Mileage tracking is one of the biggest missed deductions for the average rideshare driver. In fact, it doesn’t take long for a driver to realize they really do put a lot of extra miles on their vehicle by driving for services like Uber, Lyft, or Doordash.
However, there is still a lot of misinformation around what to do with all of these extra miles. Many are unsure of exactly which miles can or cannot be written off, or just how much tracking mileage can lower tax liability. Further, every mile costs a driver money, so it’s good to know your miles from a cost/benefit standpoint. Is it worth making $100 if you had to drive 200 miles in the process?
Uber and Lyft provide some information about your miles driven, but it only paints a small part of the picture.
Make Every Mile CountDid you know that every 1,000 business miles can generate $540 in tax deductions? Never miss another mile with the new QuickBooks Self-Employed automatic mileage tracker.
That’s where tools like QuickBooks Self-Employed (QBSE) come in handy. QBSE can track your mileage from the moment you get in your car to drive until the moment you get home for the night using automatic mileage tracking. This gives you all of your information in the same place so you can record your income and expenses as a driver. [Read more…]