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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.
Lyft deducted an 11.4% "administrative charge" from drivers' payments in New York from 2015-2017, equal to the amount of sales tax and Black Car Fund fees intended to be paid by riders.
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.
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 ...
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Although Lyft and Uber operators are required to meet driving requirements, provide documentation and pass screenings and reviews, most cars themselves are eligible to use for ride-booking purposes.
The Internal Revenue Service is automatically sending $1,400 stimulus payments to about one million Americans who never claimed their COVID-19 relief checks from 2021, according to a recent ...
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