CPA and Founder of Shared Economy CPA
What is Quarterly Taxes?
As a Rideshare Driver, the money you earned from driving your car is considered income and you must pay taxes on those earnings. Because there is no withholding from this income (e.g. taxes taken out), the government may require that you pay taxes on this amount four times a year. Estimated tax payments are due April 15th, June 15th, September 15th and January 15th.
Who owes Quarterly Taxes?
If you have more than $1,000 in 1099 taxes, you are potentially responsible to pay quarterly taxes. This amount is computed as the following:
Income – Expenses = Net Income * Self-Employed Tax Rate
In the calculation above, if the amount is more than $1,000, you may be required to pay quarterly tax.
What if I don’t pay Quarterly Taxes?
Unfortunately, if you are required to pay quarterly taxes and do not pay, penalties may be applied to you when you file your income tax return. In 2015 alone, the IRS assessed over $1 billion dollars in estimated tax penalties.
Who are we and what do we do?
Shared Economy CPA is the premiere CPA firm that helps individuals working in the Sharing Economy and 1099 Independent Contractors with all tax planning, compliance, preparation, savings, and peace of mind. Specifically, we provide the following services:
- Individual and Business Income Tax Return Preparation
- Entity Selection: Set-up Corporate and LLC Tax Reporting Structures and associated tax requirements
- Compliance with local, state, and federal regulatory requirements
- Tax and Estate Planning
- Quarterly tax payment planning and preparation
- IRS Audit and Defense
- 1099 Uber and Lyft Tax Analysis
Robbie – Airbnb
Los Angeles, California
Derek was able to help get my complicated and disorganized business ready for tax season and the process went amazingly well. He took care of everything and alleviated all my headaches. I cannot recommend Derek highly enough!
Matt – Airbnb
Los Angeles, California
I started using Airbnb to rent out an extra room in my house last year and had no idea that I needed to save money for taxes when April 15th came around the corner. Luckily, I came to the Shared Economy CPA and was able to deduct more than I had anticipated and was able to save a ton of money. I would highly recommend Derek’s services to anyone who is looking to save money on their taxes and wants high quality professional services.
Jenny – Airbnb
Derek and his team were incredible in helping me not only fulfill my tax obligations for both Airbnb and RelayRides, but helped save me a ton of money in deductions I would have never known I was eligible for! They were smart, efficient, and gave me peace of mind as I knew they were not only tax pros in the traditional sense, but specialize in the shared economy as well! I am so happy to have found this organization!