Hello Rideshare Drivers and 1099 Self Employed.
Welcome to taxxfire.com! We have recently been hearing from some Rideshare drivers questions about how to prepare the Schedule C and other IRS forms. The biggest issue for many of you has specifically been about what expenses you have and how to handle them.
Also, because a lot about tax filing feels “too complicated” you are not taking full advantage of Schedule C filing. Not taking full advantage of Schedule C could cost you A LOT of money.
We are creating a guide to simplify understanding and filing the Schedule C as well as the 1040 SE. We would appreciate feedback particular to what your specific needs and issues are.
Other new guides in the works will cover…
- To be an LLC or Sole Proprietor – Single member vs multi member, Advantages and Disadvantages. What you need to do to file effectively as an LLC. Simply creating and filing as an LLC is not enough, there are rules that must be followed in order for the LLC status to be valid and accepted in regards to tax filing.
- Pre Tax / Tax Planning – What you need to do during the year to be prepared for tax filing season.
- Tax Filing / Preparation – A general overview of how to prepare the forms and tie them altogether.
- Post Tax Filing Deadline(s) – Because so many self-employed people have trouble paying their taxes we will discuss different options for paying tax debt and filing back year returns.
- Review Business and Mileage Apps. There are several good apps for the self-employed that will assist you in good record keeping. Good record keeping is the key to a successful tax return.
- Insurance – There are many different types of insurance. If you are just a driver, or operate your business as a business, then we believe that proper insurance with values is a must.
Specific to the Rideshare Industry
Our guide is intended to be mostly geared towards to the Rideshare industry. We want to cover common expenses that a Rideshare person would use, as well as some helpful tips that could save you some serious dollars at tax time.
Please leave a comment and tell us what questions you have regarding taxes.
Check back to see if we have updated this information.