Time for Rideshare and Delivery Drivers to Prepare 2016 Taxes
- Collecting receipts (for the expenses deduction if you choose to deduct expenses, rather than mileage)
- Rideshare drivers – GPS, dashcams
- Delivery drivers – insulated bags, foldable carts
- Finalizing your mileage logs (for the mileage deduction)
- Calculating how much you earned from Uber and Lyft
- Uber and Lyft will provide a 1099 but this is to double check their numbers and to give yourself an idea of how much taxes you need to pay come March (estimated taxes) and April (2015 tax bill, if you owe
- Calculating how much you earned from delivery services (Postmates, Doordash, Caviar, Amazon Flex, Instacart, Grubhub)
- Each of the services will be providing a 1099 next year.
- Make any last minute purchases to count as an business expenses, such as new tools, GPS, dashcams, car accessories.
The earlier you start your taxes, the earlier you will be filing your taxes and getting your refund! Many tax professionals are recommend that you file your taxes early since there was a large spike in fraudulent tax returns last year by scammers to steal refunds from other people. Don’t let that happen to you!
It goes in depth about how to file your taxes, what you can and cannot deduct, and so much more!
- January 17, 2017 (4th estimated tax payment for 2016)
- March 15th, 2017 (most likely you will need to pay this (1/4 of your total tax bill from Uber and Lyft) due to tax laws)