top of page
Uber & Lyft Drivers
Driving for Uber and Lyft can be fun and profitable. Whether it be full-time or part-time, what makes the riding sharing experience great is that you get to drive your own car on your own schedule. But what happens at the end of the year when you receive a 1099-k or 1099- MISC showing the income you made without any withholdings for tax?
There are several things you should track throughout the year to help you legally reduce your income.
Mileage is one of these.
You should track both business and personal miles. When you use your car for business you get to deduct either the actual expenses or the standard mileage. In most cases, the standard mileage is always going to be more beneficial, unless you had a major engine or transmission overhaul during the year.
Track your miles ENROUTE to pick up your clients. On your Uber and Lyft end of year statement (1099-K), only shows the miles while working for Uber and Lyft. It does not show the miles you travelled before you reached your client. Consider using an app like Mile IQ to track your business and personal miles.
Uber Tax Tips:
Uber Tax Tips:
bottom of page