Tax season is hard enough, but for all the new changes for rideshare drivers, it can be tougher. LegalRideshare Co-Founder Bryant Greening sat down with Tax Practitioner Jeff Badu on all the tax deductions focused on rideshare. Here are some key takeaways:
20% DEDUCTION FOR DRIVERS
Uber drivers, Lyft drivers, freelancers and other independent contractors will be able to deduct 20 percent of their income from their taxable income before paying the new lower tax rates.
STANDARD DEDUCTION HAS DOUBLED
From $6000 to $12,000
WHAT CAN BE DEDUCTED? A LOT.
This includes: miles, travel, gas, the purchase of the car, etc.
For the entire list of tips and tricks, check out the video.