Six things you should know about the sharing (gig) economy and their taxes

From renting spare rooms and vacation homes to car rides or using a bike…name a service and it’s probably available through the sharing economy. Taxpayers who participate in the sharing economy can find helpful resources in the IRS Sharing Economy Tax Center on IRS.gov. It helps taxpayers understand how this activity affects their taxes. It also gives these taxpayers information to help them meet their tax obligations.

Here are the six things you should know about how the sharing (gig) economy might affect your taxes:

1. The activity is taxable.
2. Some expenses are deductible.
3. There are special rules for rentals.
4. Participants may need to make estimated tax payments.
5. There are different ways to pay.
6. Taxpayers should check their withholding.

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Six things you should know about the sharing (gig) economy and their taxes

Source: www.tapinto.net