Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

The Tax Implications of Participating in the Sharing Economy

Written by Eva Rosenberg on July 14, 2015 in Tax  |   2 comments

With the advent of the so-called “sharing economy,” a world of fun and profit has opened up to consumers. You might be driving for Uber or Lyft, renting out your home on Airbnb, or doing odd jobs on TaskRabbit, all in hopes of making a…

TaxSharingEconomyWith the advent of the so-called “sharing economy,” a world of fun and profit has opened up to consumers. You might be driving for Uber or Lyft, renting out your home on Airbnb, or doing odd jobs on TaskRabbit, all in hopes of making a little cash. While a side job can be a great way to earn extra money, there are also tax implications to consider.

Consumers experimenting with these opportunities may sometimes overlook the fact that they are actually running a business. People who dabble in the sharing economy may never earn more than a couple hundred dollars, but once income exceeds $600 (before expenses) or $400 (after expenses), federal and state taxes, in addition to local licensing laws, take effect.

Local Issues
Running a business out of your home might require special permits or a business license. Check with your city clerk or other local official in charge of such things to verify what you might need.

Here are two resources that may help address questions about licensing:

Specialized Registration Rules
There may be specialized registration rules for your business. For instance, regularly renting out all or part of your home may require you to register it as a hotel—and to pay the local taxes that hotels or bed and breakfasts do. However, if you rent your home only once or twice a year while you’re on vacation, you might be exempt.

Tax Implications
All of the licensing costs, related insurance, advertising, and hard costs invested to generate income are deductible. But as for the use of vehicles and homes, depreciation, and home office space, all the rules apply that relate to any business.

That means you must keep detailed records, logs of personal and business mileage, and receipts of all expenses. IRS Publication 334 is a must-read—all the way through—before you start your side job.

When it comes to renting your home or property to vacationers, there are different ways of reporting the income, depending on whether you treat the rentals as a business or a hobby. When you are renting the property out to several short-term visitors (with an average stay of seven days or less), you might be considered a hotel for income tax purposes. This means that the rental must be reported on Schedule C and all profits will be subject to self-employment taxes.

However, there’s good news for people who only rent out their property for a total of 14 days or less per year: all of that rental income is generally tax-free. Incidentally, if you rent your property to a tenant for 14 days or fewer, not only is the income tax-free but any repairs and remodeling the tenant does during that time is as well.

Taking on a side job to make some extra cash can be a financial boon, but it’s not without tax implications. It’s important to consult a tax professional before diving into the sharing economy. A professional will be able to advise you on your individual situation and help you avoid any costly mistakes with your taxes.

Eva Rosenberg, EA, is the publisher of TaxMama.com®, where your tax questions are answered. She teaches tax professionals how to represent you when you have tax problems. She is the author of several books and e-books, including Small Business Taxes Made Easy. Follow her on Twitter: @TaxMama

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.


  1. Anonymous says:

    While I do not participate in the Sharing Economy, I appreciate the opportunity to learn more the current tax implications and about the business licenses involved.

  2. Anonymous says:

    I would like to thank you for offering this service to the public like you have bbeen doing for so long.

Leave a Comment

Name :

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Tax Archive