Posts tagged self-employed expenses
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Lyft Drivers: Gross Income vs Net Income - TurboTax Tax Tip Video

What’s the difference between gross and net income? Watch this TurboTax tax tip video with tax and Lyft expert Lisa Skelly to better understand your 1099-MISC and 1099-K tax forms and gross income and expenses vs net income. 

For more help in preparing and filing your self-employed tax return, visit TurboTax Self-Employed!

~~~Video Transcript~~~

Hi, this is Lisa Skelly, one of the tax and Lyft partner-experts here at TurboTax and I’m going to talk to you a little bit about gross income versus net income. Now your business will have gross income and net income. So, the gross income is going to be the total of all the 1099-K and 1099-MISC that you’ve entered in. The next thing that you’ve entered in is all of your expenses. Now you take the gross income you’re going to subtract the expenses and that’s going to give you your net business income. That’s the amount that you’re taxed on. Not the gross, but the net.

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When you’re self-employed, you need to maximize your time and tax return to get the biggest deduction for expenses.  

TurboTax Self-Employed, which includes QuickBooks Self-Employed, can help you stay on top of your year-round expenses, receipts and mileage tracking so you can effortlessly file your taxes and get the return you deserve!

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Are you self-employed? Use the TurboTax free Self-Employed Expense Estimator to calculate your tax savings based on your annual deductible business expenses. Double check our list of business expenses so you get the most possible deductions and the...

Are you self-employed? Use the TurboTax free Self-Employed Expense Estimator to calculate your tax savings based on your annual deductible business expenses. Double check our list of business expenses so you get the most possible deductions and the tax refund you deserve!

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