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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 Well-Known Member

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

    dirtylee Well-Known Member

    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. Cableguynoe

    Cableguynoe Well-Known Member

    Location:
    On the road...
    Like making a ship load of money?

    If that’s wrong, I don’t want to be right!
     
  4. Stevie The magic Unicorn

    Stevie The magic Unicorn Active Member

    Location:
    North of Disney, West of Orlando
    Driving:
    Taxi
    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 Active Member

    Location:
    Houston
    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 Member

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

    Rat Well-Known Member

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

    UberBastid Well-Known Member

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

    Coachman Well-Known Member

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

    henrygates Active Member

    Location:
    Houston
    Driving:
    UberXL
    If you can't pay your taxes borrow money from the mafia. Better to have the mob after you than the IRS.
     
    Gwenjie, Pax Collector and DustyChode like this.
  11. UberTaxPro

    UberTaxPro Well-Known Member

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

    Leo. Well-Known Member

    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 Well-Known Member

    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. Well-Known Member

    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 Well-Known Member

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

    UberBastid Well-Known Member

    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 Well-Known Member

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

    JMlyftuber Well-Known Member

    Location:
    St. Pete
    Driving:
    UberX
    Income? What's the new tax rate on stars and badges?
     
  19. Older Chauffeur

    Older Chauffeur Well-Known Member

    Location:
    Simi Valley Ca
    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 Well-Known Member

    Location:
    houston
    Driving:
    UberX
    What income?

    You guys end up with actual income?
     

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