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:
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
