Nick is thinking of becoming a driver on a rideshare app (using their personal car, which they would still drive for personal reasons too). He does not know much about the tax consequences except that they will be considered an independent contractor/sole proprietor, not an employee of the rideshare app company. What are four tax ideas/rules/strategies that Nick should be aware of before starting work as a driver on the app?
please explain detailed explanations of tax rules, just the name of the relevant concept or a brief description of the choice/strategy.