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Deductions & credits
If you logon to your Uber or Lyft accounts, they keep a record of the number of miles driven. They also provide a breakdown of some of the expenses that you can deduct from your ride-sharing income. When you account for vehicle expenses during the self-employment interview, you can choose to deduct either "actual expenses" (gas, tolls, vehicle repairs, vehicle depreciation), OR expense a flat rate for each mile driven for ride-sharing. It is almost always better to take the flat rate, and since the ride-sharing services track your miles for you, more convenient.
‎June 5, 2019
3:25 PM