First time rideshare, Lyft, and I'm confused how to file my earnings. I didn't earn enough to get a 1099-misc, who do I write as who paid me?

bgom14 — Thu, 06 Jun 2019 10:36:12 GMT

If you're accepting ride-sharing fares more than occasion...

NancyG — Thu, 06 Jun 2019 10:36:14 GMT

If you're accepting ride-sharing fares more than occasionally, you may be required to file quarterly estimated income taxes. At tax-filing season each spring, you'll be reporting your self-employment income and expenses on Schedule C, as well as filling out Schedule SE for self-employment tax if your net income from the work is greater than $400.

To input your receipts not reported on a 1099-MISC

Type “Schedule C” in the Search box and then select the “Jump to” link. This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment. You may be asked some general questions about your business. After you answer them, you’ll be taken to the Your Business screen where you can enter this income as Additional Income under Business Income.

Tax deductions for your car

Since you're an independent business owner, just about any money you spend on your gig as a ride-share driver will be a tax-deductible business expense. The first thing that probably comes to mind is your car. There are two ways to take a deduction for the business use of your car:

Deduct the actual expenses of operating the vehicle for business, including gas, oil, repairs, insurance, maintenance and depreciation or lease payments.
Take the standard IRS mileage deduction. As of 2016, the rate is 54 cents per mile driven for business use.

If you use your car for both ride-sharing and personal transportation, you can deduct only the portion of your expenses that apply to the business use. And whichever type of deduction you claim, it's critical that you keep thorough records. The IRS could disallow any tax deductions you can't support with:

Receipts
Mileage logs
Any other documentation

Other tax deductions for ride-share drivers

Commissions you pay to the ride-share company are a business expense, as is any cost you may have to pay for technology installed in your car. Other tax deductions include:

Water, gum or snacks for passengers
Tolls and parking fees

In addition, ride-sharing companies typically require use of a smartphone.

The portion of your mobile phone expenses attributable to your ride-share work can be used to reduce your self-employment income.
For simplicity's sake, it may make sense to have a dedicated phone for work.

topic First time rideshare, Lyft, and I'm confused how to file my earnings. I didn't earn enough to get a 1099-misc, who do I write as who paid me? in Get your taxes done using TurboTax

First time rideshare, Lyft, and I'm confused how to file my earnings. I didn't earn enough to get a 1099-misc, who do I write as who paid me?

If you're accepting ride-sharing fares more than occasion...