If you are one of the millions who use Uber, Lyft, Airbnb, or Etsy, you are part of the sharing economy. Using these services doesn’t impact your taxes. However, if you provide services through these companies, there are tax implications.  This article explains the IRS requirements for reporting your income from providing services in the sharing economy and some of the pitfalls to avoid.

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If you are thinking about renting out a property through Airbnb or other similar companies, driving for Uber, or selling products through an online entity, your tax advisor at Sharrard, McGee & Co., PA can help you understand the rules and make decisions that will minimize your tax liability for these earnings. Call us in High Point at (336) 884-0410 or in Greensboro at (336) 272-9777.