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How much to set aside for taxes, wear & tear, etc?

JMBF831

Well-Known Member
I'm thinking of putting aside 25% of my pay out to cover taxes come the end of the year, wear and tear (such as tires, oil changes, etc). Does this sound like a good amount to set aside? Could I stand to set aside a little less? Thanks for your input, everyone!
 

Amsoil Uber Connect

Well-Known Member
See the tax section. Learn how to do it on your own and it will be in the negative. Cause doing Uberx its easy to show a loss.

However since life has changed so much, I'm considering seeing a tax guy this year.
 

JMBF831

Well-Known Member
  • Thread Starter Thread Starter
  • #4
See the tax section. Learn how to do it on your own and it will be in the negative. Cause doing Uberx its easy to show a loss.

However since life has changed so much, I'm considering seeing a tax guy this year.
What is making you do things differently this year?
 

D Town

Well-Known Member
I'm just tossing half of everything I earn into a high yield savings account and not touching it. So far that's created a tidy little cushion in case anything blows up on me and more than covers any kind of tax bill I can expect.
 

Realityshark

Well-Known Member
Pay attention to your mileage and you'll see that you will need to buy a new car in about four years. Make sure you set aside money for that on top of everything else.
 

JMBF831

Well-Known Member
  • Thread Starter Thread Starter
  • #7
I'm just tossing half of everything I earn into a high yield savings account and not touching it. So far that's created a tidy little cushion in case anything blows up on me and more than covers any kind of tax bill I can expect.
50%?!
 

JMBF831

Well-Known Member
  • Thread Starter Thread Starter
  • #9
Pay attention to your mileage and you'll see that you will need to buy a new car in about four years. Make sure you set aside money for that on top of everything else.
I guess that would depend on how many miles you're driving per month/year and how many miles your current car has...
 

claritys

New Member
I count my miles, and put 20% away for taxes. I get an oil change about every 1.5 months, but as far as "extra" expenses, I'm pretty casual about. However, 100,000 miles in and the only "big" things I've had to do was tires ($600) and brakes ($400). I just TRY make sure to keep a healthy balance in my checking and credit cards, but I had to get a small loan for the brakes and a $300 traveling ticket
 

Realityshark

Well-Known Member
You might want to set some money aside for getting sued. Make sure you let your insurance company know you are playing illegal cab to avoid losing all of your retirement savings when your passenger sues you if you get into an accident. Be smart, cover you butt. Call your insurance company, let them read Uber's insurance conditions and make sure you're covered. Don't rely on strangers on an internet forum to due your homework for you.
 

Teri Lynn

Member
You might want to set some money aside for getting sued. Make sure you let your insurance company know you are playing illegal cab to avoid losing all of your retirement savings when your passenger sues you if you get into an accident. Be smart, cover you butt. Call your insurance company, let them read Uber's insurance conditions and make sure you're covered. Don't rely on strangers on an internet forum to due your homework for you.
USAA offers gap insurance in many states now, including Ca. I'm sure they do their homework.
 

Darrell Green Fan

Well-Known Member
You might want to set some money aside for getting sued. Make sure you let your insurance company know you are playing illegal cab to avoid losing all of your retirement savings when your passenger sues you if you get into an accident. Be smart, cover you butt. Call your insurance company, let them read Uber's insurance conditions and make sure you're covered. Don't rely on strangers on an internet forum to due your homework for you.
Interesting post considering you are a stranger on an internet forum.
 

5 Star Guy

Well-Known Member
The TNC Gap is not in every state, Google your state to see if your new bill was recently passed and made a law that either TNC Gap is available for you to buy or if the state made them buy it for you. Very few states have that, it looks like only OH and NC have that deal.
 

Darrell Green Fan

Well-Known Member
Yes and that is news to me. Thru USAA the gap insurance was very reasonable
Thanks Teri. A quick look at USAA's site appears to show gap insurance as insurance to cover the cost of replacing a wrecked car over the depreciated value your primary insurance will reimburse. How does this insurance to cover Uber apply here? Do you disclose what you need the coverage for?
 

Teri Lynn

Member
Thanks Teri. A quick look at USAA's site appears to show gap insurance as insurance to cover the cost of replacing a wrecked car over the depreciated value your primary insurance will reimburse. How does this insurance to cover Uber apply here? Do you disclose what you need the coverage for?
Why don't you give them a call for the details
 
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