Learn How to File Taxes for Uber and Lyft Drivers
3.6 (5 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
294 students enrolled
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Learn How to File Taxes for Uber and Lyft Drivers

This course will go over many aspects of taxes for Uber and Lyft drivers, including vehicle deductions.
3.6 (5 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
294 students enrolled
Last updated 2/2016
English
Price: $40
30-Day Money-Back Guarantee
Includes:
  • 1 hour on-demand video
  • 19 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • file taxes on your Uber, Lyft and Sidecar Income
  • understand how to deduct your vehicle expenses
  • Know which deductions drivers can take on their taxes
  • calculate their quarterly taxes
  • pay your quarterly estimated taxes
View Curriculum
Requirements
  • TurboTax Home and Business
  • 1099s from Uber, Lyft or Sidecar
  • Tax Summary from Uber
  • Yearly Stats from Lyft
  • Income information from Sidecar
  • W2 or any other applicable Income Statements
Description

Taxes for Uber, Lyft, and Sidecar drivers are handled differently than what most full time workers are used to. Since we are now considered self employed contractors, we are now responsible for own taxes, including payroll deductions for Social Security and Medicare.

This course has many tips on taxes and goes over one of the most common tax deduction, which is mileage. It also covers instances where you want to deduct expenses, but its not recommended unless your car's depreciation is high or have more than 4 vehicles in your fleet. For most drivers, deducting your mileage on your vehicle with the proper records is the easiest way to reduce your tax liability.

Also included in this course is a detailed video on how to file your taxes with Turbotax Home and Business!

Here is the list of items it covers:

  • Do Lyft and Uber Drivers Pay Taxes?
  • What about Quarterly Estimated Taxes?
  • Introduction to Rideshare Taxes
  • Tax Deductions and Calculations for Rideshare Drivers
  • The 1099 Form
  • Taxes: The Schedule C
  • Taxes: IRS 1040-ES
  • The Schedule SE
  • Deduct Mileage, Lease Payments or Car Expenses?
  • Section 179 Deduction For Expense-Based Calculations
  • The Best Kept Secret in Rideshare Taxes
  • How to File your Taxes with Turbotax Home and Business (Video Walkthrough)
Who is the target audience?
  • Any rideshare drivers who plan on filing their own taxes
  • Any rideshare drivers who need help with their taxes
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Curriculum For This Course
25 Lectures
02:11:54
+
Basics of Taxes for Uber, Lyft and Sidecar Drivers
7 Lectures 27:04
Important Disclaimer About This Course
00:09




When Paying Estimated Taxes, Don't Forget State Taxes!
03:02

Do Uber and Lyft Drivers Need to Pay Business Taxes?
16:02

Best Kept Secret in Taxes for Uber, Lyft and Sidecar Drivers
00:29
+
Tax Deductions
3 Lectures 15:02
+
Self Employment IRS Tax Forms
5 Lectures 08:33
The 1099 Form
00:57

What to do Without a 1099 Form
05:27

Introduction to Schedule C
01:04

IRS 1040-ES
00:38

The Schedule SE
00:26
+
Tax Calculations
4 Lectures 12:36

Uber and Lyft Taxes 2015: 1099 and Tax Summaries
02:55

Uber and Lyft Driver Tax Rate Calculations 2015
05:24

How to Use Google Spreadsheet for Estimating Taxes
01:26
+
TurboTax Home and Business
6 Lectures 01:06:26

TurboTax Home and Business - Getting Started with a new return and adding your income from W2

Preview 15:11

TurboTax Home and Business - Personal Deductions, Health Insurance, Other Taxes Situations, and a quick check by TurboTax.

Preview 12:28

How to eFile your Taxes with TurboTax

TurboTax Home and Business - How to eFile Your Taxes
03:14

TurboTax Home and Business - how to enter in your Uber, Lyft and Sidecar Income from your 1099s (or yearly summary)

TurboTax Home and Business - Uber, Lyft and Sidecar Income and 1099s
09:57

TurboTax Home and Business - Vehicle Deduction - comparing Standard Mileage Deduction or Deducting Car Expenses

TurboTax Home and Business - Vehicle Deduction - Standard Mileage or Expenses
14:20

TurboTax Home and Business - Business Deductions and Fees. How to deduct Safe Ride Fee, and Commissions to Uber, Lyft, and Sidecar, along with other common rideshare expenses.

TurboTax Home and Business - Business Deductions and Fees
11:16
About the Instructor
Rideshare Dashboard
4.3 Average rating
15 Reviews
550 Students
3 Courses
An Uber Driver and Lyft Driver, Mentor and Recruiter

I started driving for Lyft and Uber for more than a year. I signed up for Lyft first and went through my mentor ride and started driving. My mentor didn't do much coaching so I had to learn a lot about Lyft on my own, aside with how the application work. After driving for a few weeks full time, I started driving on Uber as well. When I signed up for Uber, I did that for about two weeks full time trying to learn everything I can about Uber. After a few hundred trips between the two services within six weeks, I learned a lot about both services and how to navigate each service to maximize my earnings and also to get a high rating.

After about two months, I was invited to be a Lyft Mentor. Unfortunately, there was almost no training on how to be a Lyft Mentor so I jumped in head first into this role and learned on my own how to best mentor new drivers. I used a lot of the experience as a Lyft driver to coach new Lyft drivers how to get started and become awesome Lyft Drivers themselves. A good number of my mentees are now Lyft Mentors and I coached a few Lyft Mentors through their first few Mentor sessions.

I now use my knowledge and time to educate new and existing drivers about how to become great drivers as I have been through it all and have mentored and coach many other drivers to great driver ratings. I also developed a website to update drivers of the current policies and changes to each service to maximize their income and improve their driver ratings.