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Disagree with the preferred answer. As a cash-basis taxpayer we report income received. Only an accrual-basis taxpayer would be obligated to report this income as earned, then deduct. This is dicier if we receive a 1099 wherein the vendor reports the income. In that case I feel the wiser course would be to use accrual-based accounting and take the deductions.
Bottom line: it may be advantageous to work for both Uber and Lyft and thereby avoid the 1099 threshold of either company. An exception would be if you want to pay (more) self-employment taxes in order to secure more social security income upon retirement or disability.
Bottom line: it may be advantageous to work for both Uber and Lyft and thereby avoid the 1099 threshold of either company. An exception would be if you want to pay (more) self-employment taxes in order to secure more social security income upon retirement or disability.
‎June 7, 2019
4:29 PM
21,050 Views