With Uber, Lyft and other ridesharing companies continuing to expand their fleet, more people are applying to be drivers to make some extra cash. But when it comes to how to handle this income for taxes, it can be tricky.
In this video, Entrepreneur Network partner Mark Kohler discusses how drivers of ridesharing companies should report their taxes.
To set yourself up for success, it is important to be organized and track everything. Kohler suggests to use an Excel spreadsheet, along with a separate bank account or credit card.
Once that is done, make sure you write off everything and focus on deductions.
To learn more about how to report your taxes as a ridesharing driver, check out the video.
Watch more videos from Mark J. Kohler on his YouTube channel.
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