Want to make more money? Of course!
Take every tax deduction you can at tax time!
There are 3 BASIC TAX APPROACHES to reporting tax deductions.
EVERY tax approach REQUIRES tax records—to calculate the $$$ deductions and prove your claim to the tax authority if asked. Make it easy: use an iDrive app to create your tax records!
- Standard $ Mileage Tax Rate X your recorded business mileage
- Vehicle Log Book calculation of expense
- Itemize and claim your actual expenses
Which approach should you use to claim business deductions? Whichever approach gives you the biggest tax deduction. If you’re not sure, do some research or talk to a tax professional to understand your options. But…
You must start keeping tax records today. Yesterday, actually, but your NextWave app can help you get organized and caught up.
Use the iDrive app every time you drive a shift. Record:
- Total Shift Mileage — not just partner paid trip mileage if you’re a rideshare driver
- Business Use % — just the tax deductible business mileage
- Create a Vehicle Log for tax reporting if you use this approach
- Record Business Expense details if you itemize expenses