I just started doing this. I have to rent the cab, and they tell me I'm an independent contractor. Is keeping a record of rent fees, tips, and fares enough?
Thank you.
You need to keep accurate records of everything. Rent, fuel, oil, tolls, fares, etc. (you don't need to state tips separately though you can if you wish to).
Pay the rent by check if possible. If not, get a cash receipt for ALL rent payments! Deposit the day's takings in the bank and reconcile your waybill to the deposit slip. Use a credit card for fuel purchases if possible, or get cash receipts. You can keep a journal for minor expenses such as tolls and parking fees as long as they are less than $25 each. Anything $25 or more will require a receipt though.
You're welcome. TFTP. Report Abuse