Key Points

• Learn how to file taxes as an Uber or Lyft driver for 2018.
• Understand the importance of tracking mileage and deductions.
• Get insights on 1099 forms and tax filing options.

Introduction

In this video, we discuss essential information for filing your Uber and Lyft taxes for the tax year 2018. As rideshare drivers, classified as independent contractors, the tax filing process is more complex than for regular W2 employees, but it remains straightforward overall. Uber and Lyft provide tax summaries and 1099s by the end of January each year, detailing earnings, fees, and mileage.

Tax Summaries and 1099 Forms

Every driver can access their tax documents by logging into their dashboard. If you earned over $20,000 and completed at least 200 rides, you will receive a 1099 K. If you earned $600 or more from promotions or referrals, you will receive a 1099 MISC. It's crucial to note that even if you don't receive a 1099, you still need to report your income and can use the tax summary for filing taxes.

Deductions and Expenses

The most significant deduction for rideshare drivers is the cost of operating your vehicle. You can choose between the standard mileage deduction or actual vehicle expenses. The standard mileage rate for 2018 was 54.5 cents per mile, which can lead to substantial deductions. Tracking your mileage is essential, and using apps like Stride can help.

Other deductible expenses include training materials, cell phone usage, and any supplies provided to passengers. Make sure to claim only the percentage of your cell phone bill used for rideshare purposes (#jumpTo:293).

Filing Your Taxes

When it comes to filing, many drivers opt for online tax services, with TurboTax being a popular choice. Uber and Lyft have partnered with TurboTax, allowing drivers to file for free using referral links. TurboTax is user-friendly and guides you through the necessary questions to ensure accurate filing.

Conclusion

If you have any questions about taxes, feel free to leave a comment below. Good luck with your filing, and remember to drive safely!

Comments Summary & Sentiment

The comments section reflects a mix of confusion and frustration among viewers regarding tax filing, especially concerning 1099 forms and deductions. Many users seek clarification on specific scenarios, indicating a need for more detailed guidance. Overall, the sentiment is one of seeking help and understanding.