Rent or Lease Payments The money you pay as a taxi driver to rent your taxi from a fleet is tax deductible. Deduct them and keep receipts to back up your claim. Small Business» Finances & Taxes» Tax Deductions» What Can a Self-Employed Taxi Driver Deduct from His Taxes? Jupiterimages/Photos.com/Getty Images Related Articles 1 [Books] | How to Deduct Books for Self-Employed 2 [Self-Employed] | What Can You Claim if Self-Employed? 3 [Taxi Business] | How Much Does It Cost http://advalens.com/taxi-driver/self-employed-taxi-driver-allowances.html
Supplies You can deduct the cost of any supplies you use in your taxi service. by Kevin Johnston Most taxi drivers are independent businesspeople who pay business taxes. Find out how much of your payments to the company cover insurance.
Memberships If you are a member of a trade organization, union or association related to driving a taxi, you can deduct the expense of membership. The companies that process credit cards charge a transaction fee, which comes out of your earnings. This may include not only your taxi license but any extra charges you pay to have a special driver's license. Are Private Hire Drivers Self Employed You will need to take every possible deduction on your taxes to lower your tax bill.
Know what deductions are available to you as a taxi driver. Self Employed Taxi Driver Rights Licenses are a form of tax that you pay, and you may deduct these payments. Licenses Any fees you pay to drive a taxi are deductible. Homepage Insurance Your insurance expense should not include health insurance, but if you have to pay insurance for your taxi, you can deduct it.
Credit Card Processing Fees Many taxis accept credit cards now. Taxi Driver Expenses Allowable For Tax If you have special forms or equipment you use in your cab, these are business expenses. Total up your expenditures for renting or leasing your cab at the end of the year. References (6) IRS.gov; Self-Employment Tax (Social Security and Medicare Taxes)Oblivious Investor: Don't Miss These Five Tax Write-offsIRS.gov: Publication 535NOLO: How Sole Proprietors Are TaxedIRS.gov: Schedule C InstructionsIRS.gov: Schedule C Photo Credits
You can deduct all transaction fees for credit cards from your taxes. http://smallbusiness.chron.com/can-selfemployed-taxi-driver-deduct-his-taxes-15557.html Write off any membership dues, union dues or association fees from your taxes. Self Employed Taxi Driver What Can I Claim For