Media Mentions
Business Insider CNet Forbes Entrepreneur On Fire Wired The New York Times
  • Home
  • Sign Up Bonuses
  • Insurance
    • Car Insurance for Uber & Lyft Drivers
    • Life Insurance for Uber & Lyft Drivers
  • Vehicles
    • Rent/lease a Car
    • Rideshare Insurance
    • Accident Attorney
    • Mileage Tracking
    • Gas Credit Cards
  • Taxes
    • Ultimate Uber/Lyft Driver Tax Guide (2019)
    • Top Mileage Tracking Apps Review
    • Stride Mileage & Expense Tracking (Best App)
    • Questions? Consult a CPA
  • Resources
    • YouTube
    • Essential Gear & Accessories
    • Ways To Make More Money
    • Uber/Lyft Accident Lawyer
    • Taxes Information
    • Driver Products & Services
    • Additional Resources
    • Free Offer & Promo Codes
    • Mileage Tracker Apps
    • Best Apps to Download
    • Best Credit Cards
    • Rideshare Shirts & Sweaters
  • Books
    • The Rideshare Guide Book (on Amazon)
    • The Rideshare Guide Book (Video Testimonials)
    • Uber/Lyft Job Interview Prep
    • Maximum Ridesharing Profits (Course)
    • Maximum Ridesharing Profits (Testimonials)
    • Business of Rideshare (Free Course)
    • Ultimate Rideshare Guide (Free PDF)
    • Uber Driver Training Guide (Free PDF)
    • Lyft Guide (Free PDF)
  • About
    • About
    • Contact
    • YouTube Videos
    • T-shirts & Sweaters
    • Podcast
      • iTunes
      • Stitcher
    • Media Features
    • Consulting
    • Advertisers

by Harry Campbell on July 8, 2014 19 Comments

RSG003: Ultimate Uber Driver Tax Deductions Tips (Podcast)

Share168
Share1
Tweet
Pin14
183 Shares
http://traffic.libsyn.com/therideshareguy/RSG_003__The_Rideshare_Guy_Podcast.mp3

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | Android | RSS

RSG003: Every Rideshare Driver’s Tax Deduction Guide. Taxes are probably one of the most overlooked parts of rideshare driving because you don't have to worry about them until April every year. #rideshare

Want to read a transcript of this show?

Drive with Uber 1

The two questions I’ve gotten most since starting this site a couple months ago have been about insurance issues and taxes.  Well I covered insurance in Episode 2 and even though it took a lot out of me I’m back for more.  Taxes are probably one of the most overlooked parts of rideshare driving because you don’t have to worry about them until April every year.

Since I have experience with starting my own businesses and working as a 1099 employee, a lot of the same tax principles that apply there also apply to rideshare taxes.  Since rideshare drivers are self-employed and paid via a 1099, most drivers may not even realize that they now need to file a Schedule C as a sole proprietor when they do their taxes.  If that last sentence confused you, then this podcast is for you.  And even if it didn’t, there is still a lot of great information in there that can help you with your taxes

Taxes can be confusing and convoluted but I tried to really break it down into layman’s terms and tell you exactly what I plan on doing and why.  If you have any follow-up questions feel free to leave them in the comments section or send me an e-mail.  I’ve gotten great feedback so far on the first two podcasts and it has really inspired me to make sure that I am putting out some epic content.  As of 7/7/14, the first episode has been downloaded 422 times and the second episode has been downloaded 445 times.

By the way, if you like what you hear, I encourage you to subscribe to the podcast on iTunes or Stitcher.

👉 Your two most important tools during tax season: Turbotax to file your taxes and a mileage tracking app to keep track of your miles!

Summary of the Show:

Intro

  • I’m getting married but I’m still working
  • My Travel Hacking
  • Disclaimer

Lyft and Uber’s Policies Toward Taxes

  • Lyft and Uber don’t provide much help when it comes to taxes
  • How do 1099’s work?
  • 1099 vs W2 and how it affects tax payments
  • Schedule C for a Sole Proprietorship
  • Definition of a Business
  • The $600 1099 myth
  • Lyft and Uber are classified as online payment providers
  • Will you get a 1099?

How Do Estimated Tax Payments Work?

  • When and why do you have to file estimated tax payments?
  • 1040 ES
  • Always file your taxes!
  • Strategies for W2 & 1099 employees to avoid estimated tax payments

Deductions for Rideshare Drivers

  • Deductible business expenses
  • Deduction vs. credit
  • Marginal tax bracket
  • Why rideshare is great for high income/low income spouses
  • Actual mileage vs Actual Expenses
  • Personal vs. business use of your vehicle

How to Maximize Your Mileage Deduction

  • What mileage is deductible?
  • Can you deduct miles when there are no passengers in your car?
  • What I learned from my rental property taxes that applies to rideshare taxes

The Best App to Track Your Mileage & Expenses

  • Business owners have to do a lot more work when it comes to record-keeping
  • Take pictures of your receipts, start/stop your trips and more with this app

Outro

  • Taxes are boring but you need to at least understand the basics whether you go to a CPA or not
  • If you do hire a CPA, find one who specializes in rideshare taxes and/or small businesses
  • Nobody cares more about your money than you do
  • I will deduct every penny that I’m entitled to
  • Subscribe to our e-mail list!
  • Please leave a review on iTunes or Stitcher if you enjoyed the podcast

Show Notes:

  • My personal finance blog where I talk about all my travel hacking: Your PF Pro
  • Lyft’s Tax Policy
  • Uber’s Tax Policy has been removed from their website (Here’s an article that quotes their policy before it was removed from the website)
  • Federal Tax Brackets
  • IRS Document: Deducting Business Expenses
  • IRS Topic 510: Business Use of a Car
  • NOLO Landlord Tax Deduction Guide – This is the book I read in order to figure out the taxes on my rental property, a lot of the same principles apply to small businesses.
  • Expensify

Thank You For Listening!

Quick Disclaimer: I am not a tax professional, this podcast is for informational purposes only. You should not take what I say as fact and any information provided in this podcast is solely applicable to my personal tax situation and not yours. Any correspondence between you and I does not create an advisory, fiduciary or professional services relationship.

If you’d like to get Rideshare Guy Podcasts delivered straight to your phone or mobile device, you can subscribe via iTunes or Stitcher.  Alternatively, if you’d like to be notified via e-mail every time we publish a new article or podcast, please subscribe to the e-mail list here.

And I would really appreciate if you’d leave a review on iTunes and help the podcast reach more people.  I make sure to read each and every one of the reviews so if you leave a review, please let me know so I can personally thank you.

And lastly, if you have any questions, comments or concerns don’t hesitate to reach out to me.

After hearing all of the information in the podcast, is there anything you’re still confused about when it comes to rideshare taxes?  Do you plan on doing your taxes yourself or hiring a CPA to do them for you?

-The Rideshare Guy

Burnt Out Talking To Passengers? Deliver Food With Caviar!

caviar_logo

Make up to $25/hour. No minimum hours required, work outside, and get paid weekly. Click to Sign-up!

Additional Resources

  • Everything Uber Drivers should know about filing taxes
  • Top rideshare tax questions answered
  • TurboTax Self-Employed for Uber Drivers
  • How to file your taxes using TurboTax
  • How to use Quickbooks self-employed
  • Guide to filing taxes for Uber drivers
  • Changes in taxes for Uber drivers
  • How GOP Tax Bill affects Uber Drivers
  • How to do your Uber taxes (Youtube video)
  • 6 tax deductions for rideshare drivers
  • How to determine standard mileage vs. actual vehicle expenses
  • Best apps for Uber drivers
  • Mileage tracking apps for Uber Drivers
The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Google+ profile

Harry Campbell

I'm Harry, the owner and founder of The Rideshare Guy Blog and Podcast. I used to be a full-time engineer but now I'm a rideshare blogger! I write about my experience driving for Uber, Lyft, and other services and my goal is to help drivers earn more money by working smarter, not harder.
My Twitter profileMy Facebook profileMy Google+ profile

Latest posts by Harry Campbell (see all)

  • RSG088: Rideshare Consulting with Tom Mourmouras - February 19, 2019
  • RSG087: Jay Cradeur Answers YOUR Top 10 Rideshare Questions! - February 7, 2019
  • Ultimate Tax Guide for Uber & Lyft Drivers (Updated for 2019) - January 25, 2019
Share168
Share1
Tweet
Pin14
183 Shares

Filed Under: Podcast, Taxes Tagged With: 1040 ES, 1099, 1099-K, 1099-Misc, Estimated Tax Payments, Expensify, IRS, W2

← What Are The Real Risks of Doing Airport Runs With Lyft and Uber? Friday Rideshare Roundup: Lyft Poised to Take Over The Streets of New York City →

About

I'm Harry, the owner and founder of The Rideshare Guy Blog and Podcast. I used to be a full-time engineer but now I'm a rideshare blogger! I write about my experience driving for Uber, Lyft, and other services and my goal is to help drivers earn more money by working smarter, not harder. Read More…

Join our e-mail list today and we'll send you a free PDF copy of The Ultimate Guide To Being A Rideshare Driver!

Follow me on Social Media!

  • Facebook
  • Pinterest
  • Twitter
  • YouTube
Maximum Ridesharing Profits Banner Ad

Categories

driving for uber and lyft

Blogroll

  • Maximum Ridesharing Profits
  • Go Vugo
  • Your PF Pro
  • The Four Hour Work Day
  • The Frugal Farmer
  • Harry G Campbell
  • Mystro

FTC Disclosure

Please note that The Rideshare Guy has financial relationships with some of the merchants mentioned here. The Rideshare Guy may be compensated if consumers choose to utilize the links located throughout the content on this site and generate sales for the said merchant. As an Amazon Associate I earn from qualifying purchases.

DMCA Copyright © 2019 The Rideshare Guy. All Rights Reserved.