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With S-Corp you can set aside money for retirement plans, medical, and further limit your taxes by putting yourself on payroll.

But is it really worth it for the amount of money you make in rideshare?

If you live off $20k yearly, but making $40k yearly then it sounds like a good idea to maximize the money you keep come tax time.

Has anyone incorporated their gig?
 

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Depends on your market and state laws IMHO. Where I live, it is not. I operate as a sole prop.
 

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I am in Miami and run all revenue from Uber through a Business Corporation, Money gets deposited into its own Chase business account. Plus my vehicle I use is also registered and insured (Commercial Insurance) under my company name and not my name personally for liability purposes (Vehicle is a Tax Write Off) . I just send my monthly Uber Revenue Statements to my CPA and he handles all my Taxes and Dept of Revenue stuff. My CPA handles my other business revenue as well as Uber Revenue and he just sends me an email of what I need to pay for each of my businesses and I send payments accordingly to FL Dept of Rev and IRS. Also have to send an extra check to my CPA for his services & fees too..

I am not a CPA and wont offer any financial advice but what works for me, might or might not work for you.. I would recommend reaching out and consult with a CPA to discuss your finances and what your options are to maximize your income and save you on Taxes and what not. Also make note that you will need to file not only your personal taxes at the end of each year, but also a separate business tax return as well if you do form a business corp.

Best of Luck !
 

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I find that my LLC works great.
 

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I am in Miami and run all revenue from Uber through a Business Corporation, Money gets deposited into its own Chase business account. Plus my vehicle I use is also registered and insured (Commercial Insurance) under my company name and not my name personally for liability purposes (Vehicle is a Tax Write Off) . I just send my monthly Uber Revenue Statements to my CPA and he handles all my Taxes and Dept of Revenue stuff. My CPA handles my other business revenue as well as Uber Revenue and he just sends me an email of what I need to pay for each of my businesses and I send payments accordingly to FL Dept of Rev and IRS. Also have to send an extra check to my CPA for his services & fees too..

I am not a CPA and wont offer any financial advice but what works for me, might or might not work for you.. I would recommend reaching out and consult with a CPA to discuss your finances and what your options are to maximize your income and save you on Taxes and what not. Also make note that you will need to file not only your personal taxes at the end of each year, but also a separate business tax return as well if you do form a business corp.

Best of Luck !
Does the Corporation benefits out weight the State In come Tax you have to Pay? I guess if you are operating at a loss on the corporate books it would help off set other corporate profits.
 

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With S-Corp you can set aside money for retirement plans, medical, and further limit your taxes by putting yourself on payroll.

But is it really worth it for the amount of money you make in rideshare?

If you live off $20k yearly, but making $40k yearly then it sounds like a good idea to maximize the money you keep come tax time.

Has anyone incorporated their gig?
Look at setting up a Solo 401(k) If Rideshare (and other sole proprietor endeavors) is your only income and you make a taxable profit chances are you can put 100% of the taxable profit into the 401(k) to offset taxes until you retire. From my research Vanguard has a great Solo 401(k) program.
 

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if it wasn't for my S Corporation, I would have paid $12,000 in taxes instead of $1,700 in 2018. $600 accountant fee(Tax deductible), $800 to CA Secretary of State, so total of $3,100.

And it also helped me build business credit, I have over $40,000 of credit line on my business credit cards.

So yes, S Corporation works when your gross is over $100,000 and miles less than 50k.
You also get more deductions under your S Corporation, don't ask me how, but my accountant did it.
 

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Does the Corporation benefits out weight the State In come Tax you have to Pay? I guess if you are operating at a loss on the corporate books it would help off set other corporate profits.
to be honest I cant tell you yet how much it would be saving me or costing me (profit or loss) as I am still in my 1st quarter of revenue with Uber and a newbie to the driving game... Time will tell. just to repeat that Uber is NOT my main source of income nor is it my only business income (have 2 other businesses), plus I get a monthly pension as well, unlike for you, which uber might be your main revenue intake. U b e r for me, is for when I am really bored and want a few extra bucks in the bank (I might drive less than 10 hours a week). Haven't decided yet as to payroll schedules, I may just wait and pay myself every quarter or at the end of the year, still figuring what will work best for me. I actually sit down with my accountant next week for other financial matters and I will pick his brain and follow what my CPA recommends or suggests about uber as its all new to me and want his suggestions to save me as much as I can from tax fees. Most likely this revenue will offset other expenses like insurance / maintenance / gas expenses, accountant fees, etc..

this is why I suggest sitting down with a CPA and figure out what could work best for your financial situation to maximize your $$$. What might work for me or others might not be the best option for you. Just saying.
 
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