Retirement and taxes for taxi drivers.
Medallion owners and lease drivers are usually paid as independent contractors. The cab company does not withhold income tax and does not sponsor a 401(k). Gigaverse estimates quarterly taxes and can auto-save into a portable Roth IRA.
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Medallion or lease, still usually 1099
A driver who leases a cab or owns a medallion and keeps the fare is generally self-employed. A W-2 dispatch job is a different arrangement. The 1099 path means you pay self-employment tax and you open your own retirement account.
Retirement from fare income
The PRActicle™ is a portable Roth IRA opened through a FINRA/SIPC-member broker-dealer that will auto-save a percentage of every payout (coming soon). Contributions are post-tax, grow tax-free, and qualified withdrawals are tax-free. It follows you across every platform and client, no employer 401(k) required.
Quarterly taxes on uneven weeks
Airport queues and slow nights change the bill. Gigaverse estimates federal self-employment and income tax as fares come in and reminds you before each due date.
Higher yield on invested cash
Cash you hold in Gigaverse for investing earns a higher yield, so it keeps working between contributions.
Taxi Driver questions, answered
Does a taxi company offer a 401(k) to drivers?+
Not to drivers classified as independent contractors. Employees of a fleet may have a workplace plan. If your pay comes on a 1099, the retirement account is one you open: a Roth IRA, SEP IRA, or Solo 401(k).
What can a taxi driver deduct?+
A lease payment, fuel, insurance, airport fees, dispatch fees, and business mileage when you use your own vehicle, documented in a log. A lease of a company cab is not the same as the standard mileage rate on that cab. A tax professional applies the method that matches how you operate.
Do lease drivers and medallion owners use the same retirement accounts?+
Both can use a Roth IRA, SEP IRA, or Solo 401(k) when the income is self-employment income and they have no employees other than a spouse for the Solo 401(k). The contribution is based on net profit, so a high lease payment lowers the room.
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On Android? Get the app on Google PlayGigaverse is not a bank. Brokerage services are provided through a FINRA/SIPC-member broker-dealer. Tax outcomes depend on your individual circumstances; Gigaverse does not guarantee any specific savings.