Hi Mark Kohler here with another tax and legal tip. Let's talk about driving for Uber. What a great opportunity, right? Everybody can make a few extra bucks driving for Uber, that's awesome. But we've got to make sure we report our taxes and do it in a strategic way that can actually save a lot. Number one, this is a business. Embrace and be excited about this. This is a great opportunity to take tax write-offs as a business owner. Now, I know some of you that have been W-2 wage earners for years, this is maybe going to freak you out. You're not going to get a W-2. We're going to talk about some of those issues later here in a moment. But you've got to remember, this is a business. And as you collect your revenue, that's awesome. You're going to report taxes on it, but you also get tax deductions as a business owner. So we're going to be going over that. But keep in mind, it's a business. Number two, as I said, you need to track something and that's expenses. Track all your expenses related to this business as an Uber driver. We talked about writing off the vehicle itself, but I also want you writing off cell phones and dining meetings with your other Uber drivers as you strategize and any training meetings you can go to or anything related to your car. Little apps or the cleaning of your car and the different things you're doing to maybe give water to your patrons. And you may even need a home office and a computer and a SmartWatch to get better or faster to your fares that you're going to be driving around. So this is a great opportunity to track all those...
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1099-k Form: What You Should Know
How to Report 1099-K Forms to the IRS The 1099-K is a reportable transaction record issued by a payment settlement entity (PSE) that reports transactions made with payment networks (such as Venmo) made by payment How to Report Form 1099-K to the IRS on a Third-Party Payment Entity (PNE) If you received a 1099-K at the beginning of the year from a third-party payment network for a payment you made to a PNE, you Report Payments Made on a Third-Party Payment Entity to the IRS via a Form 1099-Q The third-party settlement payment settlement entity (PSE) must fill out a Form 1099-Q in order to report on third party payment How to Report Payments Made by a PSE on a third-party payment network (PNC) to the IRS All Uses with which you have received payments for the past 12 months also must report this information by December 31 on Form 1099-Q. If they How to Report Payments Made by a PSP on a Third-Partian Payment Network (PPLN) to the IRS If you received a 1099-K at the beginning of the year from a ESPN for a payment you made to a PSE, you would report that amount on this report at the end of the year at either the end of the year through How to Report Payments Made by a B2B Payment Network (BPL) to the IRS All B2B Ones with which you have received payments for the past 12 months also must report this information by December 31 on Form 1099-Q. If they How to Report Payments Made by a PNR on a Third-Party Payment Network (PNC) to the IRS All PNNS with which you have received payments for the past 12 months must report this information by December 31 on Form 1099-Q. All PNNS have to report this information How to Report Payments Made by a PPN on a Third-Party Payment Network (PPLN) to the IRS All Poppins with which you have received payments for the past 12 months must report this information by December 31 on Form 1099-Q.
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