Hurdlr: Mileage, Expense & Tax Apps on Google Play

For some, the standard mileage deduction simplifies record-keeping and maximizes deductions. Others with high vehicle operating costs might benefit from itemizing actual expenses. For accurate tax filing, Uber drivers must maintain comprehensive records. Uber drivers should retain all receipts and maintain a detailed record as they occur. This organized approach aids in accurate profit or loss calculations and is essential during tax season, ensuring every permissible deduction is captured. First, you have to know what you’re looking for so when you find the right fit, you know it’s best for you.

• Personally, I have rules set up to automate my gas, car washes, car payment, auto insurance and my other most common expenses.
• You can list these fees as business expense deductions on Schedule C so you don’t pay taxes on them.
• Revenue Kiwi does not include all companies or all available products.

The Uber tax summary of total online miles includes all the miles you drove waiting for a trip, en-route to a rider, and on a trip. Instabooks Uber & Taxi financial reporting software and app is designed for Uber & Taxi drivers. Match your Uber & Taxi revenue against the expenses to understand your profit or loss. As a small business owner, you don’t report mileage to the Canada Revenue Agency (CRA). Instead, if you use a vehicle for business, you write off a portion of your expenses based on the amount of time you drive the vehicle for work. It tracks your miles and expenses, and offers extra benefits like life insurance and gas discounts.

Bookkeeping

There’s also a spot when you first get started/sign up where it asks your permission to use your provided tax information for third parties. So, it would have cost me $59.99 to file online without the assist option. It even has a ‘maximize deduction’ option, where it asks you extra questions about other ways to deduct to get your maximum refund. But when I started to use that system, I clearly saw that it is very useful.

Bank Reconciliation

• When choosing accounting software for Uber drivers, consider your specific needs and budget.
• This accounting software allows you to categorize trips, record expenses, and calculate your deductions, ensuring you have a clear picture of your finances.
• Like the others above, you’re able to connect your bank and/or credit cards for easy expense tracking, as well as uploading receipts to keep everything in one place.
• Tomoko Matsuoka is managing editor for Shoeboxed, MailMate, and other online resource libraries.
• In some ways, Freshbooks is similar to Quickbooks as far as how they keep your information organized.

The revenue these partnerships generate gives us the opportunity to pay our great team of writers for their work, as well as continue to improve the website and its content. Don’t let yourself get bogged down with too much stuff you don’t need. The best software will have what you need without all the added frills that a larger company would need.

Cost:        Cost is provided by a quote from Concur, best for rideshare or fleet businesses with 10+ employees

Whenever you start a trip, Shoeboxed tracks your location and miles and saves your route as you drive. Shoeboxed makes it easy to export your yearly expenses into a detailed report. Importing e-receipts to your Shoeboxed account is as easy as syncing your Gmail with Shoeboxed, using Shoeboxed’s special Gmail Receipt Sync feature. Shoeboxed’s data entry team will scan, categorize, and organize these receipts digitally. This income and expenses spreadsheet created by The Rideshare Guy is a Google document spreadsheet but can be downloaded and used in Microsoft Excel.

You must also maintain precise records of your mileage and other business-related expenses, which can be deducted from your taxable income. Expenses related to vehicle operations are usually the most significant outlay. Fuel expense tracking is straightforward—drivers simply log the free accounting software for uber drivers amount spent each time they fill up. Maintenance can be tracked by recording the services performed—oil changes, new tires, brake services, etc.—alongside their costs.

Tax Estimations and Deductions

It’s worth noting that some accounting software options may charge a fee for processing payments. You should consider this when choosing a software option, as it can affect your bottom line. Another self-employed accounting software service to consider is Xero. When we reached out to Concur about pricing, we discovered that Concur is the best option for those of you who run your own rideshare and/or fleet business.

Get These Essential Uber Tax Tools

If you use the same vehicle for both your ridesharing business and your personal transportation, you must keep accurate records to separate the two uses. You’re allowed to deduct only the expenses that apply to the business use of your car. If you provide snacks or bottled water to your passengers, you can deduct these expenses.

Set Expense Rules

Also remember to track any other expenses you incur for your business. Business cards and supplemental paid advertising both fall into this category. If local regulations require you to put a camera in your car, as many taxi drivers are required to do, that expense is also deductible. If you use your car for your business, the Canada Revenue Agency allows you to claim a portion of your vehicle expenses as a business deduction.

Expense Tracker

If you’re willing to pay for a more comprehensive accounting software option, Xero is a great choice. This software offers a range of features including time tracking, project management, and expense tracking. It is designed for small business owners and freelancers, and it offers excellent customer support. With Xero, you can easily create professional-looking invoices, track your billable hours, and manage your expenses. This software also integrates with a variety of other tools and apps, making it easy to streamline your workflow and stay organised.

You can effortlessly manage income and expenses with its user-friendly interface. The software integrates seamlessly with your Uber transactions, providing you with real-time profit insights and simplifying tax estimates for you. Customizable features ensure flexibility, making Xero an ideal choice for efficient financial management. Track your Uber income effortlessly with QuickBooks Self-Employed. This accounting software allows you to categorize trips, record expenses, and calculate your deductions, ensuring you have a clear picture of your finances.

I stopped losing Lyft rideshare receipts because Instabooks receipt scanner app makes scanning and storing pictures of receipts online very simple. Instabooks Uber & Taxi tax calculator is designed for Uber & Taxi drivers to save them $7,000 & 200 hours on tax calculation, tracking, preparation & lodgement. For example, if you drive 20,000 kilometres total and 10,000 kilometres are for work, you may report 50% of vehicle expenses as business expenses. FreeTaxUSA also does a good job of looking out for rideshare drivers, too. However, if you’re just filing your federal and state taxes with FreeTaxUSA, and don’t want the extra frills, FreeTaxUSA will cost you $12.95. Their tax professionals know rideshare rules and can use QuickBooks data to ensure full compliance.

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents. We’ll stay in constant contact with you, providing timely bookkeeping updates for your Uber driving business. Our team of experts is well-versed in ride-share tax regulations and will tailor their approach to your specific needs as an Uber driver.