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:
TurboTax Home and Business - Getting Started with a new return and adding your income from W2
TurboTax Home and Business - Personal Deductions, Health Insurance, Other Taxes Situations, and a quick check by TurboTax.
How to eFile your Taxes with TurboTax
TurboTax Home and Business - how to enter in your Uber, Lyft and Sidecar Income from your 1099s (or yearly summary)
TurboTax Home and Business - Vehicle Deduction - comparing Standard Mileage Deduction or Deducting Car Expenses
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.
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.