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Video instructions and help with filling out and completing 1099 k deductions

Instructions and Help about 1099 k deductions

Hey what's going on everybody it's your boy Jonathan with the rideshare panel and 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 they're gonna make this so much easier and once you figure out how to address this issue of taxes it's gonna take a huge load off your shoulders so when you work in the on-demand economy as a lyft or uber driver you are an independent contractor which means at the end of the year you get a 1099 and you get to pay 30% on everything you earn during the year lyft and uber are great about giving you instant pay you get to get that money quickly but you got to remember that you're gonna have to pay a lot of that back at the end of the year the first thing that you can do to kind of make keeping track of your expenses and earnings easier is to get a separate bank account just for lyft and uber earnings so you're gonna want to connect this to make sure that all of your weekly or bi-weekly deposits are sent directly to that account and then you're gonna want to take any expenses whether that's maintenance gas car washes oil changes and you're gonna want to expense all 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 couple of different options the first is to use the standard mileage rate that's provided to you by the IRS and that comes out to be about fifty four and a half cents per mile in 2021 now you can also keep track of all of your maintenance and vehicle repairs and depreciate your vehicle over a yearly basis but most tax professionals actually recommend taking the standard mileage rate now whether you decide to use the standard mileage rate or keep track of all your vehicle expenses yourself and deduct those yourself you actually get to deduct any other ordinary business expenses on top of those and those would include stuff like a cell phone that you used to drive any other vehicle equipment that you might need as a driver such as a cell phone holder or maybe drinks for passengers and you can also deduct any car washes that you're using while you're driving for lyft and uber another expense that rideshare drivers commonly miss is the fees that lyft and uber charge on their platform for every ride that you give so when you look at your.