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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.
Jones explained that when you’re self-employed, you pay self-employment tax, which is Social Security and Medicare tax, on your net income, as well as your standard income tax.
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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.
All tax filers need to remember the standard deduction when filing taxes. If your write-offs do not add up to more than the standard deduction, then they will not save you money on taxes.
Here’s the top 15 self-employment tax deductions that you might qualify for: Common Tax Deductions. Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction
The business use of your car can be one of the largest tax deduction you can take to reduce your business income.
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related to: lyft tax deductionsForward-Looking Features And Comprehensive Design - NerdWallet