- Hi you guys, my name's Alexis Hartford,
I'm one of the tax experts here at TurboTax.
So TurboTax has partnered with Uber
to provided drivers like yourself
an easy and educational way
to file your taxes online
from the comfort of your own home
or even when you're out and about in between rides.
So we're gonna have a webinar today
and what I wanna talk about
is what does it mean for you to be a rideshare driver
and how does that affect your taxes?
I wanna show you a little bit about the TurboTax product itself.
Maybe do a little bit of a demonstration for you.
And then I'm definitely leaving time at the end
to answer any questions that you all may have out there.
So let's get started.
So being a rideshare driver means
you're now in business for yourself.
You're self-employed.
So some other phrases that go with self-employed
are independent contractor,
you might have heard sole proprietorship, Schedule C,
but they all mean the same thing.
It means you're self-employed
and you're in business for yourself.
So you're just taxed a little bit differently.
You're gonna be filing what's called a Schedule C.
And the Schedule C just rolls up to
the already filed tax return that you do today.
So it's not that big of a difference.
If you are also a rideshare driver for another company,
let's say you drove for Amazon Delivery,
you're in the business of driving.
And that's what the IRS looks for
for when you file your tax return.
So most of you are just gonna file a different form.
It's called a Schedule C.
And the Schedule C is just part of the tax return
that you all already file today.
You're actually not gonna have to fill out the form.
TurboTax is gonna walk you through
some very simple questions
and we're gonna go ahead and fill out the form for you.
So one big advantage of being self-employed
is that you get to write off expenses.
In today's webinar what I wanna cover
is how you go ahead and get into the product
and then I wanna go over how to set up your business.
But in a later webinar I'm gonna in depth
into exactly what write-offs that you can take
as a rideshare driver.
So since you're not an actual employee of Uber
you're not gonna be receiving a W2 from them.
You might be receiving some different tax forms
which I wanna go over right now.
So the first tax form that you might receive
is called a 1099-K.
And this is what it looks like right here.
The 1099-K is used to report income
that you receive from passenger fees.
So anytime your passenger pays to take a ride
this is the form that is gonna be reported on.
The second form that you might receive
is something called a 1099-Misc, m-i-s-c.
The 1099-Misc reports items such as rider referrals,
rewards, incentives.
Did you refer one of your friends to drive with Uber?
You might get that $500 reward.
So that's what's gonna be reported on the 1099-Misc.
Okay so might be receiving a 1099-K or a 1099-Misc.
It really depends on the thresholds
on the amount of money that you received.
So let's say you didn't get one of those forms,
then what do you do?
That's okay because you go over here
to your Uber driver earnings statement,
and you just wanna click at the top on tax information.
Okay, so after you click on your tax information
you're gonna see this dashboard here.
Now depending on how long you've been driving with Uber,
you might have tax information all the way back to 2014.
So here you'll see your 1099-K, 1099-Misc,
if you met the threshold for reporting.
But you're definitely gonna see this item here
called "yearly summary,"
and that's gonna be an absolute necessary document
that you need in order to file your taxes.
So why don't we go ahead and take a look
at what the yearly summary looks like.
So page one of the tax summary,
and I have an example here,
you're gonna see driving totals at the top,
you have the number of completed trips,
and then you have the miles
that went along with those completed trips.
Down at the bottom you have gross earnings.
We've got deductions and fees.
And then you have your net payout.
On page two, it's gonna break out
exactly what those deductions and fees entail.
And I'm gonna go into this in depth in a later webinar.
So if you look at your gross earnings here,
if you didn't receive a 1099-Misc or 1099-K,
this is the actual income
that you're gonna ahead and report right here.
So this is the equivalent of receiving
a 1099-Misc or 1099-K.
Okay so there's a little overview on what it means
to be a rideshare driver and how you're self-employed.
So let's get started.
So as far as a checklist goes,
what you want is your 2018 yearly summary,
grab your 1099-Misc and 1099-K if you received those,
grab your expenses, as well.
So you want your mileage and all of those other expenses
that you've been saving your receipts for all year.
Okay so let's go ahead and log into TurboTax.
So from your tax information page,
from you driver dashboard,
what you wanna do is
is you wanna select "start for free" right here.
After you select "start for free",
you're gonna come to this page.
You're gonna see two offerings.
The first offering is called TurboTax Self-Employed.
You guys are getting that for free.
That is the do-it-yourself tax software.
It's answering very simple questions,
we fill out the tax forms underneath for you
and there's help along the way if need it.
We also have this other offering,
it's called TurboTax Live Self-Employed.
And that's if you want a little extra assistance,
you can have a tax pro like myself review your tax return
and help you figure out if you're missing any deductions
and you can also ask questions
about your tax return to them as well.
But for now we're just gonna go ahead
and get into the free offering.
You can always upgrade to TurboTax Live later if you want.
If you've prepared taxes with TurboTax before
you're just gonna go ahead and click on this sign in button.
Put in your username and password
and we're gonna transfer all of your information
from last year into this year's product.
If you're new to TurboTax, welcome,
and just say start for free.
You're gonna wanna set up a profile
with a username and password.
And then you'll be on your way.
Okay, so after you've logged into the product,
TurboTax is gonna ask you very simple questions.
It's gonna ask you what your name is,
what your birthday is, what your occupation, marital status.
And then after that you're gonna come to a section called
"income and expenses."
So now since you're considered self-employed
we're gonna access this topic,
self-employment income and expenses.
I'm gonna go ahead and walk you through
how easy it is to set up your business
and enter your income.
So the first screen,
"did you have any self-employment income or expenses?"
Of course you did, you're self-employed now.
So tell us about the type of self-employment work you do.
Well, you're a rideshare driver.
This next screen is just confirming
that you work in the business of rideshare.
This is actually setting us up
to have some personalization later on.
Okay, so is this your main source of income,
is it a side job?
Whichever one pertains to you,
just go ahead and select that.
And about how long have your worked in rideshare driving,
did you do it all year, did you start, did you stop?
How about employees, did you pay any?
Most of you didn't.
Did you make any payments for your rideshare driving work?
Most of you'll select "no" on that one as well.
We've got some less common situations here.
One of the questions is, I didn't actively participate
in the operation of your business.
Well, you're doing rideshare work
so you definitely actively participated.
So you're gonna select "none of these apply."
So we've answered some general set up questions
for your rideshare work.
So right here you can go ahead and review those
and edit anything that you want.
So if that looks good, let's continue.
So this screen right here,
what companies did you rideshare drive with in 2018?
The reason we're asking you this
is because we've partnered with Uber
to import your income and expenses.
But today I'm gonna go ahead and just show you
how to enter things manually.
You can always come back to this screen
if you choose to do your import.
Okay so let's go ahead and put in some income.
So grab your 1099-Misc, your 1099-K
and if you didn't receive either of those
just grab your 2018 tax summary.
Let's go ahead and put in our 1099-K first.
So select 1099-K and hit continue.
And then put in any income that you received from your 1099.
And then did you have any more self-employed income
for rideshare driving?
If you received the 1099-Misc
or had income reported on that tax summary, then yes.
Okay we're gonna go ahead and put in our 1099-Misc now.
If you did receive one it should be in box seven.
If you didn't receive one
then you're gonna see it on your 2018 tax summary.
Go ahead and select continue.
And that's it, that's how easy it is
to put income in from your rideshare driving work.
So did you have anymore self-employed income
from rideshare driving?
This is where if you did have other rideshare companies
that you drive with,
you wanna go ahead and say yes here
and put in all of those 1099-Misc's
and all the 1099-K's from all of the other different
rideshare driving work that you do.
So now that we've entered information about your business,
we've entered all of your income,
we're gonna go ahead and take a pause
and take questions from you guys out there.
Okay guys, now it's time to take questions from you.
I'm gonna turn it over to Molly.
- Alright, first one up.
You mention Amazon delivery, I drive for GrubHub,
how do I report this information.
- So you drive for Amazon delivery,
you drive for Uber, you might drive for Saucey,
what are some other ones, Postmate, Doordash.
So they're all considered the same business.
Remember you're in the business of rideshare driving.
So all of that income that you're doing, driving around,
you're gonna report em on one Schedule C.
- For every $1,000 I make about how much will owe in taxes?
- So how much in taxes should you withhold
for every $1000 you make?
That's a really hard question.
Because what happens is it's not set in stone like that.
The IRS looks at your entire tax situation,
they look at any other job income that you may have,
how many kids do you have, what's your marital status.
And they figure out how much in taxes that you have to pay
depending on your entire tax situation.
So here at Intuit, we actually make a product,
it's called TaxCaster.
And you can go ahead and download that on your phone
and you can put in how much money
that you think you're gonna be making
along with all of that other pertinent information
that we need to calculate how much tax you're gonna pay.
So TaxCaster's gonna figure out
what your tax liability is for the year.
And from there you can figure out
how you wanna go ahead and pay those taxes.
- Alright, I have two jobs.
One for an employer with a W2 and the other is with Uber.
How do I file?
So it's actually really simple.
You're gonna use the same filing
and it'll all just go all in one.
The Schedule C is just an extra schedule
and Alexis is gonna show you in product, how to do that.
- Okay so you have a W2 and you're also a rideshare driver,
so you're an employee, okay.
So remember if you're an employee you're gonna receive a W2.
So you might be an engineer, you might be a makeup artist,
you might be a server or a bartender at a restaurant,
so that is a different business than ridesharing.
That's why it's not gonna be reported
on the same Schedule C.
Let me go ahead and show you in product how to report that.
So up here you have your
self-employment income and expenses as a rideshare driver,
any other income that you have,
and I know Molly talked about just having a W2,
but you might be retired, you might have Social Security,
you might have been on unemployment last year,
you can add all of those items down here
in the TurboTax product.
- Alright next up, what if I didn't get any tax forms?
- Okay so the tax forms that you might have received
are the 1099-Misc and the 1099-K.
If you're underneath that filing threshold
you won't be receiving those.
So what you wanna do is get out that tax summary,
that Uber provides for you.
And I'm gonna show to you right here
under this section called your gross earnings.
You're gonna see income that you need to declare
on that Schedule-C.
So it's all on your tax summary.
- I don't want to owe next year and I plan to keep driving,
how can I make sure that I don't owe next year?
- Okay so you owed this year
and you don't wanna owe next year.
So that's a common problem
that a lot of self-employed people have.
That they end up owing taxes at the end of the year.
It's because, like I said previously,
you're not an employee, you're self-employed,
therefor you're in charge
of paying all of your taxes on your own.
So you might get to the end of the year
and see that you actually do have a tax bill.
Now if you wanna mitigate that throughout the year
we have somewhere in product,
it's called estimated tax payments.
And let me go ahead and show you where that is.
That you fill out a couple questions
on what you think you'll make next year
and TurboTax will go ahead and calculate
exactly what you should pay throughout the year
so you're not stuck with a tax bill at the end.
They also call em quarterly payments
which means that you just pay them per quarter.
So if you scroll down here to estimated and other taxes paid
you'll visit this section,
TurboTax is gonna calculate
your tax liability throughout the year,
split it up into four payments
and you can either mail in a check
with a voucher that we provide
or you can onto IRS.gov and they'll go ahead
and let you pay on that site as well.
- And even if you can't make the full payment
just paying a little bit will just make a difference
and reduce your underpayment penalty.
I've seen the commercials for TurboTax Live
and I want a tax pro this year.
I know that Uber drivers get a discount on TurboTax,
can I get that for free as well?
- So Uber drivers do get
TurboTax Self-Employed for free
but for the TurboTax Live product,
we're offering it for half price this year
which is a great deal.
You actually get to talk to a live tax pro
and they can review your tax return
to make sure you're doing it correctly.
- Here's a good one.
Do I need to keep copies of my 1099's after I file?
- On your Uber driver earnings dashboard
they actually keep them for you.
So you don't need to print out
and physically save a copy of your 1099-Misc or 1099-K.
You can just save it electronically
on your Uber driver dashboard.
- All this information is great in this webinar
but what if I have questions along the way?
- So TurboTax, we make TurboTax to make it as easy for you
as possible for tax preparation.
Which means that we've got tons of help along the way.
Let me just show you a couple places within the product
on exactly how you can get help.
So let's just say you're in the product here,
I'm doing a little demo.
Up here at the top right you can click on this help button
and we've got this TurboTax assistant that pops out.
You can ask this one any questions.
So can I deduct my cell phone?
Go ahead and hit send.
The program is thinking
and it's gonna go ahead and give us an answer,
there we go.
Wow and look at that,
what can an Uber driver deduct.
So I'm sure we're gonna go ahead and see
cell phones under here.
- And we'll hit more deductions in a later webinar.
- [Alexis] So some other in-product help that we also have,
we do have these little question marks here,
that you can click on that does provide
a little bit more information as well.
And then like we said before,
TurboTax Live is up here at the right.
You can always click on that
for live tax advice if you want.
And remember that you do get half price, which is a steal.
- Alright last question, I'm interested in using
Quickbooks Self-Employed to keep track of
all my expenses and miles,
can I get that for free?
- So Quickbooks Self-Employed,
if you've never used it before,
yes we are offering a one year free subscription
for Quickbooks Self-Employed.
Quickbooks Self-Employed is actually awesome.
I've talked to multiple drivers that use it.
One of the biggest benefits about Quickbooks Self-Employed
is that you can take pictures of your actual receipts
and then you don't have to keep
a shoebox full of paper receipts.
Quickbooks Self-Employed, they also offer
a mileage tracking app on there as well.
- Super cool.
- It is super cool.
Okay so since that was our last question
we're gonna wrap it up for today.
If I didn't get to one of your questions
just post it in the channel.
I wanna thank you guys so much for joining us today.