New tax deduction rules can help self-employed Uber and Lyft drivers save money this tax season.The IRS allows two methods for deducting vehicle expenses. The standard mileage rate for the 2024 tax year is 67 cents per mile. Alternatively, drivers can calculate actual expenses, including fuel, repairs, insurance, and lease payments, to determine which method provides the larger deduction.Tolls and parking fees are also fully deductible, as are portions of phone bills and accessories used for work. Additionally, service fees and commissions taken by Uber or Lyft count as business expenses. Drivers can find these amounts in their tax summary or dashboard.Free apps like MileIQ and Everlance can help track mileage efficiently. Uber also provides tax documents through its app to assist drivers in filing.
New tax deduction rules can help self-employed Uber and Lyft drivers save money this tax season.
The for deducting vehicle expenses. The standard mileage rate for the 2024 tax year is 67 cents per mile. Alternatively, drivers can calculate actual expenses, including fuel, repairs, insurance, and lease payments, to determine which method provides the larger deduction.
Tolls and parking fees are also fully deductible, as are portions of phone bills and accessories used for work. Additionally, service fees and commissions taken by Uber or Lyft count as business expenses. Drivers can find these amounts in their tax summary or dashboard.
Free apps like and can help track mileage efficiently. Uber also provides tax documents through its app to assist drivers in filing.
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