Don’t let taxes scare you, the new tax bill has you covered and you don’t earn enough to worry about taxes. Just follow this rule:
List every expense you have (make sure you have receipts) this means all the gadgets, apps, songs, food and beverage as well as any items you bought that were used from the moment the app was on to when it was closed.
Include all car maintenance and cleaning costs
Include all gas costs
Include parking fees and toll payments (do not include fines)
Include your car payments (if you have them)
Include your car depreciation
If you bought a car in 2017 for Uber/Lyft, include the down-payment you made
Add your monthly mobile telecommunications bill
Check your home allowance costs (Electricity, rent, mortgage etc. , a % of that is allowed as an expense if self employed)
If you did any PR or marketing, add those too.
You will find that your expenses make working for Uber a low profit enterprise and there is no tax, most probably a return.
Also, if you don’t have a mileage tracker, download one now. I suggest that you keep an envelope or file for all your expense receipts and save them daily, open and excel file and create a daily list of all your expenses, or download an expense tracker too.