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Rideshare (Uber, Lyft, etc.) drivers actually have two options for deducting auto expenses attributed to driving passengers for hire. These methods include the standard mileage rate method (available starting in 2011), and the actual expense method, also known as the mileage vs. actual expense methods. Your total deduction and recordkeeping requirements differ depending on which…
Quarterly estimate payments are used to pay some, or all, of your taxes owed before the actual filing of your tax return. In certain situations, they are required. If they were required, and you did not pay any or not enough, there is a chance that an underpayment penalty will be due on your return….
There are several tax deductions for Uber drivers (or other rideshare companies such as Lyft) drivers need to be aware of when thinking of their taxes and business expenses. The following is a list of the 5 most commonly missed tax deductions for Uber drivers/other rideshare drivers: Car wash – Taking your car to the wash before…
If you’re working as an independent contractor, which includes working for companies such as Uber and Lyft, then chances are you will be paying self employment tax. Self employment tax is calculated on the net income from your business. If you’re thinking to yourself that you don’t have a business, well, think again. For tax…
