Estimated Income Tax payments: You may make quarterly tax payments on self-employment income, or on income that is not subject to tax withholding.
Separate from Income Tax payments is the Self-Employment taxes, consisting of Social Security and Medicare payments. Self Employed individuals (Independent Contractors) make their personal payment, and because there is no employer, you must make the matching contribution.
Depreciation: you may deduct depreciation on equipment, vehicles, furniture, buildings, etc that are subject to depreciation. There are options for claiming simplified methods such as the home office deduction and the standard mileage rate.
Home Rentals: If you rent your home (including as a vacation rental), you must claim the income from that. There are allowed deductions that you are allowed to claim that would reduce the amount of income subject to tax. There are special rules if you use the property for personal use in addition to renting.
Here is a link to the IRS page: Sharing Economy Resource Center.
As always, if you have any questions, give us a call.