For many new rideshare drivers, working for Lyft or Uber often means learning how to do your taxes like never before.
Even if you are familiar with a 1099-K and/or a 1099-MISC, you’d pretty much need to be a professional tax accountant to wholly track and properly deduct your business expenses.
As an independent contractor, there are more than a few deductions available to you. However, it can be strenuous finding which ones apply to you and understanding how to track them.
That’s where the Stride Drive app comes in.
Tracking Business Expenses With the Stride Drive App
As an independent contractor with a rideshare company, there are a number of expenses you accumulate.
Most notably, there are business expenses, actual car expenses, and of course, mileage. (Let’s put it this way: If you are only going to track one expense, it better be mileage.)
Business expenses could be anything from air fresheners and snacks to the fees and commissions that each rideshare company takes from your gross earnings.
Actual car expenses include new tires, gas, insurance, oil changes, garage payments for car storage, and even license and registration fees.
When tracking mileage, transporting riders to and from isn’t the only deductible trip.
You can also look to deduct miles between pickups, driving to areas with larger concentrations of customers, or even on a trip to the store for more ridesharing snacks and supplies.
How Stride Drive Helps You Track Expenses
Now, tracking all of that sounds like a hand-cramp waiting to happen, right?
Instead of cobbling together scraps of paper every tax season, wouldn’t it be great if there was some way to track, calculate, and view your earnings/expenses more easily?
Luckily, Stride Health developed an app for rideshare drivers called Stride Drive.
Here’s how it works.
- Right before you begin accepting rider requests, pop into the Stride Drive app and click the green start button.
- The app runs in the background, tallying your ‘on-duty’ miles.
- When you’re done working, go back into the Stride app and stop tracking.
The app even comes ready to track a plethora of expenses, with tips that explain what and why its tax deductible.
For example, your dry cleaning is not deductible. Stride explains that this is because it’s considered a personal hygiene expense.
However, your smartphone service is! As Stride puts it, “You need a lot of cell phone data to run all of those rideshare apps. Your monthly cell phone bill is deductible in the percentage that you’re using those minutes and data for work.”
The long short of it: The Stride Drive app has your back, making tracking expenses a lot easier.
The Story of Stride Drive
Stride Health’s main business revolves around health insurance for independent contractors. This makes rideshare drivers one of their target markets.
The CEO of Stride Health, Noah Lang, said in 2016…
“Drivers told us they need better tools to maximize their income. We built Stride Drive to make them a successful business of one, and to ensure their driving is as financially viable as possible.”
Driver Reviews of Stride Drive
Drivers have raved about the app, appreciating the help maximizing their earnings and deducting the appropriate expenses.
For example, it came as a surprise to some drivers that a membership with a streaming music service was tax deductible. However, a subscription to a service like Spotify is considered an amenity towards your passengers.
Come tax season, Stride sends you a deduction report that you can give to your personal CPA or plug directly into your preferred online tax portal
For a lengthier list of the most common rideshare expenses and why they should be deducted, check out Stride’s own infographic page.
Still not convinced? Jermaine Ellis tells how Uber drivers saved thousands of dollars with the Stride Drive App:
When the Drive app first launched, it was only available to iPhone users. Luckily, Stride announced earlier this year that it is now also available on Android marketplaces.
That means, whether you’re a driver with a ton of tax experience or not, Stride Drive can make life easier for you. The best part is, it’s currently free on the app store!
For more info or to sign up for the app, check out Stride’s own infographic page now!
What do you think about the Stride Drive App? Let us know in the comments section below.