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I know Uber drivers count driving/car costs as business expenses for a tax write off. Something to think about...
by fks 13y ago
I know Uber drivers count driving/car costs as business expenses for a tax write off. Something to think about...
- brent_noorda 13y agoLyft drivers could surely benefit from the tax deductions as well. I assume they report their Lyft payments to the IRS? This complicates the "how much they earn" formula further.
- patio11 13y agoLyft sends 1099(-K, presumably)s to drivers who make over $20k from 200+ transactions a year. This is the same reporting system used by Stripe and Paypal. (I have lots lying around.) It would be exceptionally unwise to fail to report income which has been 1099-ed to you, and very unwise to fail to report substantial income merely because one does not have a corresponding 1099 for it, because (particularly in the case where one party has all the information required to reconstruct your income and that one party can simultaneously uncover millions of dollars of under-reporting) audits exist.