Find everything you need to know to correctly estimate and pay your quarterly taxes in this complete guide. […]
Category: Rideshare Taxes
Best Tax Extension Tips for Rideshare Drivers Automatic extensions can give you up to six additional months to file your tax return. The extra time makes a big difference for many rideshare drivers. However, taking a few steps in advice can save you a lot of aggravation later. If you filed an automatic extension, these […]
Uber Tax Forms: What You Need to File
Taxes are an inevitable part of working. Regardless of how you earn your income, taxes must be paid on the income you earn. The tax filing deadline is quickly approaching. If you haven’t filed your taxes yet, now is a good time to start gathering the necessary documents. If you drive for Uber or work […]
3 Last-Minute Uber Driver Tax Deductions for 2020
Driving for rideshare is a great way to earn money at your own pace, but it complicates your tax situation too. You work for yourself, so there’s no one to withhold taxes from your check. You’re responsible for paying your own taxes, but you can reduce your year-end tax bill with deductions. Most deductions come […]
4 Easy Steps to Calculate and Pay Estimated Rideshare Taxes
If you drive for Uber and Lyft, you’re a small business owner. You don’t work directly for the rideshare company, so the IRS views you as an independent contractor. Since you’re not an employee, the platform doesn’t withhold any taxes from your earnings. However, that doesn’t mean you’re off the hook. You still have to […]
Mileage Reimbursement Rules for Uber Drivers and Turo Owners
As a business owner, tax deductions are your best friend. By leveraging your qualified expenses against your income, you can effectively lower your tax obligation. When it comes to qualified expenses, the IRS allows a lot of regular business expenses to be written off. One of the best deductions for business owners and independent contractors […]
Lyft Taxes: Tax Tips for Rideshare Drivers
Navigating the complex nature of self-employed taxes can leave you with a lot of unanswered questions. How does the IRS tax my Lyft income? Do I have to report my income from ridesharing? Will I get a 1099 form? These are just a few examples of common questions about Lyft taxes. If you drive for […]
Uber Drivers: The Standard Mileage Deduction Might Not Be a Good Idea
If you drive for Uber or Lyft, you have two options for deducting your vehicle expenses. Drives can choose to take the standard mileage rate or Section 179 deduction. The standard mileage rate is the most common, but it’s not always the best option. In fact, you might be better off choosing another method. About […]
Tax Mistakes To Avoid – Get Your Taxes Right The First Time
If you participate in the Sharing Economy, be it opening up your home on Airbnb or sharing your car on Turo, you know that it can be very rewarding. While you may enjoy running your business, the bottom line is you are generating an income. This income, regardless of if it is part time or […]
The Best Way To Pay Your Sharing Economy Taxes
Your tax bill can be a real pain. You spend all of this time gathering your information, meeting with your tax professional, crunching numbers, preparing them, filing them, and in the end paying them, it takes a lot of energy and for some stress. Nobody likes to pay taxes, and the fact that the tax […]