Lyft and Uber provides an Annual Tax Summary which lists Expenses, Fees, and Taxes that I enter into our joint income tax return as deductions. These companies also provide me with forms 1099-NEC and 1099-K with a monthly breakdown of gross amounts paid. Am I able to adjust the deductions listed in their Annual Tax Summaries (which they do not provide the IRS) to reflect the actual monthly payments I receive on our income tax return? I am not able to obtain a loan because our last two income tax returns show I am only making an average of $800/month for the past two years which is not a true reflection of what I have actually received as my earnings. I know that I may pay additional taxes but that's okay as long as I get approved for a loan. Thank you.
You must reflect accurately all deductions since the IRS prohibits manipulating them to, for example, obtain more favorable credits like the earned income credit. On the other hand, if your tax forms don’t accurately reflect your income and deductions you can report on your return what you can prove to the IRS.
I don't understand what you want to adjust. Your "Earnings" is the Net Profit or Loss on Schedule C in your tax return. You have to report your actual income and all your expenses. Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for the EIC and other things like loans.
We're not interested in EIC. We just want our AGI to reflect my true income based on actual expenses. It seems the expenses, fees, and taxes on both companies' tax summaries are grossly overstated which ends up showing that I'm hardly making any money which isn't true. Thank you. We'll talk to an actual accountant for guidance.