Lyft Drivers: Yes, You’re Self Employed! TurboTax Tax Tip Video

Hi, I’m Lisa Skelly, one of the tax and Lyft partner-experts here at TurboTax, and I’m here to talk to you about preparing your taxes and being self-employed. So, as a Lyft partner, you are not an employee of Lyft. So, you are self-employed. You may hear a couple of different terms with that. You can hear “Sole Proprietorship,” “Owning your own business,” “Contractor,” “Subcontractor,” it all means the same thing. You are in the business of driving. So, one of the perks of being self-employed is you do get to write off your expenses for being a Lyft driver. So, that’s going to be expenses like mileage and supplies for the car. But we will talk more about the expenses later. Now, let’s say you’re not just a driver for Lyft. Maybe you do Amazon delivery too. TurboTax Self-Employed is going to help you in combining all of that information, because you’re really in the business as a driver. You’ll combine your income and your expenses and then we’ll generate all of the forms that are needed. This will all be a part of your individual tax return. The same one you do every year and then you’re good to go.

You May Also Like

About the Author: Oren Garnes

Leave a Reply

Your email address will not be published. Required fields are marked *