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Driving for Lyft? Use This Tax Preparation Checklist

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 • November 25, 2023 10:30 AM
OVERVIEW

So, you decided to become your own boss (at least part-time) and start driving for a ride-sharing company like Lyft. Use the Lyft tax preparation checklist below to organize your income and deductions to make filing your taxes a breeze. Remember, not all items listed will apply to you, but it will give you a good idea on what you need to report as income and what you can claim as a deduction.

 

woman-driver-on-phone-using-gps

Key Takeaways

  • Lyft makes your ridesharing income for the tax year available on the tax information page of your Driver Dashboard.
  • You are required to report all of your ridesharing income, even if you don’t receive a 1099-K or 1099-NEC form.
  • For 2023, if you receive more than $20,000 and 200 transactions for ride payments during the tax year you should receive a Form 1099-K.

Before you start tax preparation:

  1. Download and print this checklist as a PDF
  2. Place the checklist in a file folder, or attach it to the outside of a folder.
  3. As you receive or locate tax documents, place them in the folder and check them off the list.
  4. Scratch off anything on the list that doesn't apply to your tax situation.
  5. Enter information and amounts that are not already available on other documents, such as your bank routing number for direct deposit.

Lyft tax preparation checklist

You’ve spent hours gathering all of your receipts and necessary documents to outline your expenses. Now what? For first-timers, making the adjustment from filing taxes as an employee to an independent contractor can seem like a daunting task. Whether this is your first time or your tenth time, this tax preparation checklist will help you maximize your tax deductions.

Not every category will apply to you, so just pick those that do, and make sure you have that information available. When you're ready to prepare your tax return using TurboTax software, you'll be surprised at how much time you'll save by organizing your information beforehand.

Your Income

__1099-NEC

__1099-K

__Lyft Annual Summary

__Any other income records you may have

Vehicle Expenses

__Mileage (using the Standard Method) OR all expenses such as those below (using the Actual Expenses Method)

__Car tool kit

__Car wash

__Electronic toll transponder

__Flashlights and flares

__Floor mats

__Gasoline

__Insurance

__Maintenance

__Oil change

__Parking fees

__Portable battery jump pack

__Registration fees

__Repairs

__Snacks and refreshments for your passengers

__Tire inflator and pressure gauge

__Tires

__Tolls

__Towing

__Vehicle accessories

__Vehicle purchases

Insurance

__Heath care

__Long-term care

Communication

__Cell phone purchase

__Cell phone service

__Cell phone repairs

__Cell phone accessories

Commission and Fees

__Lyft fees

Legal and Professional Fees

__Attorney fees

__Bookkeeping costs

__Tax professional fees

Miscellaneous Expenses

__Bank charges

__Business memberships

__Business taxes and licenses

__City and airport fees

__First aid kit

__Office supplies

__Other miscellaneous expenses

__Roadside assistance plans

Common tax forms for Lyft drivers

The number of transactions and income your business generated will determine which tax forms you receive. (You can find these forms in the Tax information page of the Driver Dashboard.)

If you earned $600 or more in income from Lyft, you should receive a 1099-NEC. Additionally, you might receive Form 1099-K.

The IRS planned to implement changes to the 1099-K reporting requirement for the 2023 tax year. However, the IRS recently delayed the implementation of the new $600 reporting threshold for transactions from third party processors like Venmo and Paypal, reverting tax year 2023 back to the previously higher 1099-K reporting threshold (over $20,000 in payments and more than 200 transactions).

However, some individual states have already begun to use the lower reporting threshold. Maryland, Massachusetts, Vermont, Virginia and the District of Columbia have a $600 threshold for requiring 1099-K in effect for 2023. North Carolina and Montana also have a $600 threshold, although state tax officials have said these states may offer relief. If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount.

There is no threshold for payment card transactions such as credit card swipes.

Even if you don’t receive a tax form, you will still need to report your ridesharing income.

  • All drivers who earned income on the Lyft platform in 2023, regardless of income amount, should receive a 2023 Annual Summary document which has the info you'll need to get your taxes filed.

But don’t let these forms or amounts scare you, you are entitled to several deductions, like the miles you drove.

 

TurboTax Tip:

As a self-employed business owner, you can deduct expenses, including the business use of your car, business-related cell phone expenses, and even the cost of bottled water and snacks you provide for your business passengers.

 

Deducting miles

Lyft may provide you with your mileage information; however, it may not contain the miles you drove from one customer to the next. Be sure to check your records, so that this deduction is not understated. There are two options to deduct your vehicle expenses:

  • the actual expenses method or
  • the standard mileage method

The standard mileage method requires less record keeping and provides a set rate per mile.

  • For 2023 the rate is 65.5 cents per mile.

If you choose the actual expenses method, you will need to add all the expenses you incurred in the year, such as gas, repairs, oil change, and anything else related to your vehicle that was necessary to perform your ridesharing activity. If the same vehicle is used for personal reasons, only the business portion is deductible.

Read Maximizing Tax Deductions for the Business Use of Your Car to get the most out of your miles.

Deducting cell phone expenses

Did you know you can deduct your cell phone expenses? In today’s world, a mobile phone can be indispensable to your business. As a driver for a ridesharing company, the use of a smartphone may be required. These can be deductible if used while working for Lyft:

  • purchasing a phone
  • paying the bill
  • repairs
  • buying accessories

If you use your phone for business and personal, you would simply calculate the amount of any services or items used to run the business and allocate that amount to your business expenses.

  • For example, if you use the phone 60% of the time working for Lyft, then you can deduct 60% of the costs.
  • If mobile phone expenses total $1000, then it would be: $1000 x .60 = $600 – this is how much you can deduct as a business expense

If your phone is a dedicated business phone (meaning, it’s not used at all for personal reasons, but for business only), you can deduct 100% of the costs as a business expense.

Other tax deductions

Did you pay a professional to keep track of your transactions or did you seek legal advice related to your activity? These expenses are tax deductible!

As a Lyft driver, you are considered a business owner. That means anything you spend on your business qualifies as a tax-deductible business expense. This can include anything related to your business activity, from paying for bank and software fees to bottled water and snacks.

Read Tax Tips for Lyft Drivers: Ridesharing Taxes for more tips on what you can deduct or use the Tax Preparation Checklist below.

First-year auto depreciation deduction

There is also a first-year auto depreciation deduction of up to $20,200 for vehicles (automobiles that weigh 6 tons or less) for 2023. If you purchased a car that fits this criterion and started using it for business after 2017, you might be able to take advantage of this deduction.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • TurboTax Product Support: Customer service and product support hours and options vary by time of year.

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  • Deduct From Your Federal or State Refund (if applicable): A $40 Refund Processing Service fee may apply to this payment method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2021 and higher) and QuickBooks Desktop (2021 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

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