All you need to do is report all miles you drove for Uber, both billable and empty, and the IRS will let you write off $0.57 per mile for all your costs, and that includes depreciation. Your true costs are likely less than that, so it's a lot like using the standard deduction when it's higher than itemizing.
Tax Advice
Probably way to early for this, I know..
Part time driver using uber for supplemental income. In pace to earn about $8,000 in total fares, about $6,000 after uber's cut, and down to about $4,700 net after gas, routine expenses.
I do not factor in vehicle depreciation on my own records because I drive a 2003 Honda Accord with 200k miles so it's worth about $2,500 whether I tack on an extra 5k miles driving for uber or not..
But I'm wondering if I can count depreciation as part of a tax write off? I've seen some posts that say the true cost per mile is 55¢, can I use this to my advantage for tax filing when the time comes?
I keep a record of every mile I drive when I am out ubering, including dead miles.
Thanks!
Part time driver using uber for supplemental income. In pace to earn about $8,000 in total fares, about $6,000 after uber's cut, and down to about $4,700 net after gas, routine expenses.
I do not factor in vehicle depreciation on my own records because I drive a 2003 Honda Accord with 200k miles so it's worth about $2,500 whether I tack on an extra 5k miles driving for uber or not..
But I'm wondering if I can count depreciation as part of a tax write off? I've seen some posts that say the true cost per mile is 55¢, can I use this to my advantage for tax filing when the time comes?
I keep a record of every mile I drive when I am out ubering, including dead miles.
Thanks!
1 - 8 of 8 Posts
I recommend understand photoshop...they eat any paper....
Cheat or Pay
Cheat or Pay
Dude, you hit the holy grail. At 57.5 cents a mile the IRS is going to be buying you another clunker uBer ride come next year.
If I write off the 57¢ per mile, am I still also allowed to write off gas expenses?Dude, you hit the holy grail. At 57.5 cents a mile the IRS is going to be buying you another clunker uBer ride come next year.
NOIf I write off the 57¢ per mile, am I still also allowed to write off gas expenses?
You need to see a CPA
You will get all sorts of mixed and confusing advice on here.
The IRS gives you the 57.5 cents a mile deduction to cover all auto expenses, including gas.If I write off the 57¢ per mile, am I still also allowed to write off gas expenses?
Hire a CPA. It's worth it. Specially if the IRS sends you a letter requesting receipts and all types of shit, back taxes and an audit before next tax season.
A CPA can backtrack and say "he/she forgot" something, or other. You can't and if you do backtrack, the IRS will audit your taxes for the previous 5-7 years.
Hire a CPA and don't take tax advice from Joe Blow off the street or on any forum.
PS. A CPA is not H&R Block or similar places, hire a REAL CPA, not form-fillers.
A CPA can backtrack and say "he/she forgot" something, or other. You can't and if you do backtrack, the IRS will audit your taxes for the previous 5-7 years.
Hire a CPA and don't take tax advice from Joe Blow off the street or on any forum.
PS. A CPA is not H&R Block or similar places, hire a REAL CPA, not form-fillers.
1 - 8 of 8 Posts
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