Rideshare Accounting
and Tax Services

We are more than your Tax Advisor. We help

Uber and Lyft drivers grow their bottom line

Taxes, Accounting and Other Tools
to Run Your "DRIVE" Efficiently

Alto CPA Group, LLC understands the "Rideshare" business and knows how to provide you the services you need to boost your bottom line and meet all your tax obligations. We signed up and worked as Uber drivers for a period of time to provide meaningful financial advice and effective accounting/tax services. This link will provide you with some great tax tips from TurboTax and you will also find other interesting links at the bottom of the page.

Tax Filings and Estimated Taxes
Many independent drivers don’t know they will owe money to the IRS and State Tax agencies when they file their taxes. Self-employment income is taxed higher than wages and penalties are just an added expense you can do without. We will provide you with tax estimates for each quarter of the year to submit to your state and the IRS. We also file all yearly tax forms for you.

Need to Form an LLC.?

Take Advantage of the Tax Law Changes:

As a pass-through entity, and you are entitled to a generous tax deduction. A single taxpayer with no dependents earning $26,000 saves about $623 in taxes

Brief Tips for Rideshare drivers:

Disclaimer

Any information on our website or on the websites we provide links to should not be considered tax advice. Before you make any tax or financial decisions, please consult with your professional tax advisor.

We highly recommend the article on this Intuit page along with all the links at the bottom of the page to get updated tax tips for rideshare drivers.

Rideshare Insurance

Uber and Lyft do provide full insurance coverage (with higher than average deductibles) from acceptance of a ride all the way to the end of the ride. However, while your app is waiting for the next ping, you need Rideshare insurance. Waiting for a ping represents the risk where you will need additional coverage since your insurance policy does not cover such "business" activity. Be cautious on how you approach getting additional coverage. If your current insurer does not carry rideshare insurance, will they drop you if they know you are a rideshare driver? Read this great article on how Rideshare insurance works and where to buy It – From Fundera

Tips

Surge Pricing

You should avoid chasing surge pricing, and instead keep meticulous records of the best times and places to work. In addition, keep your eye on promotions that rideshare services offer to add additional earnings.

Surge zones are Uber’s strategy to redistribute available drivers. The only time it makes sense to go to a surge zone is when there’s a predictable reason for the surge, like bars closing or major events ending.

Cost Saving Tips:

Be productive: Between pickups is considered unproductive time so minimize the amount of driving during this time. Be on the lookout and stay away from high volume areas on your map as soon as you drop off passengers. Driving the shortest routes will also help.

Scope, scope, scope: Gain intelligence on the best places and the best times to be out. This takes time and chances are good other drivers are doing the same thing. Turn your "Passenger" app on and see where and how other drivers are circling around you. Stay away from rideshare driver traffic.

Mileage allowance for tax purposes: Did you know you can deduct 58 cents per rideshare mile on your 2019 tax return? What is the best way to log these miles? We recommend you use a separate mileage tracking app to keep track of your TOTAL rideshare miles. You simply start the app as soon as you leave your home and stop it when you return home. Be careful though. If you take an hour break from rideshare to visit a friend 30 miles going further away from your home, “stop” the app from accumulating miles as soon as you start your trip to meet your friend. Turn the app back on as soon as you turn your Rideshare app back on to return to work. Consult with your tax advisor about the proper handling of the miles in these situations since they can get a little tricky.

We recommend the FREE Stride Tax Mileage Tracking app which will not only keep track of your total mileage for tax purposes, but it will also allow you to log your receipts and expense records related to your rideshare business. This app includes expense categories tailored towards rideshare drivers. You will find the app to be very useful. Mileage Tracking app which will not only keep track of your total mileage for tax purposes, but it will also allow you to log your receipts and expense records related to your rideshare business. This app includes expense categories tailored towards rideshare drivers. You will find the app to be very useful.

Rider is Always Right

Ratings are very important to passengers as they are with your Rideshare business. You will get warnings when you go below a certain rate which is fairly high. They will deactivate you so use sound judgement when dealing with an irate passenger. Be prompt and be safe.

Disclaimer: Any tax, accounting, business and general advice in this communication or throughout our website, including links, attachments and enclosures, is not intended to be an in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it intended to avoid tax-related penalties. If needed, we would be pleased to perform research for you and provide you with a detailed written analysis through an official engagement. We would define the scope and limits of your request for consultation services in a separate engagement letter. Please read our disclaimers page ...

Rideshare ​Accounting​​and Tax ​Services

Taxes, Accounting and Other ​​Tools​​to Run Your ​"DRIVE" Efficiently

Rideshare Accounting
and Tax Services

Taxes, Accounting and Other Tools
to Run Your "DRIVE" Efficiently