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When you're an Uber or Lyft driver who shuffles customers from Point A to Point B and back again, it's easy to rack up serious expenses. Thankfully, since you're now running your own business, there are plenty of things you can deduct on your taxes and TurboTax Online Self-Employed is here to help you.
With TurboTax Self-Employed, reporting your expenses for Uber or Lyft is really straightforward. Because you’re running your own business, you’ll file your expenses (Schedule-C) in TurboTax just like any other self-employed person.
We’ll ask you some questions to help you identify and enter your vehicle info, your supplies, phone service, and other expenses. We'll let you know if you qualify for any credits or deductions - and help you maximize your refund (if you're eligible).
Here's where to enter your Uber or Lyft work expenses - This includes driving-related expenses and non-driving expenses (supplies, phone service, home office, etc.).
· If you drive for Uber, here are some additional details on entering Uber driving-related expenses.
· If you drive for Lyft, here are some additional details on entering Lyft driving-related expenses.
Related Information:
· What self-employed expenses can I deduct?
· How do I report income from self-employment?
· Where do I enter my business expenses in TurboTax CD/Download Home & Business?
· How does my side job affect my taxes?
Tax Tips
for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ
https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sideca...
You will need to file a schedule C in your
personal tax return for self employment income. You will need to use
the Self Employed Online version to fill out schedule C.
Here is some reading material……
IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf
Self Employment tax (Scheduled SE) is generated
if a person has $400 or more of net profit from self-employment on Schedule
C. You pay 15.3% for SE tax on 92.35% of your Net Profit greater
than $400. The 15.3% self employed SE Tax is to pay both the
employer part and employee part of Social Security and Medicare. So
you get social security credit for it when you retire. You do get to
take off the 50% ER portion of the SE tax as an adjustment on line 27 of the
1040. The SE tax is already included in your tax due or reduced your
refund. It is on the 1040 line 57. The SE tax is in
addition to your regular income tax on the net profit.
There is also QuickBooks Self Employment bundle
you can check out which includes one Turbo Tax Online Self
Employed return....
http://quickbooks.intuit.com/self-employed
PAYING QUARTERLY ESTIMATES
The first year you don't need to pay estimates
as long as you pay in (by withholding) as much as your tax was last
year. But if you will have a big income you should send in estimates
so you don't owe too much next April on your tax return.
You must make quarterly estimated tax payments
for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax
for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to
be less than the smaller of:
90% of the tax to be
shown on your current year’s tax return, or
100% of the tax shown on your prior
year’s tax return. (Your prior year tax return must cover all 12 months.)
To prepare estimates for next year you start
with your current return, You can just type W4 in the search box at the top of
your return , click on Find. Then Click on Jump To and it will take you to the
estimated tax payments section. Say no to changing your W-4 and the next screen
will start the estimated taxes section.
OR Go to….
Federal Taxes or Personal (H&B/SE version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start
or Update button
The 1040ES quarterly estimates for 2017 are due
April 18, June 15, Sept 15 and Jan 16, 2018. Your state will also
have their own estimate forms. You mail in the estimates with a
check or you can do it electronically at the IRS and maybe your state.
To just estimate the remaining quarters put in
that you paid $1 for the quarters you missed so it will only calculate the
remaining quarters.
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