Taxes
Rideshare drivers are independent contractors. As such, they are paid their full earnings and are responsible for keeping track of their earnings and expenses and paying taxes themselves. Don’t worry! It’s not that hard and we are here to help you through it. Browse our tax articles below to learn more.
How to Update Your Information for Advance Child Tax Credit Payments
The American Rescue Plan Act expands the child tax credit for tax year 2021. The maximum credit amount has increased to $3,000 per qualifying child between ages 6 and 17 and $3,600 per qualifying child under age 6.
If you’re eligible, you could receive part of the credit through advance payments of up to
The Gig Worker’s Guide to Quarterly Estimated Taxes
The majority of gig economy workers are sole proprietors, meaning that they are the sole owners of a business that has not established a separate entity. As a sole proprietor, you are responsible for paying both income tax and self-employment (SE) taxes…
2020 Rideshare Driver Tax Guide
Because you are considered an independent contractor, no taxes are taken out of your payouts. The bad news, though, is that you can be surprised by a big tax bill if you don’t make estimated tax payments. Talk with a tax advisor, who can help you make estimated tax payments during the year. Let’s explore how to minimize the tax burden that rideshare drivers often face.
Rideshare Tax Deduction Calculator
Our Rideshare Tax Deduction Calculator factors in expenses like depreciation, fuel, maintenance and more, to help you determine the best deductions to get your biggest tax benefit.
Free Webinar: Filing Your Taxes as a Rideshare Driver
Kenneth W. Boyd is a former Certified Public Accountant (CPA), Auditor, Tax Preparer and College Professor. Boyd brings a wealth of business experience to financial education. In this webinar, Ken covers: Writing off expenses, Understanding your 1099 form, The Uber year end summary, & more …
Credit Karma Offering 100% Free Tax Filing
A few years ago Credit Karma launched a free credit monitoring service to help you get your finances on track. They didn’t have any hidden fees, just good advice and a good service with some advertising designed to help you meet your financial goals. Now, they’re taking that business model and helping consumers file their taxes online – for FREE.
2019 Rideshare Driver Tax Guide
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.
2018 Tax Guide for Uber and Lyft Drivers
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.
