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October 30, 2024
Question

Can Lyft driving gas mileage tax deductible?

  • October 30, 2024
  • 2 replies
  • 0 views
Is gas expenses for taking ride for Lyft and Uber tax deductible?

2 replies

Employee
October 30, 2024

Yes.   As a ride share driver, you are self-employed.   Your business expenses get entered on a Schedule C.  You will be paying self-employment tax for Social Security and Medicare, as well as ordinary income tax.

 

Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ

 https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sidecar-and-other-Car-Sharing-Drivers/INF28820.html 

 

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

If you live in a state with a state income tax, you might need to make estimated payments to your state.

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Employee
October 30, 2024

Probably not the way you are asking.  If you are self-employed as a ride- share driver, you can deduct your vehicle expenses using either the exact expense method or the standard mileage method.  If you use the standard mileage method, that includes allowances for fuel, repairs, maintenance, insurance, and depreciation (wear and tear).  You can't add gas or anything else (except parking and tolls) when using the standard mileage method.  If you use the exact expense method, you can include fuel along with everything else.

 

Most people use the standard mileage method because the record keeping is much easier and it usually results in a better recovery unless you have a very expensive new car.  The two methods are described in chapter 4 of publication 463.

https://www.irs.gov/pub/irs-pdf/p463.pdf