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How many of you are actually paying tax on this income?

Discussion in 'Taxes' started by Coachman, Apr 16, 2018.

  1. Coachman

    Coachman

    Location:
    DFW
    Driving:
    UberX
    If you are, you must be doing something terribly wrong.
     
    Cableguynoe likes this.
  2. dirtylee

    dirtylee

    Location:
    Dallas
    Driving:
    UberX
    Drive X surge only & live in uptown.
    I avg > $1/mile on total miles in Uptown Fri/SAT night.

    Not all dallas Uber drivers come from adjacent counties to ANT.
     
    Cary Grant and Cableguynoe like this.
  3. Like making a ship load of money?

    If that’s wrong, I don’t want to be right!
     
  4. I paid taxes when i did uber full time.

    But Orlando rates were over $1.00 paid per mile, over double what they are now. A 2x surge back then paid over what a 4X surge pays now.


    Taxi?

    I get hammered by Uncle Sam every year.

    No avoiding it on taxi income.
     
  5. henrygates

    henrygates

    Location:
    TX
    Driving:
    UberXL
    I thought Uber always issues a 1099 even if it's not technically within the amount that it's required. So the IRS knows all.
     
  6. Fearmonger

    Fearmonger

    Location:
    Wisconsin
    I end up paying some, but in my market I get $1.248/mi for UberX
     
  7. Rat

    Rat

    Location:
    Tallahassee, FL
    You can only claim a loss for three years
     
  8. UberBastid

    UberBastid

    Location:
    N.Cali
    and then you claim $100 per year profit.
     
    Scott.Sul, Fritz Duval and DustyChode like this.
  9. Coachman

    Coachman

    Location:
    DFW
    Driving:
    UberX
    Yeah there's no reason to declare a loss.
     
  10. henrygates

    henrygates

    Location:
    TX
    Driving:
    UberXL
    If you can't pay your taxes borrow money from the mafia. Better to have the mob after you than the IRS.
     
  11. UberTaxPro

    UberTaxPro

    Location:
    CT
    Driving:
    UberX
    2017 they changed policies. Now they only issue 1099k's for over $20,000.
     
  12. Leo.

    Leo.

    Location:
    Oakland
    Driving:
    UberX
    Is that so? After all my deductions I ended up owing $1900 on a $13500 income. I feel like I've done something wrong but yet my $13500 is roughly half of what I ''earned'' before all my car expenses.
     
  13. UberBastid

    UberBastid

    Location:
    N.Cali
    If it's reported on your Schedule C, Business Income (which is how it should be reported) then you will always owe both halves of the Soc Security tax, 7%. And no deductions count against that.
    Sounds like you are about 10%, so 3% of it can be deducted against.
    I strive to make my returns believable. I consider them to be an Offer. My Offers are accepted, because they are reasonable and believable.
    Not always provable, however.
     
  14. Leo.

    Leo.

    Location:
    Oakland
    Driving:
    UberX
    I'm actually at 14%
    So you're saying that 7% is nondeductible so no matter what do you you will owe that Social Security ....And that I could lower it still?
     
  15. Rat

    Rat

    Location:
    Tallahassee, FL
    Are you saying SS taxes are levied on gross income?
    That would be incorrect
     
  16. UberBastid

    UberBastid

    Location:
    N.Cali
    Is it?
    I'm not an income tax pro .... but, I thought that deductions just don't work against SS taxes. Half are (normally) paid by employer if you're a W2 employee. If you are self employed you pay both halves.
    I'll have to look at my Schedule C a little closer, but I think it's on gross.
     
  17. Rat

    Rat

    Location:
    Tallahassee, FL
    Most businesses have a 5% or so profit margin. The tax would be 3 x the net income
     
  18. JMlyftuber

    JMlyftuber

    Location:
    St. Pete
    Driving:
    UberX
    Income? What's the new tax rate on stars and badges?
     
    Oberyn Martell likes this.
  19. If you have a NET PROFIT of at least $400 you will owe SE taxes of 15.3% on those profits for Social Security and Medicare contributions. When you have a regular job with W2 income, you and your employer split the FICA contributions.
    You get credit for half the SE amount on your Form 1040.

    Disclosure: I'm not a tax professional.
     
  20. Fuzzyelvis

    Fuzzyelvis

    Location:
    houston
    Driving:
    UberX
    What income?

    You guys end up with actual income?
     

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