
I am a City Uber Driver, I enjoy it!
Understand your Business deductions
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Overview of Uber Driver Tax Obligations
As an Uber driver, you are considered a self-employed individual and are required to report your income and expenses on your tax return. Here are some key tax obligations to keep in mind:
Self-Employment Income: Your Uber driving income is considered self-employment income and is subject to self-employment tax.
Business Expenses: You can deduct business expenses related to your Uber driving on your tax return, such as gas, maintenance, and other expenses.
Record Keeping: It's essential to keep accurate records of your income and expenses, including receipts, mileage logs, and other documentation.
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Tax Deductions for Uber Drivers
As an Uber driver, you can deduct the following expenses on your tax return:
Gas and Fuel: You can deduct the cost of gas and fuel used for your Uber driving.
Vehicle Maintenance: You can deduct the cost of maintenance and repairs for your vehicle, including oil changes, tire rotations, and other expenses.
Tolls and Parking: You can deduct the cost of tolls and parking fees incurred while driving for Uber.
Phone and Data Plan: You can deduct the cost of your phone and data plan used for Uber driving.
Other Expenses: You can deduct other expenses related to your Uber driving, such as snacks, water, and other amenities provided to passengers.
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Tax Forms for Uber Drivers
As an Uber driver, you'll receive the following tax forms:
Form 1099-K: Uber will provide you with a Form 1099-K, Payment Card and Third-Party Network Transactions, which reports your gross earnings from Uber.
Form 1040: You'll report your Uber income and expenses on your Form 1040, Individual Income Tax Return.
Schedule C: You'll complete Schedule C, Profit or Loss from Business, to report your Uber business income and expenses.
Schedule SE: You'll complete Schedule SE, Self-Employment Tax, to report your self-employment tax liability.
