[Seth619navy]

So this will be my first year with U/L with an estimated $400 - $500/wk combined. What can I expect to pay in taxes out of pocket at the end of the year? Also with mileage logged, will there be much of a discount? Thanks for any help.

 

[Pesty]

Talk to a professional accountant as each person has different deductions and tax brackets.

I use quickbooks self employed on my devices and at my current rate, I'm paying 1650 in taxes with an additional 3 to 400 for the next quarter.

 

[San Diego X]

Log all miles! For 2017, you can deduct 53.5 cents for every mile driven while logged into the Uber app. You'll be able to deduct a very high percentage of your income.

 

[Pesty]

ALL miles from when you leave your driveway to when you get home are business miles, not just ride miles.

If you take pings from your couch, you can wrote off 10% of your living space..

Get an accountant, they will tell you all of this and more. You can even write off depreciation of your car as it's an asset used to make money with.

 

[Seth619navy]

Thank you all very much for the help!!

 

[thefenian]

I use a guy to do my taxes,charges $50.00, and with the 54c per mile I pay little or no tax.

 

[squeaky_ride]

I use a guy to do my taxes,charges $50.00, and with the 54c per mile I pay little or no tax.

That's what I've understood from my digging.

If I understand correctly....I also found out you don't need to pay quarterly taxes if in your first year (you don't have last year's taxes to know what is reasonable to pay).

Now, a question for drivers who worked the prior year and know what's what. "Little to no taxes." Assuming you do/will owe a small amount in tax, are you paying quarterly?

 

[thefenian]

That's what I've understood from my digging.

If I understand correctly....I also found out you don't need to pay quarterly taxes if in your first year (you don't have last year's taxes to know what is reasonable to pay).

Now, a question for drivers who worked the prior year and know what's what. "Little to no taxes." Assuming you do/will owe a small amount in tax, are you paying quarterly?

I pay in April just like I always have.I use a tax accountant to keep me legal.You can either claim gas,oil,and car maintenance or miles driven(remember all miles from you leave your house until you return when driving rideshare) not both,but miles easily wins.If you check you are probably driving 2 miles or more for for every $1.00 you actually make.

 

[Wombat7]

Also check the taxes forum on this site. I found it helpful last year.

 

[jester121]

If you take pings from your couch, you can wrote off 10% of your living space..