What You Should Know About Sharing Economy and Your Taxes…

In the last few years there has been an increase in the sharing economy. If you haven’t heard the term you are most likely familiar with the concept—the sharing economy is when individuals share items or services, mostly via the internet. Various apps and websites connect people to rent things by the day, the week, or even by the hour. A fee is usually involved. One example of the sharing economy are Airbnbs. What many may not know about is the effect there may be on their taxes from these types of ventures. The IRS has a recent publication outlining some things you should know if you engage as a vendor in the sharing economy. To learn more visit: https://www.irs.gov/newsroom/six-things-taxpayers-should-know-about-the-sharing-economy-and-their-taxes