Tax Tip: Sharing Economy Folks Get More Freedom -- and More Tax Forms

The great part about working in the sharing economy is that you have way more freedom and more flexibility! The downside -- more tax forms because you now have to file as a small business. Watch our video to find out which new forms you should get to know!

If you are self-employed or a member of the sharing economy "Yeah You!" Congratulations on empowering yourself and going at it on your own!

You have freedom, flexibility and may even work in your fuzzy slippers! But remember, now you also have extra tax filing requirements.

Because even if you're a freelancer, ride-share driver or you rent a room in your house, you now have a business and must file accordingly. 

So you will need to get to know some new tax forms.

So watch our video to find out which ones. 

And a big heads up: if you sold goods and/or services and took payment from a third party, like a credit card or PayPal, you are required to receive a 1099-K Payment Card and Third Party Transactions if your gross payments exceed $20,000, and you had more than 200 such transactions.

Watch the video for those details too!

For more tax tips follow me @tracybyrnes or subscribe to our YouTube channel here: 

 

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TAGS: How-to | Investing | Video | Economy | Taxes | Financial Planning | Personal Finance | Tax Tips | Tax Planning | Money Basics | Opinion

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