How a side hustle sharing economy affects your taxes.

Participating in the sharing economy through freelance work, ride sharing, peer-to-peer accommodations, property rentals, subcontracting, social lending and other sharing services is an increasingly popular way to earn extra dollars for whatever you fancy. However, it is important to understand the tax implications that come with this additional moola.

Our professional staff at Fair Tax is equipped to guide you through all the details of handling the taxes on your part-time or side hustle income. We advise what records are required for tax purposes to correctly report all income and deductions on your returns. Boom. We also recommend if it’s a good idea to make quarterly estimated tax payments. If so, we will tell you how much those payments should be. We’ve got your back.

Fair Tax has thorough knowledge of the tax code on the sharing economy. We provide supreme guidance to make the most of your opportunities. We also help you avoid tax penalties or paying too much in taxes as you pursue your side hustle.

When you have questions about extra income, contact Fair Tax. We’re here to help.