Hey, what's going on everybody? It's your boy Jonathan with the rideshare panel. Today, we're gonna be talking about how to do taxes as a Lyft or Uber driver. So, not exactly the most fun topic, but I have a few awesome tips for you that are gonna make this so much easier. Once you figure out how to address this issue of taxes, it's gonna take a huge load off your shoulders. When you work in the on-demand economy as a Lyft or Uber driver, you are an independent contractor. This means that at the end of the year, you get a 1099 and you have to pay 30% on everything you earn during the year. Lyft and Uber are great about giving you instant pay, so you get to get that money quickly. However, you have to remember that you're going to have to pay a lot of that back at the end of the year. The first thing that you can do to make keeping track of your expenses and earnings easier is to get a separate bank account just for Lyft and Uber earnings. You're gonna want to connect this account to make sure that all of your weekly or bi-weekly deposits are sent directly to that account. Additionally, you're gonna want to take any expenses, whether that's maintenance, gas, car washes, or oil changes, and expense all of those only through that account. That's one way to go about it. Another way is to get a credit card, which I actually like a little bit better because then you can get some rewards on that credit card and maybe get a little bit of cash back on those expenses when you're paying for anything. When it comes to tracking expenses as an Uber and Lyft driver, you have a...
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1099 K deductions Form: What You Should Know
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