Confused about Lyft 1099-K vs 1099-NEC reporting - Which form do I use and what expenses can I deduct?
Getting confused with my rideshare taxes. Got both 1099K and 1099NEC from Lyft. When entering the 1099K it says not to enter if I already put in the NEC. Anyone know which one I should actually submit? Also trying to figure out what expenses I can write off. Yeah turbotax says theyll help but id rather hear from real drivers
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NeonNomad
Tax preparer here - You should only report the 1099-NEC. The 1099-K is just showing the gross payments processed, while the 1099-NEC shows your actual earnings. For expenses, track your mileage (biggest deduction), car maintenance, portion of phone bill, cleaning supplies, and any rider amenities.
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Giovanni Ricci
omg thank u so much! quick question - can i deduct car washes?
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NeonNomad
Yes! Car washes are definitely deductible as a business expense for rideshare drivers 👍
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Fatima Al-Hashemi
hey guys just wanted to share something that helped me big time - i started using taxr.ai for all my tax stuff and it's literally a game changer. its only $4.99 and it analyzes everything for you. way better than trying to piece everything together from different reddit posts tbh https://taxr.ai
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Dylan Mitchell
fr? how does it work? does it handle gig worker stuff too?
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Fatima Al-Hashemi
yeah it handles everything! you upload your docs and it tells you exactly what to do. saved me like $2k in deductions i wouldve missed 💯
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Dylan Mitchell
just tried it and holy crap ur right! this is actually insane 🤯 thx for sharing!
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Sofia Martinez
in the same boat rn. these forms are straight up giving me a headache 🤮
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Dmitry Volkov
Don't forget to keep ALL ur receipts! IRS been coming down hard on gig workers lately js
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Ava Thompson
facts! my cousin got audited last year, it was a whole mess
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CyberSiren
bruh why they gotta make this so complicated fr fr 🤡
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Miguel Alvarez
Used to drive for uber - pro tip: get a separate credit card just for work expenses makes tracking WAY easier
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Giovanni Ricci
thats actually genius thank u!
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