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Follow these tips to report your Uber driver income accurately and minimize your taxes. Understanding your Uber 1099s As far as Uber is concerned, Tax tips for Uber driver-partners: Understanding ...
When you're a driver for a ride-sharing company, the most important thing to understand about your taxes is that you are probably not an employee. Tax tips for Uber, Lyft, and other car sharing ...
The government expects a cut of your Uber or Lyft earnings. Fortunately, there are a number of tax deductions you can take advantage of to reduce how much you owe.Image source: Getty Images.
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...
Drivers for these companies are usually independent contractors, a fact that has tax implications, both at filing time and year-round. Tax tips for Uber, Lyft, Juno and other car sharing drivers ...
Tax Deductions vs. Tax Credits. Tax deductions are not the only way to lower your tax bill. Whether you choose the standard deduction or itemize your deductions, you may be able to claim tax ...
According to the website Uberpeople.net, the average full-time Uber driver puts 30,000 to 45,000 on their car per year. For drivers who reach that 45,000-mile mark, they can deduct $30,150 from ...
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