Driving Uber to claim 1099 against TRUMP TAX PLAN

Merkle Jr

New Member
My tax guys says make more 1099 income!

This will help reduce tax fees from my regular job as an electrician.

We do well
Between my wife and I we made $184,000 last year but still had to pay $3000

In taxes.

Apparently working Uber 1099

Is good to claim expenses on this reducing final payment to incle Sam.

Hope it works like my tax guy says

We will see next year.

Any thoughts?
 

FLKeys

Well-Known Member
Depends on how honest you are, the market you drive in, and your skills at minimizing dead miles.

I am guessing most markets you will operate at a loss when it comes to rideshare. What I don't get is making the money you stated is it really worth doing Uber to reduce your tax obligations? Are you putting money away for retirement? I would think starting a Solo 401(k) would be a better way to off set some taxes and put money away for retirement.
 

AnointedOne

Well-Known Member
My tax guys says make more 1099 income!

This will help reduce tax fees from my regular job as an electrician.

We do well
Between my wife and I we made $184,000 last year but still had to pay $3000

In taxes.

Apparently working Uber 1099

Is good to claim expenses on this reducing final payment to incle Sam.

Hope it works like my tax guy says

We will see next year.

Any thoughts?

You and your wide made $184,000 and you still can't afford to pay $3000 in taxes wow. You guys are making sh$t load of money as a couple as compare to full time uber drivers who make pennys.
Welcome to the forum by the way.
 

Juggalo9er

Well-Known Member
My tax guys says make more 1099 income!

This will help reduce tax fees from my regular job as an electrician.

We do well
Between my wife and I we made $184,000 last year but still had to pay $3000

In taxes.

Apparently working Uber 1099

Is good to claim expenses on this reducing final payment to incle Sam.

Hope it works like my tax guy says

We will see next year.

Any thoughts?
Regularly make 100k at my full time ....Uber is an amazing tax offset
I hope you remember to update next year, saved me $5000 this previous tax season
 

Merc7186

Well-Known Member
You need a new tax guy. I hate to break this to you but your earnings per mile will probably be more than you mileage write off, not to mention the abuse you will unnecessarily place on your vehicle.
 

Bubsie

Well-Known Member
You need a new tax guy. I hate to break this to you but your earnings per mile will probably be more than you mileage write off, not to mention the abuse you will unnecessarily place on your vehicle.
This must dependent on type of trips/market, but out where I am where longer mileage trips are generally the trend, and a bunch of dead miles, I easily have a larger mileage deduction than income from Uber.

My tax guy friend told me as long as my mileage deduction exceeds my Uber income, I'm good with not paying self employment tax quarterly and that the Uber loss can offset my regular w2 wage. Prob easier to profit with xl...I just got the 2nd and 3rd row heavy duty floormats installed in the suv, hope the pax dont mind almost no leg room in 3rd row. Gonna see what action there is with xl only from the house today.
 

Seamus

Well-Known Member
If you want to have a business with the sole intention of offsetting income there are much better ways of doing it then Uber. Form an LLC and start something where you don't have to work as hard or long just for the tax write off. There are way easier ways to show a loss.
 

Bubsie

Well-Known Member
Yeah definitely dont start driving for uber for the tax deduction. But if you are already driving, its possibly one of the few small "perks" on the great illegal taxi adventure we are on.
 

Merkle Jr

New Member
  • Thread Starter Thread Starter
  • #10
You may be right

Before the trump tax law went into effect this year we received a large return of$7000
Now after the new law change we o

But my finance specialist says he saved us $3000
(My wife did $1000 in 1099 work)

This year so we paid $3000 instead of $6000.

We are saving for retirement

Our 401k
Program is highly rated.
You and your wide made $184,000 and you still can't afford to pay $3000 in taxes wow. You guys are making sh$t load of money as a couple as compare to full time uber drivers who make pennys.
Welcome to the forum by the way.
no judgement though right bro
 

Merkle Jr

New Member
  • Thread Starter Thread Starter
  • #15
You and your wide made $184,000 and you still can't afford to pay $3000 in taxes wow. You guys are making sh$t load of money as a couple as compare to full time uber drivers who make pennys.
Welcome to the forum by the way.
Did I mention we live in NJ where our $184,000 a year doesn’t go very far w 2 kids in daycare and a massive commuting bill to nyc everyday?
Post automatically merged:

Regularly make 100k at my full time ....Uber is an amazing tax offset
I hope you remember to update next year, saved me $5000 this previous tax season
That’s what I’m talking about thank you for the positive sentiment!
 

Older Chauffeur

Well-Known Member
Did I mention we live in NJ where our $184,000 a year doesn’t go very far w 2 kids in daycare and a massive commuting bill to nyc everyday?
Post automatically merged:


That’s what I’m talking about thank you for the positive sentiment!
Off the top of my head there are two changes in the tax law that may have had an impact on your getting a refund last year vs paying this year. Withholding was reduced so you in theory got more take home pay, and you have a maximum deduction now for real estate and state/local income taxes of $10,000.
Disclaimer: I’m not a tax professional.:wink:
 

Wildgoose

Well-Known Member
My tax guys says make more 1099 income!

This will help reduce tax fees from my regular job as an electrician.

We do well
Between my wife and I we made $184,000 last year but still had to pay $3000

In taxes.

Apparently working Uber 1099

Is good to claim expenses on this reducing final payment to incle Sam.

Hope it works like my tax guy says

We will see next year.

Any thoughts?
There could be in one of two cases.

Case#1 ... It is depends on how much you have already paid on W2 of your regular job. If you have claimed your W2 with M-0 or S-0, you are likely to get some money back from IRS or you owe nothing. If it is so, your final taxing amount will be depend only on 1099.

Case #2... In 1099 tax claim, some Tax guys would do tricky thing which could be a fraud. Like inserting some big amount for deduction which could not be eligible (or) could be eligible but over amount. IRS will consider it as fraud. Remember that You are not only one driving for Uber/Lyft. So IRS has plenty of data to estimate your deduction by comparing with other driver's deductions. But even if they find out, they won't take action rush. They wait and see for couple of years and you could be under their radar which you would never know. After 3 or 4 years, IRS would be going to ask to show your records of how you got your deductions that were made each and every back years. They would freeze all of your bank account when you were being investigated. My advice is to keep the real driving records and deductions for at least past 5 years. Wisely choose the tax guys. Just give them your actual record instead of their own make up data.

My point is "Making more on 1099 could help on paying tax less is none sense." Your tax guy is lying, so be careful. Basically, Your tax is depending on how much you make taxable gross income in last year.
 

TXUbering

Well-Known Member
I just filed some preliminary taxes with stupid Turbo Tax and it claims that even after I made about $30,000 on Uber/Lyft, plus my "regular job" salary, I still have $10,000 going towards taxes. I'm trying to figure out how in the hell is it possible for me to still owe so much in taxes after driving my car into the ground with depreciation and all the gas I spend. I swear Turbo Tax is a shill.
 

Juggalo9er

Well-Known Member
I just filed some preliminary taxes with stupid Turbo Tax and it claims that even after I made about $30,000 on Uber/Lyft, plus my "regular job" salary, I still have $10,000 going towards taxes. I'm trying to figure out how in the hell is it possible for me to still owe so much in taxes after driving my car into the ground with depreciation and all the gas I spend. I swear Turbo Tax is a shill.
How much did you make with Uber
 
Top