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Economy Blog

Federal and State Tax Impacts of the Sharing (Gig) Economy

Federal and State Tax Impacts of the Sharing (Gig) Economy

A recent Wolters Kluwer special report, “Federal and State Tax Impacts of the Sharing (Gig) Economy” examines the tax implications of the sharing, or gig, economy. 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. The internet is used to connect suppliers to consumers. The sharing (gig) economy is often used to connect workers and businesses for short-term work. Income received is generally taxable, even if the recipient does not receive a federal Form 1099, W-2 or some other income statement. Depending upon the circumstances, some or all business expenses may be deductible.

 

Highlights include:

  • Income recognition
  • Employee v. Independent Contractor
  • Filing/payment Requirements
  • Available Deductions
To read more about what Wolters Kluwer says about this expansive topic, click here.

 

As always, if you have any questions, please reach out to your BenefitMall Sales Teams.

 

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