If you are searching for solutions for
- Tracking Mileage
- Accounting for income and expenses
- Generating Profit and Loss, Tax Summary, Tax Detail spreadsheets, Estimate your tax payment
- Simple solutions for tax season
- Mobile phone access
This article will explain what Quickbooks can do for your Rideshare and Delivery business if you are an independent contractor for companies like Uber, UberEATS, Grubhub, DoorDash, Postmates, Lyft, TaskRabbit, etc.
As an independent contractor, I use the QuickBooks Self Employed Package.
You have a few options for recording mileage from your vehicle and entering it into quickbooks.
You can record it with your vehicle odometer by clearing “Trip A or B” and entering in the mileage that you have driven during your shift once you are done working.
Personally, this is how I record my mileage. I clear my Trip A setting on the odometer, and when I am done working by the end of the night, I open up my Quickbooks app and enter in a trip.
You can ALSO automatically record mileage with the QuickBooks app. You have to change the setting in your phone.
You can get a deduction for $0.535 per mile, so it’s a GREAT idea to track mileage. Remember, you are claiming that you have driven the miles that you enter in for your trips, you don’t have to be perfect with your mileage tracking. Just be sure to be accurate as possible. Simply enter in your date, miles driven, and describe your trip as “rideshare shift” or “delivery shift”.
Accounting for Income and Expenses
- Properly categorize transactions
- Separate business from personal expenses
- Understand your Income and Expenses
- Create a transaction
- Import transactions directly from your bank account
- Easily take photos of receipts for big purchases
Simplify the recording of transactions in your business so you can focus on working rather than accounting.
Separate business from personal expenses if you are importing your bank information directly to your QuickBooks account. It will automatically update when new transactions appear in your bank. If you have business income, you can record it as business income. Record expenses such as gas and fuel, vehicle insurance, vehicle loans, repairs, and other expenses for a business expense. If it is personal income or a personal expense, record it as such.
Automatically updated Profit and Loss, Tax Summary, Tax Detail Reports, and estimate your tax payment
Produce profit and loss statements for the year, Tax Summaries, and Tax Detail spreadsheets and provide these PDF files to your Tax CPA (accountant) and they will sort out the rest for you.
Or you can use Quickbooks and link your information to TurboTax and claim your deductions yourself if you know what you are doing.
I personally recommend using a CPA, they will do their best to help you save some money. Plus they understand taxes far better than you and I probably do.
Bring your CPA your 1099 forms that you can print out from the Uber partners, Lyft, DoorDash, Grubhub and other partner websites. You are likely to receive a 1099 in the mail. It’s a form that reveals how much your partners have paid you for the year.
Estimate your tax payment by seeing how much you will be paying quarterly or by the year. Once you are finished with transactions for the business year or quarter, the estimated number becomes more accurate. Have a few hundred more dollars than the estimated amount ready for tax season and you will be prepared to make payments to the IRS.
Mobile Phone Access
Access on my mobile device is probably one of the best things about Quickbooks because I can record mileage, categorize transactions, and see my income and expenses to better understand how my business is doing. It makes it much easier for delivery and rideshare drivers if you use Uber, Lyft, DoorDash, Postmates, Grubhub, UberEATS, ETC. Take advantage of this!
Do not struggle with your accounting by entering your information into spreadsheets manually. Get Quickbooks and use a CPA.
Thanks for reading guys!