The 1099-K form, which is one of the 1099 forms that Uber drivers receive, has been through a few changes lately. But all you have to know for the 2023 tax year is that you’ll get a 1099-K if you made over $20,000 and had over 200 rides. Sometimes, companies may send you a 1099-K if you made over $600.

Uber taxes: Unveiling the essentials

Uber, as a rideshare platform, connects drivers with passengers, and any income earned through the platform is subject to taxation. While tax payments aren't mandatory for all Uber drivers, it's crucial to ascertain if you fall into the category of those required to pay taxes. Generally, Uber drivers who earn over $400 and are U.S. residents or citizens have to pay Uber taxes, also known as SE tax.

Will Uber send me my 1099 form?

Receiving your 1099 forms is a pivotal step in fulfilling your tax obligations. Uber typically issues 1099-K forms to drivers. These forms report your total income earned through Uber transactions and help you turn in accurate returns.

Important tax forms for Uber taxes

Filing Uber taxes requires certain forms. You’ll need Form 1099-K, Schedule C and Schedule SE. Uber drivers might also get Form 1099-NEC for any non-ride related payments over $600.

How to save on Uber taxes

• Deduct business expenses: Expenses related to your Uber activities, including fuel, maintenance and car-related expenses can be written off. You can use a 1099 tax calculator to find more Uber 1099 deductions.
• Pay estimated quarterly taxes: If you're self-employed, paying estimated quarterly taxes if you owe the IRS over $1,000 helps avoid IRS penalties and interest.
• Use tax credits: Uber drivers can use tax credits like the Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit to reduce their tax amount.

Write-offs you can claim on Uber taxes

• Vehicle expenses: A percentage of your vehicle-related costs, including fuel, maintenance and depreciation.
• Business supplies: The cost of items necessary for your Uber gig like phone mounts or water bottles.
• Uber fees and commissions: The fees paid to Uber for using their platform.
• Safety and cleaning supplies: Expenses related to keeping your vehicle clean and safe for your passengers like car washes, safety equipment and vehicle inspections.

When do you file your 1099 taxes for Uber?

• January 31: Uber will send its drivers Form 1099-K by this date.
• April 15: The deadline for filing Uber 1099-K revenue on your federal income tax return.
• Quarterly estimated taxes: Uber drivers are considered self-employed so they have to pay estimated taxes on April 15, June 15, September 15 and January 15 of the following year to avoid underpayment penalties.

How can FlyFin help gig workers with Uber taxes?

• Tax preparation: You get access to an expert CPA team that can prepare and file accurate tax returns. You also get full audit insurance.
• Tax planning: Unlock techniques for accurate self-employment tax calculations and individual tax planning sessions catered to your unique tax position.
• Expert guidance: Unlimited professional tax help to address all your questions and offer advice on maximizing credits and deductions.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.