If you have earned more than $600 delivering for any particular gig economy company, you will likely receive a 1099 form at the end of January reporting your income. What is a 1099 form? How does this work with your delivery driver taxes? How is it different from a W-2 form? We’ll look at how …
Do gig economy delivery companies report your income to the IRS? Is independent contractor income from Doordash, Uber Eats, Instacart, and others income under the table? What if you made less than $600 in the past year as a delivery driver? Will you get in trouble if you don’t report that money? Remember that the …
As an independent contractor in the gig economy, your taxable income is your profit, not the money you receive from gig companies. It’s easy to confuse 1099 taxes with employee taxes. That confusion can lead to other mistakes, which can be very costly at tax time. We’ll explore the difference between gross income (the money …
Uber Eats does not withhold taxes from pay in the United States because delivery drivers are independent contractors, not employees. Because you provide services for Uber Eats as a business, you are responsible for withholding and paying your own taxes from your delivery income. Where does that leave you? What will this mean for you …
As an independent contractor, you should set aside enough to cover the 15.3% self-employment tax and at minimum 10% federal income tax. There are a lot more moving pieces than just that, so we’ll look at five steps you can take to stay out of tax trouble by saving up now for your taxes. What …
The IRS has announced that the standard mileage rate that can be used by delivery and rideshare drivers has increased from 58.5 cents per mile to 62.5 cents per mile. The four cent per mile increase is effective July 1, 2022. This is not the first time that rates have increased. In 2008, the rate …
Filling out Schedule C is possibly the most essential part of figuring out your taxes on Doordash. It’s even more critical than the Doordash 1099 you get early each year (or any other 1099’s from other gig economy companies). That’s because your Schedule C, and not your form 1099-NEC, is the form that determines your …
If you are like most people who are trying to figure out this whole Uber Eats tax thing, you may have had a bit of a surprise the first time you read the words “Self-Employment Taxes.” Wait, what? Maybe like some folks, you didn’t realize you were self-employed to begin with. Perhaps you’ve discovered some …
In the first part of this series on Uber Eats Taxes we said Schedule C is the most important tax form for your delivery work as an Uber Eats independent contractor. It’s even more important than the Uber 1099 forms you get . That’s because Schedule C, and not your 1099, is what determines what …
The biggest money mistake Uber Eats drivers make is to not write off car expenses on their taxes. Either they didn’t know how or they didn’t know they could. Don’t make that mistake. Every mile that you track and claim can shave 9 to 14 cents off your tax bill (possibly more). Fourteen pennies doesn’t …
If you drive much as a rideshare contractor for Uber or Lyft, or as a delivery independent contractor for companies like Doordash, Instacart, Uber Eats and Grubhub, you can wear your car out quickly. Repairs and replacement for all that wear and tear can be expensive. It can also keep you off the road. Sometimes …
As a gig economy independent contractor in Delivery (Doordash, Grubhub, Uber Eats, Instacart etc) and Rideshare (Uber, Lyft, etc.), it’s hard to know what you can write off outside of miles and a few minor supplies. You may have heard other drivers tell you that you can take several hundred dollars in home office deductions. …
Editor’s Note: This review was written for the 2020 tax season. Credit Karma sold off their tax program, which is now operated by Cash App. Most recently, as of early 2023, Credit Karma now is working with Turbo Tax for their tax software. I have good news and bad news if you’re an independent contractor …
Some gig economy companies like Doordash and Instacart use Payable to distribute their 1099 forms. Every January they send out invitations to sign up to get your 1099 forms electronically. And right away, one question stumps everyone: What is your business type? Individual? Sole Proprietor? LLC Single Member??? If you don’t know the answer, odds …
We made it. 2024 has been kicked to the curb: Good riddance, don’t let the door hit you on the way out. We’re not even going to thank you for your service, you were that kind of year. Except as an independent contractor with gig economy apps like Doordash, Uber Eats, Instacart, Lyft, Grubhub, Postmates …