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Since the tax season is fast approaching for Uber drivers in the US, we know what tax time means. Tax time means you fall into one of two buckets: (1) Getting a refund check or (2) paying the U.S government money owed. The way you file your taxes, how you have managed your expenses and your income for the preceding year largely govern which bucket you fall into.
When you are an Uber driver, you are the boss (an independent contractor of Uber). Uber classifies its drivers as independent contractors [or self employed individuals]”. This is why you receive a 1099K and/or 1099 Misc and not a W2 when you work with Uber.
FICA Taxes “Are the Social Security and Medicare taxes sole proprietors pay. When you’re an independent contractor, you have to pay all your Social Security and Medicare taxes out of your own pocket … a flat 15.3 percent tax on your first $118,500 in net self-employment income.
Please continue reading to learn more about these listed details on our blog and tips on uber taxes series perspectives from industry expert. Uber Tax Benefits
1. Tax Deductions – Standard or Itemized?
2. What Are the Deductions?
3. Documentation You Should Keep to Support Your Itemized Deductions:
4. About Your 1099k & About Your 1099 Misc:
5. Preparing for Next Year’s Taxes:
Uber Tax Benefits Visit this link for more information – https://www.uberkit.net/blog/uber-taxes-series-all-about-your-uber-taxes/
Rideshare Tax Benefits
Posted 5 years ago
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