Happy New Year! Hundreds of thousands of drivers like you are starting to think about taxes, expenses, and mileage tracking – and we are definitely here to help this tax season.
Our one page guide to get you started
Last year, one of our tax videos was included in our NYTimes feature. It gave a step-by-step guide on how to efficiently file your rideshare taxes.
Exactly a year ago we published a one-page guide to filling taxes as an independent contractor. We’ve pulled it from the archives and here it is:
Staring on January 1st, the standard mileage rates for the use of cars lowed from the 2015 rate of $0.575 per mile. The new rate of $0.54 per mile means that your total deduction from rideshare or or other independent contractor work could be hundreds of dollars less. Here’s what you need to know about the new rates:
Why the rate dropped in 2016
According to the announcement from December 17, 2015, the new IRS business mileage rate would become $0.54 per mile starting on January 1, 2016. Continue reading “The new 2016 IRS mileage rate could cost you hundreds of dollars”
Any business mileage submitted to the IRS is likely to be closely scrutinized, and your mileage log is the most important piece of evidence for this. The reason: Mileage can be an enormous deduction for tax filers and the IRS knows how to quickly find record keeping mistakes that could wipe out your entire deduction. Here’s how you can avoid common mistakes when submitting your business mileage.