Maximizing your deductions at tax time will save you a ton of money, but in order to do that, you’ll need a good mileage tracking system. We tried all of the top mileage tracking apps, and here are our favorites!
Click here to sign up to drive for Uber, Uber Eats, Lyft, Postmates, or Doordash
Best Mileage Trackers
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.
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.
Here’s what you need to know if you’re currently a rideshare driver or are thinking about driving to earn some extra cash.
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.
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.
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.
