Browse Category: Mileage Tracker

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Top deductions for couriers and shoppers

Whether you’re a Dasher, a Postmate, or any other type of courier or shopper (Instacart, Shipt, Caviar, UberEATS, etc.), you’re an independent contractor. As an independent contractor, paying your taxes can be harder than as an employee – for example, you need make tax payments every quarter. But there’s also a key benefit: as an independent worker, there are lots business deductions you’re entitled to take. Taking those deductions reduces your taxes and increases how much money you get keep to keep.

To maximize your deductions, and therefore maximize the money you keep, you need to understand the types of deductions you can take.

We’ve developed a list of the most common deductions that couriers and other on-demand delivery workers can take.

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Lyft 1099 & Taxes

Lyft 1099 | Filing Lyft Taxes (1099-MISC & 1099-K)

Doing taxesLyft 1099 Forms: Starting in the first week of February Lyft drivers will start getting their 1099 forms for their previous year earnings in the mail and that can only mean one thing…

It’s tax time!

As mentioned above, if you drive for Lyft you’ll be getting your 1099 from them soon, but which one will you get?

Some Lyft drivers will be getting the 1099-MISC if they generated under $20,000 in earnings for the previous year. And those drivers that generated over $20,000 in income + at least 200 trips will be getting the 1099-K.

Not too complicated. However, let’s dive in a little deeper to understand how Lyft drivers are classified for tax purposes and what those different 1099 forms really mean.

As always, this post is not to be considered tax advice. For specific advice regarding your tax return you should speak directly with a tax professional.

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2018 Automobile Allowance Rates (1)

CRA Standard Rate 2018 | Automobile Allowance Rates Canada

Canada Revenue Agency (CRA)The CRA Standard Rate, or more commonly known as the “Automobile Allowance“,  is Canada’s version of the IRS Standard Mileage Rate which allows for Canadians to deduct business mileage on a cost per kilometre basis.

In this article you will find all of the necessary information you need regarding the automobile allowance rates for all provinces & territories in Canada, from the years 2012 to 2018. Which is helpful if you have to take care of previous tax years!

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2018 standard mileage rate

IRS 2018 Standard Mileage Rate (54.5 cents/mile)

IRS LogoEvery year the IRS updates the Standard Mileage Rate Deduction and no matter what type of driving you do, if you drive for business purposes, moving or charitable causes – the IRS 2018 Standard Mileage Rate is there to help you easily deduct your mileage.

For those of you wondering why you’d use the standard mileage deduction rate instead of itemizing expenses for actual costs, you do have a choice. You can use one or the other, but you can’t use both.

The IRS has attempted to simplify the deduction process for everyone with the standard mileage deduction, however you’re not required to use it – you do have another option.

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Real Estate deductions

10 Common Tax Deductions For Real Estate Agents

Your job as a real estate professional is hard enough. You’ve got to bend over backwards to get seller listings and hustle to get buyers. You’re driving back and forth from the office to potential clients to open houses and more. It’s how the job works and when you do it right, the hard work can really pay off.

Today we want to look at common tax deductions for real estate agents. Deductions that may seem small but can really save you a lot of money.

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