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Discussion Starter · #3 ·
Wow! That's better than I was expecting.

I'm new to this. How do you keep track of your miles? Just a journal or notebook or something and you do entries per day or per trip?
I just use quick books for my miles. At the end of the day if I have any trips on lyft I just write them down because there is nothing like uber or veyo where it shows the time and to and from. You can also take a pic of your odometer at the beginning of the year and at the end of it. Then on a program like quickbooks just turn the mileage off while not working then just turn it on while on the job...then take a pic at the end of the year of your odometer as well. Just in case IRS checks but the chances of that are low
 

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Discussion Starter · #5 ·
Holy crap! That's allot of driving. You make me look like a part time driver. Just imagine if the X rates were still $2.25/mile how much you would have made.
In an odd way I'm glad the rates were lowered because I would have not enjoyed my tax bill had the rates been where they used to be.....but for the year I did $61,000 (Uber, Lyft, Veyo)....again I would have owed taxes if it were not for my other job....then I was able to deduct IRA contributions, charity, etc....

In an odd way I'm glad the rates were lowered because I would have not enjoyed my tax bill had the rates been where they used to be.....but for the year I did $61,000 (Uber, Lyft, Veyo)....again I would have owed taxes if it were not for my other job....then I was able to deduct IRA contributions, charity, etc....
My odometer right now is at 166,498 miles....my vehicle is a 2015 that I bought in Oct 2014. It runs great and one synthetic oil change a month along with the trans fluid change, coolant, spark plugs and switching out my break pads...hmmm runs great....But putting money aside just in case the transmission were to give out (better to be safe than sorry)
 

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In an odd way I'm glad the rates were lowered because I would have not enjoyed my tax bill had the rates been where they used to be.....but for the year I did $61,000 (Uber, Lyft, Veyo)....again I would have owed taxes if it were not for my other job....then I was able to deduct IRA contributions, charity, etc....
Ya, I hate earning an extra $80K a year if I have to send the government $40K of it. I'd rather earn less for same number of hours and driving and not give the gov't some portion of it. You do realize how that makes no sense at all, right? Until taxes are 100%, getting more money for the same amount of effort is more money in your pocket.
 

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Discussion Starter · #7 ·
Why is there always someone who has to think he knows more or has to critique what someone else wrote (in this case myself).....the problem is if I have to explain every F'N reason as to why I would rip my hair out....but since you insist on thinking you are some brilliant individual I will be blunt. I pay cash for everything and did not put much money away for taxes. So a new pool table, video poker machine, sit down pac-man machine, new gazebo in the backyard with synthetic grass, etc....I SPENT A TON OF MONEY....if I made more then I would have bought more stuff to upgrade my home and would have been screwed with a huge tax bill.......I'm done talking to you

Why is there always someone who has to think he knows more or has to critique what someone else wrote (in this case myself).....the problem is if I have to explain every F'N reason as to why I would rip my hair out....but since you insist on thinking you are some brilliant individual I will be blunt. I pay cash for everything and did not put much money away for taxes. So a new pool table, video poker machine, sit down pac-man machine, new gazebo in the backyard with synthetic grass, etc....I SPENT A TON OF MONEY....if I made more then I would have bought more stuff to upgrade my home and would have been screwed with a huge tax bill.......I'm done talking to you
Not quite....ps let's say rates were double and I had made $60,000 more this year I would have owed how much more in taxes genius? So you can tell me or I will just show you
 

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Why is there always someone who has to think he knows more or has to critique what someone else wrote (in this case myself).....the problem is if I have to explain every F'N reason as to why I would rip my hair out....but since you insist on thinking you are some brilliant individual I will be blunt. I pay cash for everything and did not put much money away for taxes. So a new pool table, video poker machine, sit down pac-man machine, new gazebo in the backyard with synthetic grass, etc....I SPENT A TON OF MONEY....if I made more then I would have bought more stuff to upgrade my home and would have been screwed with a huge tax bill.......I'm done talking to you

Not quite....ps let's say rates were double and I had made $60,000 more this year I would have owed how much more in taxes genius? So you can tell me or I will just show you
You can try to explain that making less and spending it all is somehow related. They do not and what you spent throughout the year has nothing to do with what you earned and what taxes were owed on those earnings. It is a fallacy that by earning more you have to pay more in taxes THAN you earned - not true. You do pay more in taxes since taxes are a percentage of what you earn but earning more is always better for the same amount of work until the tax rate hits 100%.

What you have to send to the IRS by April 15th with the filing of your taxes is not what you "owe" in taxes but that is what you underpaid during the year based your income. Spending it on "stuff" does not change your annual tax bill. But since you asked, let's say you were in a 50% tax bracket between federal, state, and both sides of FICA (you are probably less than that but for ease of discussion let's choose 50%), you would have owed $30K more in taxes and you would have $30K more in your bank account. Would you like $30K more in your bank now (or you could of had $30K more of stuff purchased) or are the lower driving rates better along with having $30K less in your bank account?
 

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I write one thing and you have to turn it into this ...my god just shut up already
You replied to my post where I stated that your post was incorrect about how making more would be bad for you financially. Ask anyone, I mean anyone, "Is it better to make more or make less for the same amount of work?" You said it is better to make less because of your tax bill. This is incorrect and if you still don't believe me, then just tell Uber that you would prefer to make $0.01/mile because it will same you money on taxes vs the current rate. Then you asked a question about your taxes if you earned $60K more which I answered. I politely answered your question doing my best to explain it to you since you do not seem to understand how income and taxes work. I guess if you spend 100% pre-tax income because you cannot control your spending, do not put away a percentage for your taxes, yes, it would be bad for you and you would go into debt by earning more. But just for a second, try to understand my point as I have tried to understand yours. Make $60K more, spend $30K more and put the rest towards taxes - YOU HAVE $30K more of stuff. Doesn't that sound better than not having $30K more of stuff.

It is sad that you get offended (even mad) when someone points out what you said was wrong and that will make your life difficult never being able to learn things you don't understand. If I say something that is wrong, feel free to point out where I am wrong with facts and not insults or "just shut up" because I don't like what you are saying even though I can't say anything to prove your points are incorrect. I do not respond to many posts on here but when someone writes something that I read as incorrect, I will sometimes point that out.
 

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Discussion Starter · #12 ·
You replied to my post where I stated that your post was incorrect about how making more would be bad for you financially. Ask anyone, I mean anyone, "Is it better to make more or make less for the same amount of work?" You said it is better to make less because of your tax bill. This is incorrect and if you still don't believe me, then just tell Uber that you would prefer to make $0.01/mile because it will same you money on taxes vs the current rate. Then you asked a question about your taxes if you earned $60K more which I answered. I politely answered your question doing my best to explain it to you since you do not seem to understand how income and taxes work. I guess if you spend 100% pre-tax income because you cannot control your spending, do not put away a percentage for your taxes, yes, it would be bad for you and you would go into debt by earning more. But just for a second, try to understand my point as I have tried to understand yours. Make $60K more, spend $30K more and put the rest towards taxes - YOU HAVE $30K more of stuff. Doesn't that sound better than not having $30K more of stuff.

It is sad that you get offended (even mad) when someone points out what you said was wrong and that will make your life difficult never being able to learn things you don't understand. If I say something that is wrong, feel free to point out where I am wrong with facts and not insults or "just shut up" because I don't like what you are saying even though I can't say anything to prove your points are incorrect. I do not respond to many posts on here but when someone writes something that I read as incorrect, I will sometimes point that out.
Once again you are not getting the point...my god!! Wake up.....I would spend the money on other things and ignore the taxes....so I'm happy it is a little lower so I don't go crazy....it is a personal reason moron....pay attention. How many people who drive for uber do you think pay quarterly or set the money aside???? My guess is not very many. Would I love the rates to be back where they were?? Of course but I know me and I would go on gambling spree or just buy some cool items. My pool table cost me $7,000 ...if I made more money I may have spent $11,000 on one....now that money is gone and now its tax time....you get the point hopefully....ps I'm not ignorant by any means

I admire the hell out of you. Driving 88K a year and having another job. That's allot of miles for a 2 year old vehicle.
Well I quit my casino job halfway through last year .....I made good money but the cigar and cigarette smoke after 16 years was too much. So I do well with this and will continue to keep driving:) i really enjoy this and been at it for two years
 
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