NEWPORT COAST, Calif., Feb. 1, 2016 /PRNewswire/ -- If you are one of the many new drivers for Uber or Lyft (or one of other ride sharing companies), filing your 2015 taxes is most likely uncharted territory for you. "I Drive With Uber" realized this and collaborated with a tax specialist to lay down the 'rules and regulations', and created a tax preparation guide for drivers. I Drive With Uber is providing this free extensive info packet on their website.
Uber identifies its drivers as independent contractors and not as employees. This subject, whether Uber drivers should be classified as employees or independent contractors, is currently being litigated in numerous states in the US. However, until a decision has been reached, Uber drivers will have to file taxes as self-employed individuals (1099 contractors). In fact Enrolled agent, Indy Susan from Turbo Tax Pro, answers this question for Headline News.
"Yes, Uber Income is considered self employment income and you have to complete a Schedule C which is found in Home and Business."
This is one of the key points the tax guide on the IDWU website focuses on: the difference between being a 1099 independent contractor versus a traditional employee (which many new drivers mistakenly think they are). Furthermore, the guide elaborates on the tax benefits and deductions that are available for ride share drivers. Many drivers will be surprised about the numerous tax deductions they are actually entitled to.
The IDWU guide provides relevant information for any Uber or Lyft driver in the process of preparing for the current 2016 tax season. Other than the above-mentioned topics, other covered subjects include: self-employment tax, estimated tax payments, Social Security tax, Medicare tax, and many more.
If you're thinking of becoming an Uber driver or already are driving for Uber or Lyft, IDWU is a valuable information platform for you.
Michael Gingino \ 2012 Multi awarded ICFJ Honoree
Headline News Guru - International Journalism Review
657 222-7074 Newport Coast / New York
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/comprehensive-tax-information-for-uber-drivers-and-lyft-drivers-goes-beyond-turbotax-tips-300212899.html
SOURCE I Drive with Uber (IDWU)