SAN FRANCISCO, April 4, 2017 /PRNewswire/ -- Credit Karma today announced a partnership with rideshare company Lyft, which will allow Lyft drivers across the U.S. the opportunity to prepare and file their taxes for free through Credit Karma Tax™. Credit Karma Tax is the only truly free major tax preparation and filing service without any income restrictions, upsells or gimmicks.
"Lyft drivers that have been working to bring in additional income can spend hundreds of dollars to complete their taxes with premium versions of DIY tax software or tax professionals," said Credit Karma Tax General Manager Jagjit Chawla. "We're excited to help Lyft drivers and freelancers keep more of their hard-earned money by filing their taxes for free using Credit Karma Tax."
Lyft drivers, freelancers and small business owners can use Credit Karma Tax to prepare their Schedule C and Schedule SE using their Form 1099-K or 1099-MISC — forms that freelancers and other participants in the "gig economy" may need to complete this tax season. Historically, these forms have been some of the most expensive to prepare and file. The average tax preparation fee for an itemized Form 1040 with Schedule C business income and a state return is more than $400, according to a 2016 national survey by the National Society of Accountants.
Credit Karma Tax helps tax filers identify eligible deductions, such as rideshare commissions, tolls, parking fees, car cleaning costs and mileage expenses, that may reduce the amount of taxes Lyft and other rideshare drivers need to pay. Credit Karma Tax also offers access to a dedicated member support team that is available 24/7 to guide consumers preparing their taxes online with Credit Karma Tax for free.
Announced on December 7, 2016, Credit Karma Tax enrolled more than 1.7 million Americans on its waitlist before the start of the 2017 tax season. To date Credit Karma Tax has already saved Americans tens of millions of dollars in online tax preparation fees.
About Credit Karma
Founded in 2007, Credit Karma is a personal finance company that's focused on helping everyone make financial progress. Whether they're interested in getting a better deal on a loan, looking for ways to save, or simply monitoring their credit, we offer a range of tools and personalized recommendations designed to help them make the most of their money. Our business model is unique in that no matter what new products or services we introduce, we're committed to providing a service that's always free. With more than 60 million members, we help people gain insight into their finances and credit information – and ultimately, improve their financial standing.
Lyft was founded in June 2012 by Logan Green and John Zimmer to improve people's lives with the world's best transportation. Lyft is the fastest growing rideshare company in the U.S. and is available in more than 300 cities. Lyft is preferred by drivers and passengers for its safe and friendly experience, and its commitment to effecting positive change for the future of our cities.
SOURCE Credit Karma