SHARING ECONOMY TAX IDEAS

Sharing economy tax ideas. So you have a house to rent—or maybe just a room, in the sharing economy. Or perhaps you’d like to pick up passengers in your car working for Uber or Lyft. Pursuing these types of business activities can be great sources of additional income. But there are drawbacks too, including those […]

IRS GUIDANCE ON VIRTUAL CURRENCY

IRS guidance on virtual currency.  Expanding on guidance issued in 2014 (see notice 2014-21) the IRS has issued additional guidance to assist taxpayers with the reporting requirements for transactions involving virtual currency. The IRS defines virtual currency as: “Virtual currency is a digital representation of value that functions as a medium of exchange, a unit […]

IRS PAYCHECK CHECKUP GOOD IDEA

IRS paycheck checkup good idea. A paycheck checkup is a good idea for anyone working in the sharing economy, so they can determine whether they will owe taxes at the end of the year. As a planning tool it can be used by anyone, individuals and business owners alike. Many people working in the sharing […]