You're right. Uber is not required to issue
a 1099 if the total earnings are $600 or less. Even if income is less than $600, you
will still report self-employment income. No EIN is necessary or required. You may also deduct your expenses.
Use these steps to enter your income not reported on a
1099-MISC (for example, on a tax summary when no 1099 is received, or on a
1099-K):
·
On the top row of the TurboTax
online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
·
This opens a box where you can type
in “self-employment income” (be sure to enter exactly as shown here) and
click the magnifying glass (or for CD/downloaded TurboTax, click Find).
·
The search results will give you an
option to “Jump to self-employment income".
·
Click on the blue “Jump to
self-employment income” link.
·
At this point, you can start
entering the information for your Uber income and expenses.
·
Edit the Business
Income section to see options for entering General Income.
·
Under the General Income section,
you can enter a Description and Amount for your income.
Here are some more
expenses, in addition to your mileage, that may help boost that difference for
Uber/Lyft drivers:
- Snacks and refreshments for
passengers
- Extra USB chargers
- Power cables
- Mobile routers for internet
connection.
If you open a
business bank account or credit card, the fees and interest are deductible.
The cost of
TurboxTax Self-Employed along with legal fees related to starting or running
your business.
Some others include:
- Car inspection fees, if
required
- Additional insurance (such as
liability insurance)
- Paypal fees
- Dash cam (only if it is legal
in your area).
Here's a link for
more expenses deductions:
http://quickbooks.intuit.com/self-employed-center/complete-list-of-self-employed-expenses-and-tax-de...
Here's another link with some great info that you may
find helpful:
http://quickbooks.intuit.com/r/driver/tax-help-uber-drivers-file-uber-1099/
