Bookkeeping and Accounting for Taxi Drivers
Looking for a bookkeeper and accountant for your taxi business? We take care of your books, so you can concentrate on the road ahead. Sign up today and get a free month of bookkeeping.
How Bench works with taxi drivers
Navigate your bookkeeping, income tax prep, and filing with experts—backed by one powerful platform. Bench works in sync with taxi drivers.
We get you set up
Our team invests the necessary time to understand the intricacies of your taxi business, address your queries, assist you in linking your accounts, and guide you on how Bench can streamline your bookkeeping tasks.
We do your bookkeeping
Every month, your dedicated bookkeeper organizes the financial transactions related to your taxi driving business and prepares detailed financial statements. If they require any further information from you, they will promptly reach out.
We deliver tax-ready financials
Our team of experts are well-versed in the tax regulations pertinent to taxi drivers and will tailor their approach to fit your individual business needs.
Here’s why taxi drivers like you trust Bench with their bookkeeping and accounting
Get fast, unlimited support from our expert advisors
We'll consistently provide you with bookkeeping updates tailored for taxi drivers. Got urgent queries that just can't hold off? Rest assured, we'll respond to you in one business day or less.
Guaranteed accuracy in every detail
Our platform empowers you to automate data inputs from all major providers to dodge common errors. We collaborate with merchants like Gusto, Stripe, TaxiHub, and Square—ensuring your finances as a taxi driver are always spot-on.
See where you’re spending. Make smart decisions
Say goodbye to the hassle of disorganized receipts and frustrating manual record keeping—we automate information directly from your linked accounts. Get insights from one central dashboard so you can easily understand your taxi business's financial status and make informed decisions on the go.
Bench integrates with your favorite small business tools
We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.
Trusted by 25,000+ American small business owners
CHRIS RONZIO
DR. BUKKY KOLAWOLE
HEATHER SHOLL
We know bookkeeping for taxi drivers
Driving a taxi involves more than just getting passengers from point A to B. Taxi drivers are also small business owners who face the unique challenge of managing a host of industry-specific financial transactions, record keeping, and tax obligations. For instance, deductions for fuel, car maintenance, insurance, professional memberships and licenses, and various city-specific taxes, to name just a few. These complexities can easily become overwhelming and time-consuming, leaving little time to focus on the real business: driving.
Bench Accounting has the bookkeeping solution aptly suited for these unique needs. Through our innovative pairing of user-friendly software with real, human bookkeepers, Bench offers comprehensive online bookkeeping service. Our dedicated team of experts is not only trained to tackle industry-specific taxes and laws, they also understand the nitty-gritties distinctive to taxi driving such as accurately tracking expenses and recording daily cash and credit sales. Bench also simplifies end of year tax filing, providing accurate year-end financial statements, down to the last deductible expense. Not stopping there, we'll also connect you with a tax professional who is familiar with your industry to make tax season as stress-free as possible. With Bench, taxi drivers can focus on their driving business, while we take care of the books.
Simple, straightforward pricing for everything your business needs.
Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.
Choose Plan
Bookkeeping
billed annually. 100% tax deductible.
Bookkeeping & Tax
billed annually. 100% tax deductible.
Bookkeeping
billed monthly. 100% tax deductible.
Bookkeeping & Tax
billed monthly. 100% tax deductible.
Frequently Asked Questions
As a taxi driver, you are eligible to claim a wide range of expenses as tax deductions. These include:
- Fuel and oil costs
- Repair and maintenance expenses
- Insurance costs
- Registration fees
- Depreciation costs on your taxi
- Leasing costs if you lease your taxi
- Bank fees (on the bank account where you receive income from your taxi fares)
- Interest on any loans used to purchase your taxi
- Costs of cleaning and detailing your taxi
- License fees, cost of obtaining a taxi license or renewing it
- Accounting and bookkeeping fees
- Any other costs directly related to operating your taxi business.
Remember to keep good records of all your expenses for when you preparing your tax return or in case of an audit. It's also important to consult with a professional accountant or tax advisor to ensure you're claiming all the eligible deductions.
Ride-hail drivers often work with multiple platforms such as Uber, Lyft, and others. To effectively manage your bookkeeping, you should consider these steps:
<ol><li>Distinguish Your Earnings: Make sure to separate your incomes from the different platforms. This will help maintain an organized record and make it easier to track your earnings.</li><li>Track Expenses: Keep track of all your expenses related to your ride-hailing job. This includes gas, maintenance, insurance, cleaning, and other costs. Remember to keep all receipts for documentation.</li><li>Use a Consistent System: Consider using a bookkeeping software or hire a professional bookkeeper to ensure consistency and accuracy in tracking your earnings and expenses.</li></ol>
At Bench Accounting, we have professional bookkeepers that can help streamline your bookkeeping process, making it easier and more efficient for you to keep track of your earnings from different ride-hail platforms.
The best accounting method for income from driving or taxi services is typically the 'cash' accounting method. This approach allows businesses to record income when it is actually received, rather than when it is earned. This method is simple and straightforward, making it excellent for small businesses like taxi services where transactions are usually uncomplicated and occur regularly. Please note that while this method works for many, it's crucial to speak with a professional accountant to understand the best accounting method suited for your specific situation.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.
Bookkeeping Services for Taxi drivers
Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.
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