All drivers know that there are expenses to driving for Uber or Lyft. In fact, all know of the income and expenditure differences, but not all are familiar with tax-related issues such as 1099-K or 1099-MISC, which is usually best left in the hands of professionals. Knowing how to track and relate an expense is a key to successfully monitoring your tax-related spending. Stride Drive App is the solution to this issue, and we will make a brief summary of how this app can help you save money.
There are a number of expenses that must constantly be tracked when driving for a profession; these are mileage, car payments, car maintenance, and gas.
However, there are much more such expenses that should be tracked and added to your calculations; these include snacks, special gadgets or items you use during the trip for your customers and for yourself. Everything should be written down and tracked.
When to Track
When you start a schedule, you press the green start button on the app. The moment you are in the driving mode, from the moment you start to when you finish driving, you are in business expense mode. The app will track your "on-duty" miles, so once you leave your house, turn on Uber's destination filter, as well as on the way back home, and you will be able to include those miles as well.
What to Track
There are certain expenses that you cannot include, and the app will direct you, for instance, you cannot include dry cleaning since it is not a business-related expense, unless you are an UberBlack driver and have a specific uniform you can prove you wear for work purposes. Once you complete your schedule or specific ride, you turn the app off.
What you can include in your scheduled expenses are mobile device load uses, car washing and interior cleaning, all the various items you buy for cleaning and helping passengers. Food during work hours as well as snacks and drinks you might provide passengers on long trips.
Here is a list of deductible expenses taken from Stride http://blog.stridehealth.com/post/rideshare-tax-deduction-guide
Car Cleaning DEDUCTIBLE
Passenger Goodies DEDUCTIBLE
Cell Phone Accessories DEDUCTIBLE
Cell Phone Purchase DEDUCTIBLE
Cell Phone Service DEDUCTIBLE
Haircut NOT DEDUCTIBLE
Parking Fees DEDUCTIBLE
Music and Paid Apps DEDUCTIBLE
Clothing NOT DEDUCTIBLE
Car Mat DEDUCTIBLE
Car Seat Cushion DEDUCTIBLE
Food and Drink DEDUCTIBLE
Dry Cleaning NOT DEDUCTIBLE
Car Loan Interest DEDUCTIBLE
Health Insurance DEDUCTIBLE
Oil Change DEDUCTIBLE AS ACTUAL CAR EXPENSE
Gas DEDUCTIBLE AS ACTUAL CAR EXPENSE
Car Insurance DEDUCTIBLE AS ACTUAL CAR EXPENSE
Car Repairs DEDUCTIBLE AS ACTUAL CAR EXPENSE
Car Lease Payments DEDUCTIBLE AS ACTUAL CAR EXPENSE
Car Depreciation DEDUCTIBLE AS ACTUAL CAR EXPENSE
Stride driver app is free, unlike its main competitors, so before you go and spend some money on any other professional app, check out Stride.
The Stride Story
Stride started out as an insurance solution consultancy, but its partnership with Uber and Lyft opened the CEO's eyes to the number of opportunities open for their kind of product, which is information management. Noah Lang, CEO of Stride told the media back in 2016 that they were contacted by many drivers that used their services for insurance reasons to consider offering a similar service for business management too. So, they developed an app that offers a solution to managing and tracking expenses. The app will then send all the information to Stride which will collate it and send the driver an end of the year report that can be used by the driver as a direct plug-in or their accountant to complete the online tax report.
Stride App will continue to change and upgrade, it started out as an iOS-only app and developed into a full mobile device range app. The features being offered will change based on driver usage and feedback, overall we expect to see Stride driver app become the ridesharing sectors leader because of the partnership Stride forged with Uber and Lyft.