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
