As an incentive to its drivers, Uber has announced its partnership with Intuit Inc. to bring more transparency to its business model and offer a clear statistics to its drivers about their earnings and taxes.
Intuit Inc. is an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. Intuit makes personal finance programs Quicken and TurboTax, as well as the small business accounting program QuickBooks.
In addition, they produce QuickBooks Point of Sale solution for small retailers, professional tax solutions ProSeries and Lacerte, and the Web-based corporate workgroup productivity solution QuickBase.
With this partnership, Uber’s drivers will have a detailed information including car mileage, tolls, gas payments, and other expenses. Furthermore, they will be able to import their earnings into the QuickBooks software.
The partnership will also offer a free version of the new QuickBooks Online Self-Employed software, enabling Uber driver partners to easily enter and categorize the data they receive from Uber.
Alex Chriss, vice president and general managers of Self-Employed Solutions at Intuit said-
Uber is giving hundreds of thousands of individuals a new and exciting way to earn income and many will encounter a new set of tax obligations. We’ve set out to empower people working in the on-demand economy by giving them easy to use tools for managing business revenue and expenses. By partnering with Uber, we’re able to offer a tailor-made solution that simplifies tax time, and provides clear visibility into their income throughout the year.
In addition to the free version of QuickBooks Online Self-Employed, Uber driver partners will have the option of connecting additional bank and credit card accounts to benefit from the full feature set of the product all year round. This move by Uber will bring more transparency to its business and help its drivers to simplify their financial lives.
Key features include:
- Connect accounts: Import supported bank and credit card accounts to easily track income and expenses with no data entry required.
- Categorize by click: Mark a transaction as “business” by simply clicking a button, or swiping a finger across a mobile app, letting entrepreneurs instantly categorize IRS Schedule C deductions.
- Stack up savings: Track deductions all year round to help entrepreneurs save time and money.
- Simplify taxes: Calculate estimated quarterly and year-end taxes so there are no surprises in April.
- Count on security: Be confident that bank-grade encryption protects information, helping to keep it safe and secure.