-to-determine-your-sales-tax/
Multiple States — Figuring What’s Owed When You Live and Work in More Than One State
Sales Tax Resources for Online Sellers in Every State
http://outright.com/blog/sales-tax-resources-for-online-sellers-in-every-state/
State Income Tax: Living in One State, Working in Another
http://www.rapidtax.com/blog/state-income-tax-living-in-one-state-working-in-another/
How Do I File a State Return if I Live in New Jersey and Work in New York?
Marketplace Fairness Act Information
http://www.marketplacefairness.org/
S.336 — Marketplace Fairness Act of 2013
http://beta.congress.gov/bill/113th-congress/senate-bill/336
