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 it 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
- 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 the IRS Deducting Business Expenses