16501 Ventura Blvd, Ste 110
Encino, CA 91436
The experienced professionals at Edge Financial are your resource for the latest and greatest news, tips, and information for all things tax.
Uber/Lyft drivers are popping up everywhere! It’s become the new way to make money and the best part…It’s on YOUR time! These ride-sharing type employment opportunities have become a bit of a trend. All the hype is the earning potential and flexible hours. What is NOT being talked about is “How will this affect my taxes? “
Consider this : You are NOT employed by Uber/Lyft or any of these companies. They do not give you a pay check, nor pay into your taxes. What you are an independent contractor or Self-Employed. This means you are responsible for your own taxes and maintain your own expenses. We don’t want to scare you and make you think that you must go file as a business or obtain a business license. You will file taxes as an individual like you normally do, you will just receive a 1099 instead of a normal W-2.
A 1099 is a year-end tax document that reports income you made as a contractor. It is payment for Services rendered. The positive about this, is that you may deduct your expenses you paid to earn this money on a profit and loss known as a schedule C.
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16501 Ventura Blvd. Suite 110, Encino, CA 91436