MD & Sons Tax Services

02/15/2024

If you work from home ...
As a rideshare driver, most of your work likely happens on the road. So being able to claim home office expenses is relatively unusual.

Still, some drivers build up their own brands outside of Lyft, Uber, and other gig apps — sourcing passengers and maintaining independent businesses from home. If you do any marketing or business development work of that nature, you can claim some of your home office expenses.

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Home office furniture
A desk, chairs, lamps, and other home office necessities are all tax write-offs.

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Property repairs
You can write off up to $2,500 for individual repairs to your property.

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Power bill
Gotta keep the lights on in your home office! A portion of your electricity bill counts.

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Property insurance
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.

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Water bill
It'd be hard to work in an office without running water, huh? You water bill counts.

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Wi-Fi bill
Your Comcast bill is a tax write-off. You need internet to do your job!

02/14/2024

If you drive for work ...

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Parking
Parking for a meeting downtown, or any other work trip, is tax-deductible!

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Tolls
A toll while driving to or from a work destination is tax-deductible!

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Car purchase & depreciation
If you buy a new car, you can write off part of the cost every year for five years.

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Vehicle tool kit
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.

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Car insurance & registration
Car insurance monthly fees, registration, even roadside assistance are partially deductible.

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Car maintenance
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.

If you discuss work at a restaurant ...

As a rideshare driver, you can write off a restaurant expense if the reason you're there is to chat about work with a fellow driver or potential client.
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Business meals
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!

02/14/2024

02/14/2024

Uber/Lyft Common Deductions

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Car accessories
You can write off any phone chargers and other accessories for passengers to use in the car.

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Productivity apps
Any work-related apps, including for navigation and taxes (like Keeper!) can be written off.

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Passenger refreshments
Snacks and bottled drinks that you offer to passengers are tax-deductible.

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Music service subscriptions
Spotify, Apple Music, Pandora, Sirius XM, and other subscriptions used to entertain passengers are write-offs.

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Car washing & detailing
Car cleaning services to keep your vehicle looking nice and presentable are deductible.

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Floor mats & seat covers
Write off items like seat covers and floor mats that keep your car clean when passengers ride.

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Phone & accessories
Part of your actual phone's cost, monthly phone bill, and any accessories you use for work can be written off.

Call now to connect with business.

02/06/2024

Cryptocurrency Tax

Taxable as capital gains

Selling crypto for cash:
Did you sell your crypto for U.S. dollars? You’ll owe taxes if you sell your assets for more than you paid for them. If you sell at a loss, you may be able to deduct that loss on your taxes.

Converting one crypto to another:
When you use bitcoin to buy ether, for example, you technically have to sell your bitcoin before you buy a new asset. Because this is a sale, the IRS considers it taxable. You’ll owe taxes if you sold your bitcoin for more than you paid for it.

Spending crypto on goods and services:
If you use bitcoin to buy a pizza, for example, you’ll likely owe taxes on the transaction. To the IRS, spending crypto isn’t that much different from selling it. You need to sell the asset before it can be exchanged for a good or service, and selling crypto makes it subject to capital gains taxes.

01/28/2024

It’s important to KNOW that although the IRS opens up Monday, January 29…
Most refunds are issued in less than 21 days, BUT…

Most EITC or Additional Child Tax Credit (ACTC) related refunds processing time will not start until mid February! So 7-21 days from MID FEBRUARY!

They should be available in bank accounts STARTING on Feb. 27 if taxpayers chose direct deposit and there are no other issues with their tax return.

01/24/2024

Are you looking for a trusted tax expert this season? Choose Xpert Tax Service! We specialize in minimizing your liability, saving on taxes, and maximizing refunds.

Not nearby? No worries! We serve clients nationwide through our online virtual service.

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