- What is Lyft’s EIN Number in 2023?
- What Is an EIN?
- Where to Get Tax Forms from Lyft
- Can I File Lyft Taxes without a 1099?
- Frequently Asked Questions
What is Lyft’s EIN Number in 2023?
Lyft’s EIN (Employer Identification Number) is 20-8809830, and the company’s business address is located at 185 Berry Street, Suite 5000, San Francisco, California.
What Is an EIN?
An EIN, or Employer Identification Number, is a unique nine-digit number issued by the IRS to identify a business entity in the U.S. for tax administration purposes.
Individuals typically use their Social Security Number for tax purposes unless they operate a business, in which case an EIN or a Taxpayer Identification Number (TIN) is used.
Who Requires an EIN?
An EIN is crucial as it allows businesses, including non-profits, to file and pay taxes in the United States.
While individual taxpayers like rideshare drivers typically use their SSN or TIN, in some regions, such as parts of California, Lyft drivers may need to register as a business and obtain an EIN for tax purposes.
Where to Get Tax Forms from Lyft
As a Lyft driver, you won’t receive a W-2 form because you’re classified as an independent contractor, not an employee.
To find your tax documents, simply log in to your Lyft account and check your dashboard where all earnings and relevant tax forms, such as 1099s, will be provided. If you can’t locate your tax forms or the Lyft EIN number, contact a CPA for further advice.
Lyft may issue two types of 1099 forms:
- Form 1099-K: Issued to drivers who earn over $20,000 from rides or complete more than 200 rides in a year. This form accounts for payments processed through payment settlement entities like credit cards and online services. Be aware that state-specific rules may alter the criteria for receiving a 1099-K.
- Form 1099-NEC: Reports earnings of $600 or more from non-driving activities, such as bonuses. It’s possible to receive both 1099-K and 1099-NEC forms in a year if you’ve had various types of earnings.
Previously, the 1099-MISC form was used for reporting miscellaneous income, but now the 1099-NEC is more commonly used for reporting contractor earnings.
The tax landscape for gig economy workers can be intricate, so the IRS offers dedicated guidance for those in ridesharing roles.
Can I File Lyft Taxes without a 1099?
Yes, you can file your taxes without a 1099 form from Lyft. The IRS is interested in your actual earnings, not just the form.
If your earnings did not reach the threshold for Lyft to issue a 1099-K or 1099-NEC, you can use the earnings summary from your Lyft dashboard to report your income.
Additionally, Lyft’s partnership with TurboTax allows you to directly import your earnings information into their system, facilitating easy tax filing. TurboTax offers guidance to help navigate this process.
Frequently Asked Questions
Can you verify an EIN online?
Yes. But this is only available through third parties, not the IRS. So, it’s best to get an EIN from an employer directly whenever possible.
If you’re looking to validate a Lyft EIN number, the best thing to do is check the tax-related portion of your driver account.
Can you use Lyft as proof of income?
Yes, Lyft drivers can use their 1099 forms or the earnings summaries from their account dashboard as valid proof of income for various financial verifications.
Can you write off gas for Lyft?
Yes, Lyft drivers can write off gas as a deductible expense on their taxes, provided the gas is used for business-related driving. Personal driving costs, however, are not deductible. Accurate record-keeping of these expenses is essential for tax purposes.
What happens if I don’t report the earnings when Lyft sends me a 1099?
Failure to report tax-eligible income is a violation of the tax code. It doesn’t matter if you are a full-time or part-time employee or an independent contractor filing under your tax id number. Severe penalties are possible if you are not accurately reporting income and paying the appropriate taxes.