The Challenge: A full-time rideshare driver failed to properly track their mileage for the year. Terrified of an audit, they only claimed a fraction of their expenses, resulting in a crushing self-employment tax bill. The Moorhead Financials Solution: * We helped the client legally reconstruct their mileage logs using the rideshare app’s backend data and their digital map history.
- We applied the standard mileage rate against their gross income, drastically reducing their net profit. The Result: By properly capturing thousands of miles in deductions, we erased their tax bill and generated a $4,200 IRS tax refund.