Profile cover photo
Profile photo
Mickey Randolph
18 followers
18 followers
About
Communities and Collections
Posts

Post has attachment
All rideshare drivers are considered independent contractors, this means they are self-employed. When rideshare companies send a paycheck, it is likely that no taxes have been taken out. As a self-employed business owner, tracking expenses and taking care of taxes are part of the deal. Just about any work-related dollar spent will be a tax-deductible business expense including gas mileage, insurance, and repairs. A few ways drivers can cut their costs are as follows:

-In 2016, the standard business rate for the use of a vehicle for business is a 54 cent per mile deduction for every business mile driven. If a rideshare travels any number of miles with a passenger, 54 cents per mile is tallied and deducted. The IRS could disallow this deduction without proper documentation, so keeping a mileage log for the usage of a personal vehicle for ridesharing is critical.
-Meals, snacks and beverages for passengers are also a deductible business expense. Although drivers cannot deduct meals for themselves, water, gum, or granola bars for passengers are deductible at 50% of the purchase price and be sure to keep track of those receipts!
-Parking and tollway charges that relate to business driving can also be deducted. If driving a passenger requires a driver the pay for parking, cross through a toll booth, or put change in parking meter, these are all examples of eligible expenses.
-Car interest, car washes, and mobile phone expenses may be written off as expenses, but only the portions actually used for business. If a driver only drives part-time with a passenger, these eligible expenses are proportional to the business use. An example would be if a cell phone is used 40% of the time for business and 60% for personal use, then 40% of the cell phone expense is deductible.
Add a comment...

Post has attachment
Using Your Car for Business: What can you deduct?

There are many options for deducting expenses, as a rideshare driver. Tracking expenses, mileage, and deductions are excellent ways to minimize taxes and ideally make more money. Parking and tollway charges that relate to business driving can be deducted from your federal income taxes. If driving a passenger requires a rideshare driver to pay for parking, cross through a toll booth, or put change in parking meter, these are all examples of eligible deductible expenses.
The IRS guidelines for Business Use of Car can be found here: https://www.irs.gov/taxtopics/tc510.html.
Photo
Add a comment...

Post has attachment
Need a “Lyft”?

In the age of a rapidly expanding on-demand economy, technology companies are fulfilling consumer demand through immediate access to goods and services. Potentially reducing the need for organized business transactions, this model uses a technological platform or “app” accessed via a mobile phone to conveniently connect with business services, food delivery, and home services with a click of a button. Touting record highs in new drivers and ridership in the millions, the most popular on-demand driver apps include familiar faces like Uber and Lyft. With several options existing for hassle-free ways to get from point A to point B after a late night out or getting to the airport for an early morning flight, on-demand rideshare drivers are extraordinarily IN demand!
Since rideshare drivers are considered independent contractors, this means they are self-employed. When rideshare companies send a paycheck, it is likely that no taxes have been taken out. As a self-employed business owner, tracking expenses and taking care of taxes are part of the deal. Just about any work-related dollar spent will be a tax-deductible business expense including gas mileage, insurance, and repairs.
Add a comment...

Post has attachment
The origination of American taxation on individuals is generally cited in the 16th Amendment, its history goes back even farther to 1861 to fund Civil War efforts. Over many years, several versions of revenue income tax acts were enacted and repealed until Congress finally enacted an income tax in October 1913 that is still a contributor to present century taxation. Despite the plethora of other taxes such as estate, payroll, alternate minimum, and capital gains taxes that American’s pay today, Tennessee is currently one of seven states that still don’t have a state income tax, and this weekend (July 29-July 31, 2016) Tennessee is Sales Tax Free too! Check out the link below for details.

https://www.freetaxweekend.com/tennessee-tax-free-weekend
Add a comment...

Post has attachment
Although the origination of American taxation on individuals is generally cited in the 16th Amendment, its history goes back even farther to 1861 to fund Civil War efforts. Over many years, several versions of revenue income tax acts were enacted and repealed until Congress finally enacted an income tax in October 1913 that is still a contributor to present century taxation. Despite the plethora of other taxes such as estate, payroll, alternate minimum, and capital gains taxes that American’s pay today, Tennessee is currently one of seven states that still don’t have a state income tax.
@randolphaccountingresources
http://randolphacctg.com/
Add a comment...

Post has attachment
Independence Day

On Monday, July 4th, 2016, America celebrated its 240th year since the 13 colonies claimed independence from England. Across the country, many celebrated this historic event with picnics, beach getaways, fireworks, and maybe the Boston Pops in honor of “Sweet Land of Liberty”.

Interestingly, one of the chief complaints of the colonists against the British government was unfair taxation! It wasn’t that they didn’t want to pay taxes, they were still British citizens prior to 1776, but they didn’t want to pay taxes without a seat in Parliament. Since the British government refused and Americans realized they had no say in their own government or what taxes would be levied upon them, the battle cry of “No taxation without representation”, the Revolutionary War, and the history of taxation in the United States were born.
Add a comment...

Post has attachment
Randolph Accounting Resources offers accounting services which includes data entry, payroll processing, accounts payables, accounts receivables and tax support. We manage billing, process payroll process vendor invoices and payments.

Our team is organized, has a passion for numbers, is detail-oriented and operates with a high degree of integrity. They become a trusted member of your team and a valuable contributor to the success of your business.
http://randolphacctg.com/services/accounting-resources/
Add a comment...

Post has attachment
What is not considered Tax Free during Tennessee's Sales Tax Holiday?
-Items such as jewelry, handbags, or sports/recreational equipment or apparel that costs more than $100 dollars.
-School and art supplies individually priced more than $100 dollars.
-Video games consoles, storage media such a flash drives, cell phones and printers, keyboards or monitors when not purchased with an actual computer.

It is also important to note that all purchases are considered taxable if the consumer is intending to resale for business or trade.

For a comprehensive list of Frequently Asked Questions, please visit:
https://revenue.support.tn.gov/hc/en-us/sections/201022109-Sales-Tax-Holiday
Add a comment...

Post has attachment
What is considered Tax Free during Tennessee's Sales Tax Holiday?
-Clothing and apparel such as shirts, pants, jackets, dresses, socks, and shoes that are $100 dollars or less.
-School and art supplies with a purchase price of $100 dollars or less such as binders, pencils, books, backpacks, pens, paper, and crayons.
-Computers that are $1500 dollars or less including laptops and tablets.
For more information on Tennessee's Tax Free Weekend guidelines, please visit:
http://www.tn.gov/revenue/article/sales-tax-holiday
Add a comment...

Post has attachment
The term “tax holiday” refers to a temporary span of time when the government suspends certain taxes, like sales tax, on specific items. Ideally, the intention is to create a temporary reduction or elimination of tax as a means to incentivize business and consumer investment. For most states, the intention of a tax holiday just before school starts is a means to encourage the consumer to buy specific items such as clothing, school supplies, or computers.
Photo
Add a comment...
Wait while more posts are being loaded