Save money for taxes

Am i the only one here who failed to save enough money for my taxes?? :scream:

my friend. At 54 cents a mile, you should be taking a loss. All the driving you do without pax is also a write off. I always do a little extra driving during slow times, so the .54 adds up to more than I made.

I didn’t save any for taxes but I have been keeping track of my miles and I only have to claim around $4-500 in income from ride share and I usually get a big return from my other jobs so I haven’t worried about it.

I add up my miles weekly and keep a running total of miles and money earned. I would of been about even if it wasn’t for 2 real nice nights during college football. I made $500 in about 14 hours and only drove 125 miles. When it’s high surge I don’t mind sitting in traffic for $30 an hour.

I haven’t seen Uber’s count yet. I keep a total between both companies and don’t separate because it’s to hard then. Those 2 really big nights were on lyft. Made nearly half of my lyft income for the year those nights. I made $1075 for the year. Lyft said I had about 950 miles. When I see my uber statement I will let you know.

my Lyft total was around 3k miles, Uber around 5k. My tracking total was just over 14k.
I also commute to/from my full-time job with my destination filter on. Gives me extra miles.
With all my deductions my ride shareable come out with a $3200 loss.

I did not count my miles to and from work even with the filter on because my tax person said that you can only claim extra miles from ride share. Since you already had to go to and from your other job you can’t count it.

I had the app on and was available for a ride so it counts. My positions hours are flexible and I often pick up passengers to/from work so it’ll fly. The end point to every morning of my driving- whether I pick up passengers or not is the same address

all I am saying is the person who does my taxes says that they are not all deductible. If the miles are part of your Norma day they are not deductible. Now if you drive to work and give a ride that adds 5 miles to your normal drive then those 5 miles are deductible. Just telling you what my tax accountant says.

According to my mile tracking app. I can deduct $18,000 (rounded up) this year.

Mine tracks every mile and almost every trip. I tell it when I’m working and when I’m just getting groceries. It tracks almost every trip (if I’m stopped for more then a minute it starts a new trip. Then stops that trip when u stop moving for a minute) on both Uber and lyft. I haven’t looked at ubers tracked milage but I’m guessing my actual mileage is more than double what uber would say.

if you’re paying taxes with the deductions that you can take…you need to go back to bed.

Your wife can be your Uber driver strategist as well and you meet for dinner twice a week to discuss how to maximize your driving time. Also your plane ticket to San Francisco is now an educational business trip because you will be able to prove you visited the Uber headquarters and.

Don’t forget about your phone, a portion of your home designated as office space if you rent, and a portion of your garage for car storage.

Oh… do you remember that 100 mile trip you took into the city or on a trip with your wife? When you got there you were “testing” the market and even your hotel and a portion of your meals with your business partner ( your wife) is a write off for a “business trip.”

In fact all traveling can be business trips as long as you can prove your were there on business. :wink: :wink:

What u want to know is if Uber is still claiming the service fees as our income. I’m pretty sure they are but I have gotten the yearly summary yet with the total amount in service fees.

O and I just looked. According to both lyft and ubers information. I made $40,000 (rounded) this year!. How!!! I didn’t even drive that much. Maybe 20-30 hours a week

I set aside 1/3 of each of my weekly deposits in a separate savings just for taxes. This is my first year, so I’ll see how everything worked out once I do our taxes. I also log my miles from the time I leave my house to the time I return. Uber/Lyft will only show the miles from the time you accept a ride until the time you end the ride.

I can’t imagine very many drivers owing taxes doing uber! The IRS mileage deduction is $53.5 per mile and Uber only pays $.61 per mile (in my market) “when I’m actually on a ride” but ALL miles that you have your app on are deductible! Then you have other expenses you can write up like bottled water and aux cords, etc if you need to! I think 99% of us get our paychecks from the IRS once a year ,not from uber and the other 1% that are actually making money doing this ,I’d really like to pick your brain!

Can you write off gas including mileage if my car is only use is to drive for Lyft?
Also can I write of my insurance payment for the car?
I use Stride to keep track I’m just worried it’s going to come back and say I owe like 2k.

Wow. Seems like people are doing it wrong. Deduct deduct deduct. And then when you realize that there is no law requiring you to pay taxes some of the fear and anxiety may subside. Happy Lyfting!!

This seems to be the “trick” here: most people manage to list a bunch of “expenses” and claim more miles that other drivers would not.
Thanks y’all! :innocent: