It also might be the first time you’ve had to report self-employment income on your tax returns. Follow these tips to report your Uber driver income accurately and minimize your taxes.Īs far as Uber is concerned, you’re an independent contractor who provides a service, not an employee. If you’re one of the thousands of people who started driving with Uber this year, it might be the first time you’ve been your own boss, setting your own hours and making countless decisions to improve the performance of your business. Since your Uber ridesharing is a business, you will typically use Schedule C, Profit or Loss from Business to deduct your business-related expenses and report your profits for the tax year.Even if you don’t receive a 1099, you're still required to report all of your Uber income to the IRS.If you were paid more than $600 in non-driving income such as referral bonuses, you should receive Form 1099-NEC to document these payments.This threshold is reduced to $600 without regard to the number of transactions beginning in 2023. For 2022, if you receive more than $20,000 and 200 transactions for ride payments during the tax year, Uber is required to send Form 1099-K to you and the IRS.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |