Author Topic: Handling Taxes on Uber / Lyft Side Hustle  (Read 475 times)

saijoe

  • 5 O'Clock Shadow
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Handling Taxes on Uber / Lyft Side Hustle
« on: June 20, 2018, 01:34:21 PM »
I am testing the early retirement waters and am driving for Lyft 2-3 evenings per week.  I make a pretty decent salary on my regular job.  I have opted not to do quarterly estimates as I think the two to three hundred dollars per week will just come out in the wash and I'll maybe owe a little extra.  As I calculate it, the mileage deduction pretty much equals the dollars I'm getting.  Am I screwing up? 

CareCPA

  • Bristles
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  • Posts: 307
  • Location: Northcentral PA
    • Care CPA - Tax, Accounting and Payroll
Re: Handling Taxes on Uber / Lyft Side Hustle
« Reply #1 on: June 20, 2018, 07:06:46 PM »
You're probably fine. At 54.5 cents per mile, it doesn't take long for the mileage rate to eat up your earnings.

Livingthedream55

  • Bristles
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  • Location: Massachusetts, USA
Re: Handling Taxes on Uber / Lyft Side Hustle
« Reply #2 on: June 25, 2018, 01:42:36 PM »
I'd say you'd be fine. I did taxes as a volunteer (VITA Program) for the past two seasons which included a fair number of folks with some Uber/Lyft income. After accounting for mileage the tax impact was minimal.