Rideshare Tax Calculator -- A Simple Tax Calculator for Uber and Lyft Drivers


(Bick Bhangoo) #1

Disclaimer: I am no way an expert in taxes or accounting. Although, I do have some knowledge of coding, which I used to make this tax calculator for Uber and Lyft drivers. It can also be used by drivers who drive for Postmates, GrubHub, DoorDash, or any other delivery service as an independent contractor.

Tax Calculator :point_down:

Instructions

  1. Go to “File”
  2. Select “Make a Copy.” (Google Sign-in Required)
  3. On Mobile, click on the pencil icon in the upper right corner to download the Google sheet and edit in the Google Sheet app. Once in the Google Sheet app, click on the three dot menu in the upper right corner. Go to “Share & export” and click “Make a copy.”

How to use the calculator

Enter your data in the yellow fields only.
Select “Individual” or “Family” to change standard deduction amount.

  • Other Expenses: Phone, Car Wash, Toll Tax, Split Fare, Safe Ride Fee, Misc., City Fee, Airport Fee, Booking Fee, etc.

The reason I made this calculator is for drivers to see how the recently passed 1.5 trillion dollar tax cut plan would affect them.

Summary of the tax cut plan:

  1. 20% Pass-through income deduction for self-employed or independent contractors.
  2. New tax brackets with lower tax rates for individual, families, small businesses and corporate.
  3. State and Local taxes capped at $10,000/year
  4. Mortgage interest deduction up to $750,000

If you would to get more details on the tax plan, click on the link below:

Please note that this “Uber” calculator only uses standard deduction and the tax bracket just goes up to 22% - $82,500 net income. If there are enough requests to include itemized deductions, I will do it. Also, I would appreciate any feedback!

Also, checkout: Uber Fare Calculator & Lyft Fare Calculator


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(Andrew Martin) #2

If you are a driver as well as operating other income sources, managing your taxes and expenditure is a big must! Its amazing how much money you end up saving when you watch every cent every moment. It also helps you plan and project.


(Bick Bhangoo) #3