Looking Under the Hood on Ridesharing - Tax Tips for Uber and Lyft Drivers

Ridesharing services such as Uber and Lyft have become increasingly popular both as a means for transportation and as a way to earn extra money. In June Garrett Camp, co-founder of Uber, estimated that there were 2 million Uber drivers providing rides to 65 million riders across the globe. The United States is one of the biggest markets for ridesharing, gaining a foothold several years ago in larger cities and eventually finding its way to small-medium metropolitan areas. In San Francisco alone there are 45,000 registered Uber and Lyft drivers, 12-percent of whom are active on a regular basis. These drivers account for 20-percent of the city’s traffic (about 570,000 average miles driven per day), leaving the area’s 1,800 licensed taxi drivers in the dust.

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