Tax season is upon us, and if you made an income from charging scooters in 2018 you’ll need to know a few things before filing your taxes. At Scooter Map, we’re dedicated to helping scooter chargers make more money, so why not learn how to keep more of your income this tax year?
As a self-employed contractor, your taxes are a bit more complicated than if you had a full-time single source of income. But don’t worry, we’ve figured it out for you so you can relax this tax season and maximize your deductions for 2018.GET TAX HELP: Let Keepertax Handle Your Expenses
How do I find out how much I made?
The first thing you need to know is that you’ll only receive a tax form from a scooter company if you’ve made more than $600 from them. If you’ve been using Scooter Map, you’ve surely made way more than that, but it’s important to note that even if you didn’t receive a form, you are still required to report that income.
By mid-January of 2019, you should have received a 1099 tax form from the scooter company or companies you’ve been charging for. If you haven’t received one yet, contact your scooter company directly to request one.
The 1099 form will come in handy when you’re calculating your total income to determine what you owe in taxes, but it’s also where you’ll claim your deductions.
Contractors are technically self-employed, so as a contractor, you will get to increase the number of tax deductions on your tax forms. Here is a list of the things you should be claiming as tax deductions to maximize your tax return for 2018:
What can I claim as a deduction?
1. Car expenses
You can deduct your gas expenses, auto insurance, auto registration, repairs and maintenance, or any public transit expenses you incur while charging. If you pick up scooters using your car, you can also claim parking expenses in your deductions.
2. Depreciation expenses
Going along with the car expenses, you will be able to calculate the depreciation of your car to claim as a deduction for your taxes. Here’s an easy calculator to do this.
3. Mobile phone expenses
Since you’re likely tracking the locations of drained scooters using your smart phone, you can claim your mobile phone expenses as well. You will need to calculate the percentage of smart phone use that is required to be a charger, and this will vary depending on how active you are.
4. Home office deduction
Your “home office” can be wherever you charge the scooters overnight, so your garage or apartment. While this deduction takes some extra work, you should be able to deduct the percentage of space you use in your apartment to charge scooters. For example, if you pay rent for a four bedroom apartment and you use one room to charge scooters, you can claim a 25% deduction. Here’s the form you’ll need for these expenses.
This is where you can claim deductions for supplies you use to do business. Your extra charging cables, tarps for your car, heavy-duty wagon, etc. You may also be able to claim business-related apps, such as Scooter Map. Check out the hardware every scooter charger should have in this blog post.
By claiming all of these expenses as deductions, you can save yourself hundreds if not thousands of dollars. Once you get the hang of it, filing your taxes won’t be as arduous as it seems.
If you’re looking for a personal bookkeeper to help you track your expenses, check out Keepertax.
Learn more about the benefits of becoming a Scooter Map Super Charger on our website.
Disclaimer: Scooter Map is not a tax advisor, please be sure to consult with a certified accountant to make sure your taxes are accurate.