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Discussion Starter · #1 ·
Does anyone have any insight on how to do taxes? Do we need to file quarterly or can you just wait til the end of the year?
Anyone have any recommendations for CPAs with UBER experience
 

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Does anyone have any insight on how to do taxes? Do we need to file quarterly or can you just wait til the end of the year?
Anyone have any recommendations for CPAs with UBER experience
Tax returns are filed once per year (by April 15), however you need to pay your taxes during the year. Employees pay each pay period through withholding. Self employed individuals who are expected to owe taxes should be paying four times a year (the fifteenth of April, June, September, and January). The penalty is essentially interest for the amount you should have paid during the year but did not.

There are many exceptions including if you owe less than $1000 at the end of the year, you would not have been required to make payments. There are other exceptions.

If you also have a job, or have a spouse who works, you could consider an increase in withholding if you feel you will owe more than $1000. That would avoid having to make estimated payments.

It is also essential that you keep a mileage log for your vehicle to get the maximum deduction. If you keep a log, you can deduct all mileage including cruising around waiting for a request and on the way to a pickup. If you don't keep a log you will be limited to deducting the actual miles that you are transporting passengers. This deduction can greatly reduce your tax bill.
 

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I wouldn't bother, just use turbo tax for small business or professional way cheaper than a CPA
I concur, but I would just use Turbo Tax Deluxe and not spend the extra money on the Premier or Home & Business. You can do a full schedule C and everything you need for Uber with Deluxe. Of course using Deluxe you will have to deal with prompts that urge you to upgrade, but there is no need to. The only need for Home & Business is if you have employees. It is required to prepare W-2s for them.
 

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It's almost impossible that you'll owe taxes on your driving income. So far in 2017, the standard tax deduction rate on mileage is $0.535/mile. UberX pays ~$0.70/mile, but of course they don't pay mileage in between trips as well as mileage to your first trip and from your last trip, which are also deductible.

The easy way to know is to reset your odometer trip counter before each day of driving. If your daily mileage * 0.535 is greater than your daily income, you definitely owe no taxes on that day's income. Even if it's a little under, there are other possible deductions, like home office, cell phone accessories and subscriptions, dash cams, back supports, etc that can help to push you over the edge.

The most important thing is that you have to log your miles because you need the proof if you were to get audited. If you spend a full day doing nothing but rideshare, a simple start-stop odometer reading is sufficient. If you have personal trips in between, you should log the start and stop for the times you are on rideshare and a start and stop for each personal trip. Pro tip: Any time you have the app active, you are 'working' and that mileage is deductible.
 

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It's almost impossible that you'll owe taxes on your driving income. So far in 2017, the standard tax deduction rate on mileage is $0.535/mile. UberX pays ~$0.70/mile, but of course they don't pay mileage in between trips as well as mileage to your first trip and from your last trip, which are also deductible.

The easy way to know is to reset your odometer trip counter before each day of driving. If your daily mileage * 0.535 is greater than your daily income, you definitely owe no taxes on that day's income. Even if it's a little under, there are other possible deductions, like home office, cell phone accessories and subscriptions, dash cams, back supports, etc that can help to push you over the edge.

The most important thing is that you have to log your miles because you need the proof if you were to get audited. If you spend a full day doing nothing but rideshare, a simple start-stop odometer reading is sufficient. If you have personal trips in between, you should log the start and stop for the times you are on rideshare and a start and stop for each personal trip. Pro tip: Any time you have the app active, you are 'working' and that mileage is deductible.
I use an app on my phone called stride drive. It logs my miles for me and gives me a map of where I've driven during that time. It also keeps track of my expenses like cell phone bill, car washes, supplies etc... works great and is so easy.
 

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Discussion Starter · #13 ·
I concur, but I would just use Turbo Tax Deluxe and not spend the extra money on the Premier or Home & Business. You can do a full schedule C and everything you need for Uber with Deluxe. Of course using Deluxe you will have to deal with prompts that urge you to upgrade, but there is no need to. The only need for Home & Business is if you have employees. It is required to prepare W-2s for them.
i tried adding that now and it seems to be trying to file my 2016 returns - do i need to get quikbooks first to log all this stuff.
 
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