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Caculating taxes

Discussion in 'Chicago' started by Thinjim, Sep 6, 2015.

  1. Thinjim

    Thinjim

    Location:
    Skokie, il
    Driving:
    UberX
    When tax time rolls around do u figure the tax on the revenue before uber takes it's cut? Or do u figure the tax on the revenue less the expenses of (gas+uber's cut+deprecation of your car when driving for uber+cell phone bills+maintance of car+any thing I had to buy to use the washroom while ubering)?
    Or is it some where in between?

    BTW, is the sherpashare app an acceptable way of tracking miles when ubering in the eyes of the IRS???
     
  2. S_hicago

    S_hicago

    Location:
    Chicago
    Pretty sure it's after Uber's cut. Uber will pay (or like any big money, figure out a way around) its own taxes on its own cut. Can't tax the same thing twice.

    Where the deductions come off I'm not sure. Since the average lifespan of a driver seems to be about 3 months, I wouldn't hold my breath on an answer.

    I've been holding 25% off the top, which is too much, but I will see the benefit at the end of the year.

    Only way to know for sure would be to fill out a "fake" self-employment form (Schedule C I think?) in advance, using the data you have so far from this year. I've been too lazy to do that myself. Then you can see what happens as you flow through the math.
     
  3. GrandpaD

    GrandpaD

    Location:
    The Home
    There's a whole section on taxes with all of your questions answered. Some good info on what you can and cannot deduct.
     
  4. renbutler

    renbutler

    Location:
    Indy North Suburbs
    Driving:
    UberXL
    It is highly unlikely you will have any taxable income after deducting expenses, even though you should be able to turn a real-world profit (assuming your business model doesn't completely suck).
     

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