Year-Round Rideshare Support

By | Rideshare Drivers

While tax season may be over for on time filers, for those that filed an extension Uncle Sam is still expecting something from you.  Whether it be a filing only, or a filing and payment is completely up to your particular tax situation.  However, as a share-economy rideshare driver, you are expected to file returns throughout the ENTIRE YEAR.  At Millennial Tax, we help rideshare drivers:

  • file 1040-ES with the IRS to avoid interest and penalties.
  • file IT-2105 with NYS to avoid interest and penalties.
  • file IT-2105.9 with NYS to avoid additional interest and penalties. (when applicable).
  • file Form 4868 with the IRS if necessary to fully prepare tax documents properly.
  • file Form IT-370 with NYS if necessary to fully prepare tax documents properly.

Having a tax professional that understands the rideshare industry is integral to you staying out of trouble with the tax authorities.  For more information about Millennial Tax services, you can call our office at (646) 537-1733 or schedule an appointment above.

Episode 10: Rideshare Driver Taxes 101

By | Millennial Tax TV

Great information has been sent to us about taxes for rideshare drivers (e.g. Uber, Lyft, Gett, Juno and Via drivers). Most of the information that is being shared is by rideshare drivers discussing how they prepare their taxes on their own, which is also a good thing. However, taxes are like medication, what’s prescribed for one person is best on them in particular, their health profile — and for taxes, their financial situation. That being said, rideshare drivers should caution to only take this information as general and either do further research or speak with a tax professional about THEIR situation to make sure the information is applicable to them specifically.

To schedule an appointment to discuss your tax situation, click HERE.

Episode 8: The Not Liking But They Lurking

By | Millennial Tax TV, Taxes

You may not see the IRS, but they are omnipresent and when you’re going through an IRS audit, you can bet your Billy goats they will look at your social media pages…extensively.  Anything posted on social media is up for scrutiny when you’re going through a public proceeding (e.g. a bankruptcy restructuring).  Rapper/actor 50 cent learned this the hard way.  So if you’re going through an audit, you may want to audit your own social media pages, or keep a low profile from social until the matter is resolved.

For more tax tips for solopreneurs, subscribe to our channel – HERE.

Episode 7: The Duo

By | Millennial Tax TV, Taxes

If you’re a solopreneur, whether you’re a home-based business owner, rideshare driver or rental host, you need resources to grow and protect your business.  And whether you do your taxes on your own or have a tax professional prepare them for you, you should have tools that help stay knowledgeable about tax laws as it relates to your business or self-employment.  Above are two resources that I continue to buy and share with clients by Sandy Botkin and Bernard Kamoroff.

For more tax tips for solopreneurs, subscribe to our channel – HERE.

How to Pay Taxes as a Rental Host

By | Rental Hosts, Special Reports

A Quick Guide to Rental Host Taxes

Airbnb, HomeAway and VRBO help people earn extra money by temporarily renting a room or their entire home. But what they don’t teach rental hosts is how to maximize your tax savings to keep the money you earn. But there are rules the IRS expects you to know.  In our guide you’ll learn about:
  • Deducting host services
  • Allocating general expenses
  • Keeping flawless records

This post is for rental hosts in the United States only.  The information shared in this post is for rental hosts looking for information on how to stay tax compliant while renting out their home.  This is not tax advice pursuant to Circular 230.

How to Pay Taxes as a Rideshare Driver

By | Rideshare Drivers, Special Reports

A Quick Guide to Rideshare Driver Taxes

Services like Uber, Lyft, Gett, Juno and Via are providing great opportunities for individuals to operate as rideshare solopreneurs.  Because the industry is new, there’s little information about how to file taxes.  However, the IRS is an old BEAST and what they expect you to know as a rideshare driver, may not be what you think.  In this guide we’ll share:

  • Quarterly payments
  • Calculating tax impact
  • Which forms to use

This post is for rideshare drivers working in the United States only.  The information shared in this post is for rideshare drivers looking for information on how to pay taxes as a rideshare driver soloprenenur.  This is not tax advice pursuant to Circular 230.