What if I drive for Uber, Lyft, or another company?

Income you receive for driving for Uber or another similar company is considered self-employment income and is reported on Schedule C. You're required to report this income on your tax return.

You generally can take deductions to help offset this income; some common deductions drivers can take include:

• Car expenses (miles driven)
• Parking and tolls
• Insurance
• Home office deduction
• Interest on a car loan
• Fees and commissions
• Smart phone used for business
• Snacks/water you provide for customers

For more information regarding business expenses, refer to Chapter 8 of IRS Publication 334 .