Let’s explore how to minimize the tax burden that rideshare drivers often face. A great way to lower your tax bill is to get every deduction and credit that you are legally entitled to as a small business owner. There are many deductions and credits that drivers are often unaware of.
The debate goes on. What can I write off? Should I itemize and try to get the most from my deductions or should I take the standard mileage deduction that the IRS calculates at $0.58/mile for tax year 2019. Let’s look at the numbers and compare. First, you will need to calculate your vehicle’s depreciation, …
Uber, Lyft and Rideshare drivers generally receive two forms at the end of the year – a 1099-K and a 1099-MISC. The 1099-K reports the total amount received from passengers for the rides provided. The 1099-MISC reports any other income that received, including non-driving bonuses and referral income.