There’s no better place to get your questions answered than directly from the IRS Sharing Economy Tax Center. The IRS recently put together an extensive webpage to go over many of the issues facing those in the sharing economy. You can view the website here or continue reading below for a snap-shot of what to expect:…
The income you earn on Fiverr is considered self-employment income. Fiverr income is taxable to the recipient. If you haven’t heard of Fiverr, it’s a website that allows its users to offer products and services starting at just $5. The choices are abundant, and many users have great things to say about the service. Fiverr…
This article will help you learn about what to do with Turo (formerly RelayRides) income and what deductions and other car-sharing tax benefits are available. Much like Airbnb has disrupted the hotel industry, companies such as Turo and Getaround are attempting to disrupt the car rental business. They have grown tremendously over the past few years. Car…
Companies such as Uber and Lyft have started using the Form 1099-K along with the Form 1099-MISC. These forms report payments made to individuals for the year. Many people are familiar with the Form 1099-MISC that companies use to report payments to independent contractors. But a Form 1099-K could be completely foreign to them. Check…
Please view my video for my personal analysis of a Form 1099 from Uber. You will learn about the information that the IRS receives, the information that you need to use, and other important items. Following is a transcript of the video: Hi everyone, my name is Joe Starzyk. I am the owner and sole…
Fortunately your Form 1099 has a lot of useful information that you need on it. But first off, congrats! Choosing yourself is a lot harder than it seems. Being your own boss has many advantages, and, sure, some disadvantages. The feeling of being in charge of how much money you earn is great. Hopefully you…
