[WEST VALLEY CITY, 09/22/2017] – As a fairly new line of work, Uber and Lyft drivers need special accounting work from Equinox Business Solutions. Couple with the new GAAP regulations for how it reports revenues and costs, it will be taxing doing it alone.

Equinox Business Solutions will ensure that Uber and Lyft drivers will not overpay their taxes. A business services firm focused on the serving individual contractors in any industry, the company can help its clients achieve their long-term goals.

The company remarks, “Equinox can ensure you don’t overpay on your taxes and accounting with our customized services.”

Accounting Within the Law, Not on the Go

According to Alvia, Uber drivers earn up to $41,777 and Lyft drivers at $34,538. They also have to deduct necessary business expenses, such as fees, fuel, tolls and taxes. Tallying all these receipts, and the ride totals per day/week is a tall order. Drivers are also under the self-employment tax bracket.

Equinox Business Solutions is ready to help. The company can assist in maximizing their profits by looking at areas where the drivers can get deductions.

This way, the drivers can focus on growing their business and not worry about doing their taxes on the go. The company will ensure that its clients comply within the tax laws for ride-sharing drivers. Entrusting accounting matters to Equinox Business Solutions will prevent mistakes from eating a big cut from a driver’s profit.

Submitting and Getting the Right Forms

Equinox will help rideshare drivers in filing out the right forms, preventing them from missing deadlines or paying penalties.

Three major forms will come from the parent app, Uber or Lyft: 1099-MISC, 1099-K, and the annual tax summary. Drivers working for both companies will receive the forms from each one. The forms report on how much a driver made, and what fees were charged from the income. Drivers will only get one form from the IRS website, the 1040 Schedule C, which is a profit and loss for sole proprietorship.

Equinox Business Solutions will handle the specifics, and make sure that every driver’s taxes are paid and deductions made.

About Equinox Business Solutions

Equinox Business Solutions started with an emphasis on helping long-haul, over-the-road trucking, courier market, and other important segments of the transportation industry. Once the company branched out, it started offering an array of business services that include bookkeeping, tax, and business education.

Visit http://equinoxbusiness.com today for further information.