Last year I was working full-time, rideshare driving in NYC. As an Independent Contractor (IC), you’d suspect that my taxes on the year amounted to incredulous amounts. Rideshare drivers are considered independent contractors. And all ICs are subjected to paying taxes, because nothing is withheld from our income. That is, all of the income we receive from the Transportation Network Company (TNC) that we work with is taxable.
For people who don’t realize that ICs are responsible for paying taxes on their income; the first time filing their taxes can be quite a shocker. Especially if: a). you’re filing for the first time as a rideshare driver and 2). are unprepared and don’t know the right way to file. Read more