We thank you for utilizing our platform and providing endless opportunities to our drivers. Your needs and interests are important to us, so we wanted to take this opportunity to address a few questions we thought you might have in mind this tax season.
Please bear in mind that this is strictly educational. Every individual/business is different and we strongly urge you to consult a tax professional.
1. Does HyreCar provide a 1099 for owners’ earnings?
Yes! We will be issuing your tax forms and e-delivering them via Payable.
2. How can I retrieve my 1099 from HyreCar?
Watch for the email from Payable and watch your mail. When we issue your electronic tax forms, we will also mail a hard copy to the mailing address we have on file.
3. Why are my earnings on the tax form higher than what i receive in my bank account?
Taxable rental income is the gross amount of rent received less any allowable expenses. This can also be referred to as ‘net’ rental income. The 1099 form shows the gross earnings that your vehicle(s) generated. The amount you see in your bank account is your net earnings. The difference between the two amounts is considered your business expense.
For more information on how to access understand a detailed history of all your transactions, you can visit our help article Here.
For more information and tax advice, you can login to your Payable account (payable.com, where you updated your tax information) and talk to their tax experts.
Thank you and cheers to another great year having you as a HyreCar Partner!