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Tax  \n• Expenses and Recordkeeping  \n• Estimated Tax Payments  \n• Sales Tax  \n• Form 1099‐K  \n2  \nCenter for Agricultural Law & Taxation  \n8/22/2017  \nOverview  \n• As a driver for a ride‐sharing company such as Uber, Lyft, Sidecar, or other car sharing service, the most important thing to understand is the taxpayer will generally be treated as an usually independent contractors  \n• Of course they will let you know of their new business next year at their tax appointment – generally  \n• The business entity they choose will determine how income and expenses are reported  \n3  \nCenter for Agricultural Law & Taxation  \n\n| \u003Cbr>Center for Agricultural Law & Taxation |\n| --- |\n| Business Entity\u003Cbr>\u003Cbr>4 |\n\n8/22/2017  \nBusiness Entities  \n• Sole Proprietorships  \n• Partnerships  \n• Corporations  \n• S Corporations  \n• Limited Liability Company (LLC)  \n5  \nCenter for Agricultural Law & Taxation  \nSole Proprietorships  \n• A sole proprietor is someone who owns an unincorporated business themselves  \n• However, if they are the sole member of a domestic limited liability company (LLC), they are not a sole proprietor if they elected to treat the LLC as a corporation  \n6  \nCenter for Agricultural Law & Taxation  \n8/22/2017  \nPartnerships  \n• A partnership is the relationship existing between two or more persons who join to carry on a trade or business  \n• Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business  \n• A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax  \n• Instead, it \"passes through\" any profits or losses to its partners  \n• Each partner includes their share of the partnership's income or loss on the tax return  \n• Partners are not employees and should not be issued a Form W‐2  \n• The partnership must furnish copies of Schedule K‐1 (Form 1065) to the partners by the date Form 1065 is required to be filed, including extensions  \n7  \nCenter for Agricultural Law & Taxation  \nCorporations  \n• In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation's capital stock  \n• A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income  \n• A corporation can also take special deductions  \n• For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity  \n• A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders  \n8  \nCenter for Agricultural Law & Taxation  \n8/22/2017  \nCorporations  \n• The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends  \n• This creates a double tax  \n• The corporation does not get a tax deduction when it distributes dividends to shareholders  \n• Shareholders cannot deduct any loss of the corporation  \n9  \nCenter for Agricultural Law & Taxation  \nS Corporations  \n• S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes  \n• Shareholders of S corporations report the flow‐through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates  \n• This allows S corporations to avoid double taxation on the corporate income  \n• S corporations are responsible for tax on certain built‐in gains and passive income at the entity level  \n10  \nCenter for Agricultural Law & Taxation  \n8/22/2017  \nS Corporations  \n• To qualify for S corporation status, the corporation must meet the following requirements:  \n• Be a domestic corporation  \n• Have only allowable s","cbCaisOBlDrGKsPS","https://ap.wps.com/l/cbCaisOBlDrGKsPS","pdf",1400571,35,"English","# Agenda\n## Independent Contractor = Business Entity\n## Self-Employment Tax\n## Expenses and Recordkeeping\n## Estimated Tax Payments\n## Sales Tax\n## Form 1099-K\n# Overview\n## Independent contractor treatment for ride-sharing drivers\n# Business Entities\n## Sole Proprietorships\n## Partnerships\n## Corporations\n## S Corporations\n## Limited Liability Company (LLC)\n## LLC classifications for federal purposes","[{\"question\":\"Why are ride-sharing drivers generally treated as independent contractors for tax purposes?\",\"answer\":\"The overview states that drivers for companies such as Uber and Lyft are generally treated as usually independent contractors, meaning their tax treatment follows independent-contractor rules rather than employee withholding.\"},{\"question\":\"How does the chosen business entity affect how income and expenses are reported?\",\"answer\":\"The slides explain that the business entity they choose determines how income and expenses are reported, which in turn affects deductions, tax treatment, and how profits or losses flow to the owner(s).\"},{\"question\":\"What is Form 1099-K used for in this context?\",\"answer\":\"The agenda lists “Form 1099-K” under the presentation topics, indicating that sales or payment reporting to drivers is connected to this form.\"}]","Ridesharing - Taxes for Uber and Lyft Drivers - August 22, 2017 | PDF"]