Lyft driver help

[jakembryan]

Lyft has given me a chance to buy a QuickBooks Self-Employed/TurboTax bundle to submit my taxes. Do I really need this or will TurboTax Deluxe suffice?

[PaulaM · Accepted solution]

TurboTax Self-Employed is a tax product that will allow you to create Schedules C and SE for your ridesharing business. There are many business deductions that you may qualify for such as, mileage, phone expenses, supplies, etc.  Reporting eligible business deductions will result in lower taxes on business income and self-employment taxes.

See Tax Tip for Lyft Drivers-Ridesharing Taxes

TurboTax Deluxe is a tax product that can produce a simple Schedule C and SE, with no expenses. Not reporting expenses results in higher business and self-employment taxes.

Quickbooks is an accounting product used to track business transactions like sales/income, invoicing, paying bills/expenses, tracking inventory, payroll, etc. If you don’t have those business concerns, it is probably not for you.

Choose the best product(s) that meets your particular circumstances.