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.
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  • Lectures 25
  • Contents Video: 1 hour
    Other: 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 2/2015 English

Course 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)

What are the 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

What am I going to get from this course?

  • 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

What is the target audience?

  • Any rideshare drivers who plan on filing their own taxes
  • Any rideshare drivers who need help with their taxes

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Basics of Taxes for Uber, Lyft and Sidecar Drivers
Important Disclaimer About This Course
Article
Introduction to Rideshare Taxes for Uber and Lyft Drivers
Preview
Article
Top Rideshare Tax Mistakes By Uber and Lyft Drivers
Preview
Article
When and How to Pay Quarterly Estimated Taxes
Preview
Article
When Paying Estimated Taxes, Don't Forget State Taxes!
Article
Do Uber and Lyft Drivers Need to Pay Business Taxes?
Article
Best Kept Secret in Taxes for Uber, Lyft and Sidecar Drivers
Article
Section 2: Tax Deductions
Tax Deductions and Calculations for Rideshare Drivers
Preview
Article
Use Standard Mileage Deduction or Deduct Actual Car Expenses and Depreciation?
Preview
Article
​Section 179 Deduction For Expense-Based Calculations
Article
Section 3: Self Employment IRS Tax Forms
The 1099 Form
Article
What to do Without a 1099 Form
Article
Introduction to Schedule C
Article
IRS 1040-ES
Article
The Schedule SE
Article
Section 4: Tax Calculations
​Uber Taxes: 2014 Tax Summary and Deducting Fees
Preview
Article
Uber and Lyft Taxes 2015: 1099 and Tax Summaries
Article
Uber and Lyft Driver Tax Rate Calculations 2015
Article
How to Use Google Spreadsheet for Estimating Taxes
Article
Section 5: TurboTax Home and Business
15:11

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

12:28

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

03:14

How to eFile your Taxes with TurboTax

09:57

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

14:20

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

11:16

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.

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Instructor Biography

Rideshare Dashboard, 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.

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