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2018 Tax Changes For Rideshare Drivers

Today we have a guest post from QuickBooks Self-Employed with more information on what to do in 2018 after the passage of the Tax Cuts and Jobs Act. The good news is that most drivers will end up paying less in federal taxes this year IF they take advantage of the right deductions. Right now, you can get a 30 Day free trial of QuickBooks Self-Employed and then 50% off for the next six months afterwards.

What’s New In Rideshare Taxes For 2018?

The 2018 Tax Cuts and Jobs Act brought on many major changes to both business and personal income taxes. Rideshare drivers are affected mostly by the business changes since driving for apps like Lyft and Uber is treated as independent contractor work.

New Lyft Driver - Earn 1500:week

Here’s what you need to know if you’re currently a rideshare driver or are thinking about driving to earn some extra cash.

Are You Keeping Track of Your Rideshare Earnings?

Every 1000 business miles = $545 in tax deductions. That means you have to track your miles and earnings. QuickBooks Self-Employed helps you track all of that quickly.

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What Can Drivers Do if They Forgot to Track Their Mileage?

Harry here.  Uber and Lyft typically send out 1099s by January 31st, so hopefully you’ve been tracking all of your mileage!  But if not, we’ve teamed up with Stride Tax for a guest post to help you figure out how you can still claim all those lost miles.

This post was written by Stride’s Tade Anzalone, who heads up their tax and finance support and is an Enrolled Agent with the IRS.

What can drivers do for their taxes if they forgot to track mileage? It turns out, there are still ways you can figure out your miles for 2017 - tips here!:

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How to File Your Rideshare Taxes With TurboTax

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.  

Related: Rideshare Taxes for Uber and Lyft Drivers

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.

Today, full-time rideshare driver and RSG contributor Jay Cradeur shares how he files his rideshare taxes step-by-step

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What Can Drivers Do if They Forgot to Track Their Mileage?

Harry here.  Uber and Lyft typically send out 1099s by January 31st, so hopefully you’ve been tracking all of your mileage!  But if not, we’ve teamed up with Stride Tax for a guest post to help you figure out how you can still claim all those lost miles.

This post was written by Stride’s Tade Anzalone, who heads up their tax and finance support and is an Enrolled Agent with the IRS.

What can drivers do for their taxes if they forgot to track mileage? It turns out, there are still ways you can figure out your miles for 2017 - tips here!:

[Read more…]

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2017 Rideshare Taxes For Uber and Lyft Drivers

One of the things a lot of new drivers overlook when they’re just getting started is taxes. Taxes as an independent contractor might seem scary, but they’re actually pretty simple. Today, we’re going to answer all the questions you may have to make sure you maximize your deductions and minimize your taxes paid.

The info below is all relevant for filing your 2017 taxes – this means the GOP Tax Plan will not affect your taxes this year, but they may next year. For more information on the new tax plan (which takes effect for 2018 taxes), check out our article “How the New GOP Tax Bill Affects Rideshare Drivers” here.

Every year by the end of January, Uber and Lyft send out 1099s for the prior tax year that detail how much you made, what fees they took out and the miles you drove. And since drivers are independent contractors, all that means for your taxes is that you’ll have to file a Schedule C in addition to your 1040. This year they cut it pretty close and sent out 1099 info on Jan. 31, 2017!

So let’s get started and see how to file your taxes as a rideshare driver.

Tax time can be confusing for Uber and Lyft drivers, but today we break it all down and give you exactly what you need to do your rideshare taxes this year!

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