We’ve been getting a lot of questions on our Facebook page and via email about the latest tax bill, the Tax Cuts and Jobs Act, and how it will affect rideshare drivers. As rideshare drivers are independent contractors, taxes can be slightly more complicated than an average salary worker (you can learn more about taxes for rideshare drivers here!) Today, senior RSG contributor Christian Perea breaks down how the new tax plan could impact drivers and what you need to know about it.
The ink is still drying on the final Republican tax bill known as the Tax Cuts & Jobs Act and we’ve been getting ALL KINDS of questions on how the new tax bill will affect us as Uber and Lyft drivers.
Disclaimer: I’m not a tax professional and you shouldn’t take this article as tax advice.
Broadly, the bill should benefit rideshare drivers, since it strongly favors small businesses and as you already know, we are all small businesses. That being said, this bill is still brand new and very complex. It’s likely to take several months before the experts hash out the best tax strategies.