Ridesharing services like Uber and Lyft have become increasingly popular in recent years. These services typically allow individuals to buy transportation services via a smartphone app. Unlike cabs, however, the drivers are freelance workers who use their own cars to carry passengers.
With hundreds of thousands of freelance drivers working for ridesharing problems, there’s a growing need for tools to help these workers keep track of mileage and other related expenses. Well, Uber and Intuit have joined forces to release a suite of new tools for this very purpose.
According to Intuit, nearly one-third of freelance workers do not claim any business-related expenses at tax time. As such, they leave tons of money on the table, while subsequently limiting their income. However, Intuit’s TurboTax division will now offer tax tools to help freelance drivers make better decisions regarding their accounting efforts. These tools include a tax microsite consisting of helpful tips and content, along with 24/7 access to help from a community of experts, and the ability for freelance drivers to transfer their CRA information with auto-fill my return.
“We are always looking for new ways to support driver-partners to make their Uber experience as easy and as simple as possible,” said Ian Black, regional general manager for Uber Canada. “As the tax season approaches, we are pleased to partner with Intuit Canada, who can offer their tools, resources and expertise to driver partners on managing their self-employed business finances.”
Intuit’s Quickbooks Self-Employed is also being beefed up to better meet the unique needs of freelance drivers. This include mileage tracking, expense tracking, receipt capture, effortless invoicing and more. Using the accounting software, drivers can keep track of exactly how many miles they’ve driven, which as you may already know, is a tax-deductible expense for freelance drivers. The new tools also support receipt capture, which is vital for tracking your gas purchases. Freelance drivers typically spend a hefty amount on fuel purchases. To help offset these costs, drivers should keep track of their fuel purchases so they can deduct them from their taxes.
The bottom line is that Intuit is now offering additional tools — in both TurboTax and Quickbooks Self-Employed — to help freelance drivers keep track of their expenses and better prepare for the tax season.
What do you think of these new tools offered by Intuit and Uber?