I have a salary job and I do Lyft? For. "Gross Revenue for the Twelve(12) Month" question, would I use my Salary income along with Lyft income, or am I suppose to just use Lyft income because it the business part of my income?
If this is for your taxes, you count Lyft if you have earned over $13,000 with them for the year. I don't remember the exact number but it is $13,000 something. By law, you do not need to file if you make below this as a single tax payer. I spoke to my lawyer about this very question last year.
Well, it depends on your priorities. If you asked me I would say you should use only your the money from your salary Job. Whether you drive for Lyft full-time or part-time, you’re now enjoying the pay, perks, and prerogatives of being self-employed (SELF EMPLOYED),from setting your own hours to building customer relations. Self-employed job seem to be sustainable than all these salary job that you can lose anytime.
Over the last few years, there has been an ever-increasing interest in driving with Lyft. It’s a quick way to earn extra money and drive on your own schedule, that’s for sure, and this combination of easy money, minimal startup costs, and easy accessibility has driven many to drive for the Lyft platform. You make your money yourself, you decide how you're going to use it.
If you do not report all income, you may run into problems with the IRS in the future. The IRS sometimes audits taxpayers based on tax returns from the past three tax years (or six years if you have underreported your income). An audit means that the IRS will review your financial records to make sure that income is reported correctly and that it matches what you’ve submitted on your tax return.
Depending on where you live, you will have to report it. I know in the US, by law, anything made over $13,000 needs to be taxed and filed for a single adult. I know this because my brother is a lawyer.