79k standard deduction miles on $72k before Uber/Lyft fees

UberKaLiDriver

New Member
Hey guys been working on my taxes on turbo tax and was looking on some advice on standard deduction miles. I logged about 79k miles with stride app throughout the year for about $72k before Uber/lyft fees. After fees I’m about $59k.

In total after doing the system did the deductions with other gigs... my total net income is around 11.3k

My main gigs were Uber/Lyft and was wondering if those miles seem high to deduct? Coming from SoCal Orange County I do get a lot of dead miles (40+) coming back from LaX many times and of course many dead miles on the road while driving waiting for rides. I usually drive about 10 hours a day for about 5-6 days a week.

In total I’m suppose to pay about $1.5k in taxes and wanted some input on if you guys think that’s about right. I know I need to hire a professional but times are tough right now and looking for input before I head that way.

Thank you
 

UberTaxPro

Well-Known Member
Sponsor
Hey guys been working on my taxes on turbo tax and was looking on some advice on standard deduction miles. I logged about 79k miles with stride app throughout the year for about $72k before Uber/lyft fees. After fees I’m about $59k.

In total after doing the system did the deductions with other gigs... my total net income is around 11.3k

My main gigs were Uber/Lyft and was wondering if those miles seem high to deduct? Coming from SoCal Orange County I do get a lot of dead miles (40+) coming back from LaX many times and of course many dead miles on the road while driving waiting for rides. I usually drive about 10 hours a day for about 5-6 days a week.

In total I’m suppose to pay about $1.5k in taxes and wanted some input on if you guys think that’s about right. I know I need to hire a professional but times are tough right now and looking for input before I head that way.

Thank you
Don't worry about being "about right", just report it accurately
 

Stevie The magic Unicorn

Well-Known Member
Hey guys been working on my taxes on turbo tax and was looking on some advice on standard deduction miles. I logged about 79k miles with stride app throughout the year for about $72k before Uber/lyft fees. After fees I’m about $59k.

In total after doing the system did the deductions with other gigs... my total net income is around 11.3k

My main gigs were Uber/Lyft and was wondering if those miles seem high to deduct? Coming from SoCal Orange County I do get a lot of dead miles (40+) coming back from LaX many times and of course many dead miles on the road while driving waiting for rides. I usually drive about 10 hours a day for about 5-6 days a week.

In total I’m suppose to pay about $1.5k in taxes and wanted some input on if you guys think that’s about right. I know I need to hire a professional but times are tough right now and looking for input before I head that way.

Thank you

$72,000 in revenue to $11.3 in taxable profit?

And owing 1.5 in taxes?

That looks about right to be honest.
 

Older Chauffeur

Well-Known Member
Yep. SECA contributions alone would be around $1700. (15.3% on your net profit) separate from any income tax you might owe.
 

UberXking

Well-Known Member
Driving from drop to best area in your professional opinion is not dead. It’s smart. Driving to the best location is not commute miles it’s a cost of doing business. You can buy me drinks and dinner for the info.
Those numbers are great wondering have you ever had a $1,000 day and how many over $500 last year. I’m guessing more than me
6 years of over 50,000 rideshare miles
 

oldfart

Well-Known Member
The 79000 miles seems perfectly reasonable to me. You banked $59000 on 79000 miles or 75 cents a mile(total miles)

you show income of $11000. The standard deduction is $12200 so you should owe no income tax; however Social security will want their 15%.

$1500 seems about right

you can trim that a little bit with the home office deduction, phone charges, office supplies etc
 

Daisey77

Well-Known Member
Hey guys been working on my taxes on turbo tax and was looking on some advice on standard deduction miles. I logged about 79k miles with stride app throughout the year for about $72k before Uber/lyft fees. After fees I’m about $59k.

In total after doing the system did the deductions with other gigs... my total net income is around 11.3k

My main gigs were Uber/Lyft and was wondering if those miles seem high to deduct? Coming from SoCal Orange County I do get a lot of dead miles (40+) coming back from LaX many times and of course many dead miles on the road while driving waiting for rides. I usually drive about 10 hours a day for about 5-6 days a week.

In total I’m suppose to pay about $1.5k in taxes and wanted some input on if you guys think that’s about right. I know I need to hire a professional but times are tough right now and looking for input before I head that way.

Thank you
So Uber and Lyft only took $13,000 in commission? To me, that sounds a little low. My gross was roughly 70K and they took about $20K. I owed $450ish in taxes at the end
 

oldfart

Well-Known Member
So Uber and Lyft only took $13,000 in commission? To me, that sounds a little low. My gross was roughly 70K and they took about $20K. I owed $450ish in taxes at the end

Good eye!
Excellent t point I completely missed that

The op did say he has other gig (self employment) income. Maybe that accounts for what seems to be a too low commission number.

but no doubt, a close look at all his “inputs” ought to be done

A lot of people wouldn’t report anything that wasn’t on a 1099. I don’t recommend that, but I know it happens. I didnt report my paper route or baby sitting income 60 years ago
 

Daisey77

Well-Known Member
Good eye!
Excellent t point I completely missed that

The op did say he has other gig (self employment) income. Maybe that accounts for what seems to be a too low commission number.

but no doubt, a close look at all his “inputs” ought to be done

A lot of people wouldn’t report anything that wasn’t on a 1099. I don’t recommend that, but I know it happens. I didnt report my paper route or baby sitting income 60 years ago
I always report everything. just because we don't get a 1099 that doesn't mean it's not on record. They would still have to report it to the government or else they'd make sure none of us make over 20,000. Especially if it benefits them. Just because they don't print a form doesn't mean government doesn't know about it
 

oldfart

Well-Known Member
I always report everything. just because we don't get a 1099 that doesn't mean it's not on record. They would still have to report it to the government or else they'd make sure none of us make over 20,000. Especially if it benefits them. Just because they don't print a form doesn't mean government doesn't know about it

If it’s not on a 1099 the IRS doesnt know about it

However You are right that there is a record. Uber records your income on your summary statement and there is a record of your bank deposits at your bank. The irs won’t see this stuff unless they have a reason to check. For example if you deduct interest on your million dollar home loan but only show $20000 income they may take a close look at your return and the records available to them
 
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