Tax Obligations in the Sharing Economy

If you use the internet to provide customers with services, such as household chores and handyman services, or the use of assets, like a car or room for rent, you may be part of the newest workforce known as the "Sharing Economy" or "Gig Economy." The Internal Revenue Service (IRS) is keeping with the times by acknowledging this quickly evolving category of businesses and assisting business owners with regard to their gig-source tax obligations by creating an Internet-based Sharing Economy Resource Center.

Business owners can use the new IRS site to find out their filing requirements, reporting obligations, and other helpful information (including regarding business expenses). To review the resource center, click here.

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