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It also might be the first time you’ve had to report self-employment income on your tax returns. Follow these tips to report your Uber driver income accurately and minimize your taxes ...
This includes driving for Uber, selling printables on Etsy or mowing lawns around the neighborhood. Unfortunately if you’re self-employed, you may pay more in taxes than an average worker.
The government expects a cut of your Uber or Lyft earnings. Fortunately, there are a number of tax deductions you can take advantage of to reduce how much you owe.Image source: Getty Images.
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. [1] It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
MileIQ is an American-based technology company that develops a mileage tracking and logging app. [2] The app uses automatic mileage tracking to calculate mileage while driving for business purposes that can then be used to report for reimbursement and potentially a tax deduction with the IRS, being attributed as the first mobile app to passively track such data.
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