The sharing or gig economy allows individuals and groups to use technology advancements to arrange transactions that generate revenue from their assets such as cars and homes, or from services they provide, such as household chores, delivery, or technology services. The internet is used to connect suppliers to consumers. The sharing (gig) economy is often used to connect workers and businesses for short-term work. Income received is generally taxable, even if the recipient does not receive a federal form 1099, W-2, or some other income statement. Depending upon circumstances, some or all business expenses may be deductible.
Read more below for highlights on:
- Tax Consequences of Payments Received through Sharing Economy
- Employment Status of Sharing Economy Workers
- State Nexus and Apportionment Issues Triggered by Sharing Economy
- Types of Expenses Deducted by Sharing Economy Workers