Rideshare (Uber, Lyft, etc.) and other drivers actually have two options (see my mileage vs. actual expense method article) 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. Your total deduction and recordkeeping requirements differ depending on…
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…
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…
