Not looking forward to the taxes


(Harold Young) #1

i am REALLY not looking forward to how much i have to pay in taxes…

scared i didnt save enough to pay…
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Uber Taxes


(Kimberly Nelson) #2

Where did you get this info from? I just check and cant find any tax info anywhere.


(Peter Dave) #3

Your mileage should save you. So many dead miles


(Harold Young) #4

how do i know how many dead miles?

mileage from tax ending date minus miles from uber hire date minus added miles from trips

does that sound right?


(Peter Dave) #5

I use a Milage tracker. I input all receipts and it auto tracks all miles driven and I classify as work or personal. Here is an example of this years

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(Harold Young) #6

i have no idea what im doing… going to see taxadermy


(Andrew Martin) #7

I don’t pay a dime an deduct everything. Got 1200 back


(Eric Moore) #8

How much did u make this year?


(Andrew Martin) #9

@eric 19k. I drive part-time.


(Steve Mann) #10

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.


(Brandon Bhangoo) #11

@Steve I like that list. Maximize your deductions to save big time on taxes. Mileage expenses would cover majority of the expenses. So, make sure you include every remaining mile!


(Steve Mann) #12

Brandon, I actually do two and three jobs, I opened an individually owned LLC and I just dump everything in that. That way I can actually maximize on all expenses and enjoy the limited liability. It also means that I can work for Uber, Lyft, DoorDash, PostMates and Amazon Flex and just manage the expenses per shift. The receipt I get from all my purchases are time stamped so that makes it easy to associate every expense to a specific company I am working for. If I do any other work, such as home improvement (I occasionally get a small painting contact here and there) I slap that into the LLC as well. It makes life easy, now here’s the kicker, I employ my wife as an employee in the LLC so she can take out a wage based on the minimum wage figure so I only pay 12% tax on that, Its not a lot, but it helps take money out of the system as a deductible.