The Internal Revenue Service (IRS) encourages self-employed individuals who operate in sharing-economy type of businesses to settle their tax obligations in a timely manner by offering them free resources, an article of the irs.gov reported on November 23.
The IRS offers the “Small Business and Self-Employed Tax resource center” to guide independent contractors and sole proprietors for the available tools and information that they could use in filing their taxes. On the other hand, individuals who run a business related to renting like, houses for rent, apartments, or private transportation rental may use the “Sharing Economy Resource Center” for them to access all the information and tips in filing taxes for the kind of business they operate. Aside from the free resources, the IRS also offers other means of training for taxpayers to comply with their obligations.
If you are having difficulty understanding your taxes as an entrepreneur, working with a skilled attorney is important for you to possibly avoid hefty fines or imprisonment. Learn more about your taxes and the IRS today by filling out the contact form on the top of this page.