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Need help understanding taxes !

Discussion in 'Taxes' started by mick511, Jan 8, 2017.

  1. mick511

    mick511 Well-Known Member

    Location:
    Miami
    Safe rider fee
    Booking fee
    Why is that included in my gross amount!
    What do I pay taxes on? When they kept that money?
     
  2. mick511

    mick511 Well-Known Member

    Location:
    Miami
    I don't understand what I pay on! The. 14.000 or 17.000 ! Someone please help me understand this! Thank you
     

    Attached Files:

  3. SEAL Team 5

    SEAL Team 5 Well-Known Member

    Location:
    Phoenix
    Driving:
    Livery
    You only pay taxes on the money deposited into your bank account. The rest is Uber fees and driving reimbursement. Make sure you have all receipts for reimbursement.
     
    Older Chauffeur likes this.
  4. SEAL Team 5

    SEAL Team 5 Well-Known Member

    Location:
    Phoenix
    Driving:
    Livery
    That 14k includes Uber's %. You subtract either 20%, 25% or 28% from the gross fares. Easiest and most accurate way is to get your bank statements and add up all your deposits from Uber.
     
    Older Chauffeur likes this.
  5. LAuberX

    LAuberX Moderator Moderator

    Location:
    Los Angeles
    Driving:
    UberX
    You enter the $17.4 k as gross earning, then deduct the other items as business expenses to end up with $14.6k .... then deduct "business miles" that you have been keeping a daily logbook of odometer reading in to end up with a ZERO tax bill.

    Uber pays so little, you end up "earning" nothing... and have a worn out car too!
     

  6. SEAL Team 5

    SEAL Team 5 Well-Known Member

    Location:
    Phoenix
    Driving:
    Livery
    That 14.6k still has Uber's percentage fee in it.
     
  7. LAuberX

    LAuberX Moderator Moderator

    Location:
    Los Angeles
    Driving:
    UberX
    Good catch! so you need to add another deduction item for the percentage you pay Uber depending on the category you drive.

    the tax return numbers need to match the 1099, so start by entering those numbers.
     
  8. mick511

    mick511 Well-Known Member

    Location:
    Miami
    Thank you so much for you help! I really appreciate it!
     
  9. mick511

    mick511 Well-Known Member

    Location:
    Miami
    Thank you!
     

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