Doing your rideshare taxes doesn’t have to be complicated! For some rideshare drivers, your taxes may be as simple as a few forms. Today, full-time rideshare driver and RSG contributor Jay Cradeur shares how he files his rideshare taxes step-by-step. If you’d like to get the help of a recommended rideshare CPA, please click here.
I have watched many YouTube videos of Uber and Lyft drivers talking about how difficult it is to do your taxes as a rideshare driver. Many of these drivers seem to think that rideshare drivers pay more in taxes than a W-2 employee, but this is usually not the case.
Note: I am not a tax expert. You should definitely do your own due diligence before turning in your tax return. These are my practices, which I feel are conservative and fair.
Over my sales career, I hired hundreds of independent contractors and one of my selling points was the value of the tax benefits of being an independent contractor. Even better for rideshare drivers, we can take advantage of a very generous mileage deduction, which, as you will see, can significantly reduce your tax burden.
Interested in using TurboTax yourself? You can use my affiliate link to purchase your copy of TurboTax here.