In recognition of National Small Business Week -- April 30 to May 6 -- the Internal Revenue Service is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations. Some of these tools focus on an emerging area of business activity -- the sharing economy – also referred to as the on-demand, gig or access economy.
People involved in the sharing economy engage in activities such as renting a spare bedroom, providing car rides or offering a number of other goods or services. Because there are tax implications for companies providing the services and individuals performing the services, the IRS has created the following special products to help these businesses and workers understand their tax responsibilities:
- Sharing Economy Tax Center, a webpage to help people quickly find answers to tax questions, as well as tips and forms for the sharing economy.
- Your Taxes in a Sharing Economy, a YouTube video on tax issues affecting those working in the sharing economy.
Other Small Business Products
The IRS provides an overview of other products in a newly created YouTube video. Some featured products for small business owners and self-employed individuals are:
- Small Business and Self-Employed Tax Center -- an online resource featuring links to a variety of useful tools, including Small Business Taxes: The Virtual Workshop, a downloadable tax calendar and common forms with instructions. The Center provides help on everything from how to get an Employer Identification Number online to information and tips about IRS audits.
- Self-Employed Individual Tax Center – a resource for sole proprietors and others who are in business for themselves. This site has many useful tips and references to tax rules a self-employed person may need to know.
- IRS YouTube Video Channel – with videos for small businesses.
- IRS Video Portal -- video and audio presentations on a variety of topics of interest to small businesses.
- Online Learning and Educational Products – a page with tools to help taxpayers learn about taxes on their own time and at their own pace. For example, the IRS Tax Calendar for Businesses and Self-Employed has important tax dates for businesses. Download the Calendar Connector tool to get the dates even when offline.