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Independent Contractors (Uber or Lyft) Accounting Tips

The challenge we see in our practice is that Independent Contractors do not take the time to keep good accounting records. Keeping good records is the fuel to your business when it comes to taxes.

Fundera magazine, the small business resource center have 11 accounting tips for small business owners and self-employed individuals that we like to share with you. These tips are not just for Uber or Lyft drivers. If you are am Amazon delivery driver, or postmate, ubereats, doordash or instracart, you may want to take note of these.

  1. Separate business and personal expenses
  2. Track every business expense
  3. Accurately record income
  4. Consider hiring a professional, even if temporarily
  5. Automate accounting practices with accounting software
  6. Dedicate time to update your books
  7. Keep tabs on labor costs
  8. Be prepared for major expenses
  9. Maintain inventory records
  10. Follow up on invoices and receivables to avoid overpaying on taxes
  11. Create financial projections for future years

Related Articles

https://www.entrepreneur.com/article/356782
https://www.fundera.com/blog/do-you-need-an-accountant-for-a-small-business
https://www.inc.com/guides/2010/04/choosing-an-accountant.html

Friendly Tax Services

LA PREMIER Tax dba Friendly Tax Services is the premier income tax preparation firm for individuals, families, small business owners and the self-employed; Uber, Lyft, Taxi, and Limousine drivers; Actors, Independent Contractors and Entrepreneurs. We have empathy and understand the toll driving takes on Uber, Lyft, Taxi, and Truck drivers. That driving is time consuming. Uber drivers just don’t have the time it takes time to keep track of those business-related expenses.


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LA PREMIER Tax Service (Accountants and Tax Preparers)