Earning Through the Shared Economy? Tackle your 1099

Written by Priti Ambani

You monetize the sharing economy. You rent out your car, spare room, tools and freelance as a writer, designer or coder. You are making a sweet income, tapping into the the collaborative offerings and all is well. Then April 15 comes around and brings along tax confusion and uncertainty. Your tax consultant asks, “You are sharing what?”

The Collaborative Fund has just introduced 1099.is, a crowd-sourced repository of tax and accounting information for self-employed workers and folks getting side income. Collaborative Fund, established in 2010 is a leading source of capital and strategic support for creative entrepreneurs who want to change the world through collaborative consumption.

Their mission for 1099.is simple. Support the sharing economy and help recognize the liability that freelancers face.

“In the process of meeting with dozens of participants in the Sharing Economy – from crowdfunding platforms, car & ride-sharing startups, freelance writers, designers, and coders – we heard the same complaint: taxes are a constant source of uncertainty and pain for all parties involved. Working for yourself has different tax implications than the standard, employer-facilitated W-2 filing. The self-employed are at greater risk of an IRS audit, making accurate filing critical. Expenses, deductions and self-employment tax – all factor into determining how much is owed on every April 15th.”

Alberto Escarlate, venture capitalist at Collaborative Fund and contributor to 1099.is says,

“The objective of 1099.is is to become an open resource for the community to share their own experiences.”

The tax code is complicated, confusing and time-consuming. There is a need to simply it for an emerging income generating options that are non-traditional and diverse. 1099.is wants to be a crowdsourced space that provides advice from experts and people who have been through this before in transparent, clear, simple language. The site sure works in a collaborative way, requesting freelancers to submit questions they have on their 1099. Moreover, this information is needed widely, every collaborative consumption or sharing economy platform user has questions and wants to learn more. So why reinvent the wheel again and again. Wouldn’t you rather focus on freelancing another gig or renting out your shop vac?

Obviously with any tax advice comes the disclaimer. None of us are tax experts so it’s never too much to say that it is critical to consult with a tax professional before making any final decisions.

Tweetable Insights

Crowd Sessions Corporate Crowdfunding


Crowdsourced Innovation &
Prize Challenges for Sustainability

Don't forget to share this post!
About Author

About Author

Priti Ambani

Priti Ambani is the Global Media Director at Crowdsourcing Week, a thought leader and prominent writer on social and environmental enterprises, start-ups and Web 2.0 businesses. As the Director and Managing Editor of Ecopreneurist, Priti has been instrumental in growing the site into a notable social business resource. Specializing in her ability to work with impact organizations from the ground up, Priti has developed successful business and communications strategies for fledgling start-ups, social and environmental enterprises. She also serves as a sustainability consultant at GreenDen consultancy and advises on CSR and the triple bottom line. Priti is a Professional Engineer and holds a Master’s degree in Biological Resources Engineering from the University of Maryland, College Park.

You may also like

10 Business Sectors Where Top Open Source Platforms Have an Impact

10 Business Sectors Where Top Open Source Platforms Have an Impact

The term ‘open source’ refers to much more than just being able to use free software. In a nutshell, Open Source Software (OSS) is crowdsourcing applied to software development. The term originated when early software developers collaborated to learn from and with...

Top 10 Video Conferencing Platforms

Top 10 Video Conferencing Platforms

Video conferencing is one of the technologies that has advanced more in the months of pandemic lockdown than it would have done in years. Whether used for work meetings, for virtual events with perhaps many attendees, or for dislocated families and friends to get...

Top 10 Freelancing Platforms

Top 10 Freelancing Platforms

Jobs for skilled freelancers are booming, and it doesn’t matter whether your skill is in marketing, tech, design, law, logistics or accounting. More and more companies are turning to gig platforms to find skilled freelancers to fill a wide array of openings. For...

Speak Your Mind


Submit a Comment

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.

Design Your Next Successful Prize Challenge

Design Your Next Successful Prize Challenge

E-BOOK Includes:

- 7 key Step Framework Guide

We have broken the process down to a template of seven key steps to ensure results.

- 7 key step Workbook

We created a workbook template to get actionable steps and a clear overview of your next prize challenge.

Get your Rewards ready! E-BOOK on it's way to your inbox!

Download your E-Book

Strategies and Insights from Real-World Online Marketplaces

E-Book on its way to your inbox!