SPONSORED:

IRS launches help center for on-demand economy businesses

If you're working for or starting the next Airbnb, Uber or TaskRabbit, the Internal Revenue Service has some help for you.

The IRS on Monday launched a website for tech-centered on-demand businesses — sometimes called the sharing economy —  that offers guidance on properly filing tax forms and other procedures. Such companies connect consumers with goods or services, such as car rides, room rentals and help with chores.

“This rapidly evolving area often presents new challenges for people engaged in these economic activities, whether they are renting a room or providing a ride,” said IRS Commissioner John Koskinen. “The IRS is working to help people in this area by providing them the information and resources they need to file accurate tax returns.”

ADVERTISEMENT

The new Sharing Economy Tax Center is meant to help business operators and employees navigate the often complicated and unclear tax laws pertaining to startups. 

The website includes links to forms for individuals who rent their homes for short terms. These cover property depreciation, casualties, income and expensing.

It also covers how individuals working for these businesses should file their taxes.

Sharing economy businesses have rapidly expanded since 2010, and their workers contributed $1.15 trillion in revenue, according to an analysis from software company MBO Partners.