Becoming a Lyft Driver

I am a business

Expenses: As an independent contractor and not an employee, you’re responsible for most of your auto expenses — including both the employer’s and employee’s half of federal self-employment taxes. Both Lyft and Uber, however, provide up to $1 million in liability and uninsured motorist coverage if anything happens when you’re in “driver mode.”

Taxes: There are two ways to take a deduction for the business use of your car: Deduct the actual expenses of operating the vehicle for business, including gas, oil, repairs, insurance, maintenance, and depreciation or lease payments. Take the standard IRS mileage deduction.

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