From coast to coast, individuals rely on Uber, Lyft, and similar companies for fast and convenient transportation. If you drive for one of these ride-sharing apps, you might be wondering how to file your income this tax season. Use the following tax return preparation guide to help you with the process.

What Forms You’ll Need

As a ride-share driver, you’re considered an independent contractor. This means you’ll receive Form 1099 from the company that you work with. It lists the total amount of money collected from customers over the previous year. If there were other expenses such as non-driving related bonuses or referrals, you might receive a 1099-MISC form.

All ride-share earnings are reported on Schedule C. Because you’re an independent contractor, you’re required to pay estimated taxes. If you don’t pay these taxes, you’ll need to pay them when you file your return. A professional tax return preparation specialist can calculate the total amount owed. 

What Deductions You Can Claim

Ride-share drivers may be eligible to claim several deductions. These can include parking fees, tolls, and car insurance premiums. Consult with a tax return preparation professional about additional deductions such as vehicle repairs and maintenance services.

If you purchased additional items for your ride-sharing operation, you might also be able to deduct them as business expenses. From bottled water to cell phone chargers, there are a host of out-of-pocket costs you can claim.

Joe Heard, CPA in Checotah, OK, helps ride-share drivers by providing expert tax return preparation. With more than 15 years of experience, Joe and his professional team will identify all the money-saving deductions you’re eligible for. For more information on filing taxes as a ride-share driver, call (918) 473-1492 to speak to an agent. Visit the website for the firm’s complete lineup of tax and accounting services.