The number of people engaged in the “gig” or sharing economy has grown in recent years. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare rooms, delivering food and walking dogs. Generally, if you receive income from these gigs, it’s taxable. That’s true even if the income comes from a side job and if you don’t receive a 1099-MISC or 1099-K form reporting the money you made. You may need to make quarterly estimated tax payments because your income isn’t subject to withholding. Some or all of your business expenses may be deductible on your tax return, subject to the normal tax limitations and rules. Contact us to learn more.

Device policies pertaining to smartphones and other technology tools are evolving. Loose “bring your own device” (BYOD) policies are giving way to stricter “choose your own device” (CYOD) or “corporate-owned, personally enabled” (COPE) policies. A CYOD policy lets employees buy a device for combined personal/work use from a company-approved list. Generally, the employee owns the device while the business owns the SIM card and any proprietary data. Under a COPE policy, the employer buys and owns the device, which is intended for business use. The cost is higher, but it comes with greater control. We can help you analyze the potential costs of a device policy and make the right choice.

You may wonder if you can get a tax break for medical and dental expenses, as well as prescription drugs. Here’s what it takes and how you might be able to benefit by moving certain expenses into 2019.