Tax season is here for Uber and Lyft drivers. For many drivers this will be their first year filing taxes as an independent contractor. We are here to make it easier for you. This is for educational purposes only and should not be taken as actual tax advice.
When does Uber send me my 2015 Tax Information?
It became available online on your partner dashboard on January 29th – so you can view it now! You can find this information on your partner dashboard under “Tax information”.
What’s included? You’ll see 3 actual forms on your dashboard, your 1099-K, 1099-Misc, and Other Potential Deductions. This should be all you need to file with your Uber info, however if you tracked other mileage (non-passenger mileage) or driving expenses, you should also gather these.
The 1099-K shows you your gross fares, subtracts tolls, split ride fee, and safe rides fee to give you your total earnings. The 1099-Misc shows you any referral bonuses your earned. And the Other Potential Deductions shows you any Uber Service Fee or any device description. Plus this shows you your “On-trip mileage”.
Again, you can potentially deduct all your business mileage, which could be double your actual “on-trip mileage”. Here’s more on mileage-related deductions.
When does Lyft send me my 2015 Tax Information?
Lyft also made your tax information available online as of January 29th. Lyft provides more helpful tax information in its Help Center, however, here’s the main takeaway you need to know:
“Whether or not you receive a form, we will provide a summary in the Dashboard with your yearly driver stats including number of rides, gross earnings from rides, non-ride earnings, tolls, and miles driven while in driver mode.”
One other perk from Lyft is that display your total driver mode miles as well. However, to actual claim this mileage you’ll need the details of each trip, which could be used by other third party mileage tracking services. SherpaShare can automatically track this full mileage.
Filing Uber, Lyft Taxes Summary
How do you actually take the numbers Uber and Lyft give you and put them in the little boxes you submit to the IRS? Stay tuned, we’ll be adding more resources and information on that. In the meantime, here’s another post on key tax dates for 2016.
If you remember one thing about filing taxes this year as an independent contractor: Using the standard mileage deduction can often be your best type of deduction and can potentially save you thousands of dollars. There are so many easy ways to track mileage these days to make that happen, so it’s a good idea to get started now.
Also, if you have real-time questions related to this, you can check out the SherpaShare chat to get some expert drivers to answer questions. You can find under “SherpaShare Pulse” on the app store, or “SherpaShare Driver” for ‘droid.
Tip: Did you track mileage with SherpaShare in 2015? You can now export it, here are the details.