November 24, 2020

Tax Filing 2020

Tax Filing 2020 today we're gonna discuss what you need to know to file your uber and lyft taxes and be sure to stick around.

The end because we'll summarize some main points every year by the end of January uber and lyft sent out tax summaries to all. Drivers in those summaries that details how much you earned what fees were taken out and how many. Miles you drove some drivers will also get 1099 they'll get a 1099 K or a 1099 Mis C and we'll discuss those in detail in a little bit and you can access your prayer your, summaries. And tax documents by logging in to your dashboard for either company alright now as far as the tax summaries and again all drivers will get these, here's a look at overs you can see at the top they list, your completed trips and online miles and they list your gross earnings expenses fees and tax and your net payout and here's what lifts text summary.

Looks like it'll show your rides again in online miles it'll also show gross earnings and expenses alright so again. All drivers will receive these tax summaries but some drivers will receive 1099 they may receive it a 1099. K or a 1099 Mis C if you earned over twenty thousand dollars in passenger and delivery payments and completed over 200 rides flash. Deliveries you will receive a 1099 K and we mentioned deliveries because some of. You might have overeats income and here's a look at a 1099 K from lyft and if you look at box 1a you can see that this driver earns thirty one, thousand one hundred and thirty four dollars and. Thirty six cents in gross payments now if you earned less than twenty thousand dollars and didn't give two hundred rides you won't receive a 1099, K from lyft or uber but you still need to report that income so you'll use the numbers from your tax summary okay now, the other 1099 that you may receive is a 1099 Mis. C if you earn $600 or more from either company of promotion referral and other payments for the year you'll receive a 1099 Mis C and here's what a 1099 M is see looks like you're looking, for one number here it's in box 7. You can see that this driver earns three thousand two hundred $16.55 in non.

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