Tips from Gen Y Accountants
Hey Uber drivers!
If you’re hitting the road to earn a living, you know that maximizing your income is crucial. One way to do that is by taking advantage of all the tax deductions available to you. At Gen Y Accountants, we’re here to help you navigate the tax landscape and keep more of your hard-earned cash.
What Expenses Can You Claim?
As an Uber driver, you’re essentially running your own small business. This means you can deduct a wide range of expenses directly related to your work, including:
• Vehicle Expenses: This includes fuel, oil changes, repairs and maintenance, registration fees, insurance, and even depreciation on your car.
• Phone and Internet: You need these to run the Uber app and communicate with riders, so a portion of these costs can be deducted.
• Tolls and Parking: Any tolls or parking fees you incur while driving for Uber are tax-deductible.
• Cleaning and Maintenance: Keeping your car clean and tidy is essential for providing a good rider experience. Deductions can be made for car washes, cleaning supplies, and other maintenance costs.
• Snacks and Drinks: If you offer these to your riders, you can claim a deduction for the cost.
• Home Office: If you have a dedicated space in your home where you manage your Uber business (e.g., keeping records, scheduling rides), you may be able to claim a deduction for a portion of your rent or mortgage, utilities, and other home office expenses.
Keep Track of Your Expenses
The key to maximizing your tax deductions is to keep meticulous records. Track every expense related to your Uber driving, no matter how small. This will make tax time much easier and ensure you don’t miss out on any potential deductions.
Written by Bulbul Ahmed on July 11, 2024
