Wolters Kluwer Tax & Accounting:
What: 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. Participants in the gig economy are basically entrepreneurs starting their own business, some perhaps for the first time in their lives. A new Wolters Kluwer tax briefing, “Sharing (Gig) Economy,” examines the tax implications for this short-term work, and what participants need to know when it comes time to file taxes.
Why: Participants engaged in the gig economy are likely to face tax issues that they have not had to deal with in the past: separating personal activities from business activities, keeping accurate tax records, paying estimated taxes, paying self-employment taxes, dealing with the rules for a home office, perhaps having to issue tax forms for business payments made, and dealing with similar issues at the state level.
Who: Tax experts for Wolters Kluwer Tax and Accounting are available to discuss the tax issues facing Americans joining the gig economy. Among the topics they can discuss:
- Who is an employee vs. an independent contractor
- What nexus rules might apply to determine what states you are doing business in
- How might income be apportioned among those states
- What expenses might a participant in the gig economy be able to deduct
- What are the basic tax requirements for running a business
- What are the rules for a home office deduction
- What special deductions might apply to ride sharing or home sharing
- What are the requirements for paying federal and state estimated taxes
- What federal and state tax forms might a gig economy participant receive or be required to issue
Download the new Wolters Kluwer Tax and Accounting briefing, “Sharing (Gig) Economy.”
Contact: Members of the media interested in arranging an interview with a Wolters Kluwer tax expert may contact:
| LAURA GINGISS | BRENDA AU | |||
| 847-267-2213 | 847-267-2046 | |||
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