I just recently started driving for Lyft and want to make sure I understand the taxes correctly.
-
This page says you can deduct either mileage or actual expenses like gas, oil changes, etc. Tax Tips for Uber, Lyft, and Other Car Sharing Drivers - TurboTax Tax Tips & Videos However, there are some on this site you seem to be saying that you can do both.
-
It’s my understanding that my gross income is actually the amount that the rider pays Lyft. So I everyday I add up those amounts and enter it as income in Quickbooks Self Employed. I then add all the fees taken by Lyft and put that in as a business expenses. When I subtract expenses from gross, that gives my my net which is the amount I actually got paid. Do I included tips and prime time in gross or do I need to add those in separate categories? The Top 5 Tax Mistakes Uber and Lyft Drivers Can Easily Avoid - Ridesharing Driver
Thanks for your time. I appreciate any help.