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IRS Launches New Resource Center for Sharing Economy-based Income

Phone new resource center sharing economy not do not always receive complicate tax filings  Form 1099-MISC, Miscellaneous Income, Form 1099-K, Payment Card and Third Party Network Transactions, Form W-2, Wage and Tax Statement, or some other income statement. This is true, said the IRS, even if you do it as a side job or just as a part time business and even if you are paid in cash. It did point out, though, that, depending upon the circumstances, some or all of your business expenses may be deductible, subject to the normal tax limitations and rules.

The page contains links to guidance and forms relevant to workers using sharing economy platforms, such as filing requirements, the difference between employees and independent contractors, self-employment taxes, tax payments, depreciation, rules for home rentals and business expenses.