INFO, FORMS, TIPS, AND MORE
Taxes: How to file and save as a Lyft driver
A central place for you to find your 2019 tax information, learn how to maximize your savings, and access other useful information.
SPECIAL SAVINGS FOR ALL LYFT DRIVERS
IRS Free File
This Is a free service provided by the government for individuals who qualify (there are income limitations). We recommend consulting a tax advisor to help you choose the best way to file.
Your Annual Summary doc
All drivers receive an annual summary. It includes a breakdown of the number of rides you’ve given, your gross earnings from rides, non-ride earnings (like bonuses), tolls, and mileage info. Learn more.
The 1099-K form
Drivers who earned at least $20k and had 200 total transactions (for ride receipts) from passengers in the past year. Even if you don’t receive the 1099-K, you’ll likely still have to file taxes. Learn more.
The 1099-Misc form
Drivers who earned at least $600 from non-driving activities (like referral bonuses, incentives, mentoring) in the past year. Even if you don’t receive the 1099-Misc, you’ll likely still have to file taxes. Learn more.
How do you prep for tax season as a driver?
I ensure that I use a third-party app to track all mileage expenses and income. As a former licensed tax professional, I ensure that all of my documentation is in order to give me the peace of mind in the event of an IRS audit.
-Tom, driver in Sioux Falls, SD
What are the top deductions you claim as a driver?
Everything-phone, gas, auto costs such as maintenance and insurance.
-Kelly, driver in Boston MA
What resources or apps help you maximize deductions?
I am old school and use excel spreadsheets for keeping most of my records.
-Billy, driver in Minneapolis, MN
Do you use ‘standard mileage’ or ‘actual expense’ method?
It depends, but generally standard mileage deduction works best.
-Donnie, driver in Boston, MA
What's the best tax tip you've received as a driver?
I believe that understanding the depreciation that happens in a vehicle used for Rideshare is an important part of the deduction process. Many drivers fail to record the depreciation rate while submitting their tax returns.
-Tom, driver in Sioux Falls, SD
What do you wish you knew as a new rideshare driver?
I wish I knew that when filing as an independent contractor that all the information that you keep track of can help you when your trying to receive a refund instead having to owe the government money.
-Sicilian, driver in San Bernardino, CA
Anything else you want to share to help other drivers prepare?
Save their receipts (gas, maintenance, purchases that involve driving for lyft like food or bottled water for customers) and be sure to make the appropriate deductions.
-William, driver in Houston, TX
Frequently Asked Questions
When and where can I view my tax information and documents?
What's the difference between Lyft's tax forms?
Will I get an Annual Summary or a 1099?
What are common tax deductions I can claim as a Lyft driver?
Should I use the ‘standard mileage’ or ‘actual expense’ method to calculate my vehicle-related deductions?
Do I need to track my miles as a Lyft driver?
What if I drive for more than one ridesharing platform?
What’s a B Notice and why did I receive one?
What if I drive multiple cars with Lyft?
What if my tax statement amount doesn’t match my direct deposit amount?
Where can I get additional tax advice or in-person support?
Do I need to pay taxes on income I earn from driving?
*Lyft does not provide tax advice. We recommend that you consult with an independent tax professional for any tax related questions.