Stride Drive Helps Uber Drivers Track Tax Deductions and Expenses
This post is sponsored by Stride Drive. They offer a FREE mileage and expense tracking application for rideshare and delivery drivers to help reduce their tax liability.
Stride Drive Can Save Drivers Hundreds a Month with Combined Mileage and Expense Tracking
The most important piece of advice I give to drivers is to keep track of their mileage when they drive on Uber and Lyft. It is the biggest tax deduction I take and it is easier than keeping track of all car related expenses. This is usually the easiest deduction to keep track of for part time drivers. For full-time drivers, they may yield an even bigger tax deduction by keeping track of their car expenses since close to 100% of those car related expenses can be tax deductible.
- For a better idea of what you can deduct, check out our Tax Deduction Guide for Uber and Lyft Drivers
There are various apps that help drivers track deductions, some do just mileage tracking while others do deduction tracking. Stride Drive is an app that does both: it helps drivers track their mileage and driving related expenses. The app encompasses mileage tracking along with expense deductions so it adds up all of your possible deductions. It shows you every day what you have deducted plus what you currently owe, so you’re never surprised by taxes while also maximizing all the deductions you possibly can.
To get the free Stride Drive app, visit the below link to sign up for free!
Here is more detail on what the Stride Drive app is capable of:
- Smartphone GPS passive mileage tracking: just turn it on when you begin your day driving and watch in real time how much you can deduct as it tracks your mileage. Simply turn it off when you’re done — it does all the tracking automatically in the background.
- Bank account integration: Sync with your bank accounts to easily count past and ongoing expenses.
- Guided expense tracking: The app helps ensure accurate and precise tracking. It provides descriptions of each expense category (what qualifies, what doesn’t) to make sure you’re capturing as many deductions as possible and accurately marking those expenses.
- Automated reporting tools: Send yourself expense reports via email which include spreadsheets and PDF reports of tracked expense categories for you to easily plug amounts into a Schedule C or Schedule SE
- Already saving drivers hundreds: To date, the app has already helped users deduct millions in expenses, which amounts to an average savings of several hundred dollars a month for the average driver. The iOS version of the app is currently available for free in the Apple Store and the Android version is scheduled to release this year.
Here are the type of deductions they can keep track of:
- Car Washes
- Passenger Goodies (Water, snacks, food, etc)
- Parking Fees
- Cell Phone (device purchase, monthly service bill, charger, cords, and car holder)
- Food and Drink (out of town meals for work purposes or sharing a meal with a client)
- Music or other Paid Apps (Pandora, Spotify, or Apple Music to entertain passengers while working)
- Health Insurance
- Car/Motorcycle License and Registration
- Roadside Assistance
- Other (you can suggest additional categories)
Do you find a deduction that is missing? Well this list is geared for drivers who take the generous Standard Mileage deduction which means you don’t need to track things like gas, car maintenance and car interest payments or lease payments because they’re already included in the Standard Mileage deduction rate. Stride has created a Rideshare Tax Deduction Guide to further help drivers save money. My tax deduction guide also explains a bit more about what you can and cannot deduct:
Have any questions about the application? Make sure to email us at ridesharedashboard at gmail or leave a comment below!Have more questions about Uber or Lyft? Head on over to our Rideshare Driver Training Course!