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As an UBER or Lyft driver, what tax write offs am I eligible for?

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  • As an UBER or Lyft driver, what tax write offs am I eligible for?


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Answer #1 | 22/12 2013 09:13
You can deduct mileage if you keep a log - first trip to work and last trip home are commuting and not deductible. You can deduct tolls that are not commuting. Is this contract work or do you get a W2? Car washes aren't going to be deductible.
Positive: 53 %
Answer #2 | 22/12 2013 15:18
Ride-sharing services like Uber and Lyft. And will you be a employee that will have an employer that will withhold the required FICA tax and some FIT and SIT tax out of your GROSS wages earnings for each pay period during the TAX YEAR. Did you also fill out a W-4 Employee's Withholding Allowance Certificate ONLY for the FIT withholding amounts. Publication 463, Travel, Entertainment, Gift, and Car Expenses http://www.irs.gov/publications/p463/index.html Hope that you find the above enclosed information useful. 12/22/2013
Positive: 47 %
Answer #3 | 23/12 2013 09:00
this is self employment income? then you follow the Sch C you will depreciate the vehicle you are eligible to claim the interest you pay on the loan you keep a contemporaneous log of your business miles and you have a choice to claim either the mileage rate(56 cents) or the actual expenses which will depend on your business use of the vehicle you can't 'say 80-90%' you need to have your annotation of the miles you use the vehicle and what portion is for business
Positive: 27 %
Answer #4 | 22/12 2013 13:19
You need to hire a professional who has self-employed taxi drivers as clients. You should have done this when you started doing it because they could have educated you on the record keeping required by the IRS. You state that "80-90% of the mileage on this car is for work." I hope your estimate is because you didn't bother to add the mileage up for a post on yahoo, not an indication that you didn't keep records at all.... I also hope you have a tolltag to track all the tolls.
Positive: 10 %

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