The Gig Economy: how is it taxed?

Many people have turned recently to providing services or renting their houses or cars to provide extra income through internet based sites such as AirBnB, Uber, taskrabbit etc.  IRS reminds us that this extra income is taxable and should be reported.  In general all income is taxable unless specifically excluded by statute.  On the IRS website, they have a page dedicated to providing info on the shared economy.  It is also imperative to know what deductions you are entitled to on your tax returns in relation to the income.  What to deduct and where on your return to deduct it varies greatly by your exact circumstances.  You can contact us or another competent tax professional such as an Enrolled Agent in your area to address these issues.