How UBER really screws you ..

My accountant, he's a CPA and Enrolled Agent, sent me a newsletter that was about the cost of a vehicle per mile under the Rideshare scenario. The article was generated by the IRS, and outlines the use of a personal vehicle for ride sharing as opposed doing so as a PUC licensed operator.
The assumptions are $ 8500 a year in vehicle depreciation ( industry average ), routine maintenance including tires and oil changes. Also included are the increased costs of Rideshare insurance over personal use. If you pay into "safe rider fee" or pay into additional insurance through James River Insurance, your actual per mile costs will be substantially higher.

THE COST TO YOU TO USE YOUR VEHICLE .... $0.67 per mile.

30,0000 mile a year assumption, $25,000 basis cost of car used.

Do the math yourself. The first $2600 a month in expenses are on you. You don't feel it now due to depreciation, but you most certainly will when your car is sold.

This is simply why Taxis and Limos are more expensive, they have figured out what it takes to turn a profit.

UBER AND LYFT ARE SCREWING YOU OVER ROYALLY.
 

dlt

New Member
Or....

Get a 2005 used vehicle on Craigslist for $3000-4000.

250 miles/day. 22 days/ month = 5500 miles x 12 months = 66,000 miles

Dead miles to pick up customer are business expense...

Assume $30k income... 60k miles x standard mileage deduction 0.57? Or 0.67?

Either way you do the math. Work for uber and be poorer than a homeless person. Effective tax rate zero, get section 8 housing and food stamps!!!!
 

AJUber

Well-Known Member
if your CPA is good he should be able to deduct mileage and expebses. it's not a perfect system but he should be able to write off so much that your taxes will be a wash.

now if you just hate Uber , just don't drive get a job at Walmart or McDonalds
 

The_One

Well-Known Member
My accountant, he's a CPA and Enrolled Agent, sent me a newsletter that was about the cost of a vehicle per mile under the Rideshare scenario. The article was generated by the IRS, and outlines the use of a personal vehicle for ride sharing as opposed doing so as a PUC licensed operator.
The assumptions are $ 8500 a year in vehicle depreciation ( industry average ), routine maintenance including tires and oil changes. Also included are the increased costs of Rideshare insurance over personal use. If you pay into "safe rider fee" or pay into additional insurance through James River Insurance, your actual per mile costs will be substantially higher.

THE COST TO YOU TO USE YOUR VEHICLE .... $0.67 per mile.

30,0000 mile a year assumption, $25,000 basis cost of car used.

Do the math yourself. The first $2600 a month in expenses are on you. You don't feel it now due to depreciation, but you most certainly will when your car is sold.

This is simply why Taxis and Limos are more expensive, they have figured out what it takes to turn a profit.

UBER AND LYFT ARE SCREWING YOU OVER ROYALLY.
You can scream it from the top of the mountain top, fly banners, it will not matter, 90% in here are clueless and ignorant, mostly clueless "no idea how to run a business", Uber's favorite driver, like the saying goes, ignorance is bliss.
 

AJUber

Well-Known Member
correct because most drivers are desperate or out of work or don't know how to do basic math so they don't really care what you have to say because in their mind they're actually making money
 

Ted Collins

Member
Read my other post, screw Ubers business model, it is not designed for the driver. So use their brand recognition and insurance, find a niche and fill it!
 

xr650r

Member
I am going to check out a new fishing hole saturday night.I went out in Modesto last saturday night but I ran the hours nobody wants-bar closing time.Uber is kind of like going fishing-sometimes you get lucky and sometimes its a waste of time.Or gambling at a casino-the house always wins.
 

The_One

Well-Known Member
I am going to check out a new fishing hole saturday night.I went out in Modesto last saturday night but I ran the hours nobody wants-bar closing time.Uber is kind of like going fishing-sometimes you get lucky and sometimes its a waste of time.Or gambling at a casino-the house always wins.
Off the meds again.
 

Brutal one

New Member
I am not sure were those Number are coming from but tires oil and general is based on average 12 cents per mile fuel is based at 12 cents a mile.
the car is 9 cents a mile. insurance 580.00 a year but that's for personal use. Ok act like humans I have been driving for over 30 years commercially so I am not sure abut some costs. 120 miles a day average x 5 600 miles a week #198.00 per week x50 $9,900 per year average income per week $420.00 x50 = 21,000 per year less 9,900.00 net is 12k a year. Flip hamburger's at $10.00 x40 = 400 a week is 20k a year and no cost..

There can be a huge amount of difference In the way do your own math but that is just what I see.
 

wswarrior

New Member
You guys are so funny. Everyone wants to hate on Uber but the fact is that I worked a few days this week and made $556 that I didn't have before. The mileage write-offs make my taxes a wash and I really don't plan on ever selling my car. I get that the this is not a get rich scheme, but as a second side job to make an extra $1500-$2000/mo... count me in. And.. I am tracking my stats and my time is averaging about 14.50/hr not 10.
 

chi1cabby

Well-Known Member
The article was generated by the IRS, and outlines the use of a personal vehicle for ride sharing as opposed doing so as a PUC licensed operator.
Can you please ask your CPA for a link to this Newsletter/ IRS article, and post it here. Or just post screenshots of the article here.
Thanx!
 

Sacto Burbs

Well-Known Member
You guys are so funny. Everyone wants to hate on Uber but the fact is that I worked a few days this week and made $556 that I didn't have before. The mileage write-offs make my taxes a wash and I really don't plan on ever selling my car. I get that the this is not a get rich scheme, but as a second side job to make an extra $1500-$2000/mo... count me in. And.. I am tracking my stats and my time is averaging about 14.50/hr not 10.
UberX? How many airport runs?
 
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UberTaxPro

Well-Known Member
Sponsor
correct because most drivers are desperate or out of work or don't know how to do basic math so they don't really care what you have to say because in their mind they're actually making money
yep it's fast nickels! slow dimes are better.
 

UberTaxPro

Well-Known Member
Sponsor
My accountant, he's a CPA and Enrolled Agent, sent me a newsletter that was about the cost of a vehicle per mile under the Rideshare scenario. The article was generated by the IRS, and outlines the use of a personal vehicle for ride sharing as opposed doing so as a PUC licensed operator.
The assumptions are $ 8500 a year in vehicle depreciation ( industry average ), routine maintenance including tires and oil changes. Also included are the increased costs of Rideshare insurance over personal use. If you pay into "safe rider fee" or pay into additional insurance through James River Insurance, your actual per mile costs will be substantially higher.

THE COST TO YOU TO USE YOUR VEHICLE .... $0.67 per mile.

30,0000 mile a year assumption, $25,000 basis cost of car used.

Do the math yourself. The first $2600 a month in expenses are on you. You don't feel it now due to depreciation, but you most certainly will when your car is sold.

This is simply why Taxis and Limos are more expensive, they have figured out what it takes to turn a profit.

UBER AND LYFT ARE SCREWING YOU OVER ROYALLY.
So has your Enrolled Agent convinced you to not drive for Uber?
 

wswarrior

New Member
Re: Airport Runs

like 3 all week. I don't like being an airport vulture. Boring and not profitable. I just focused on three areas and worked hard.
 

Cabbie2B

Well-Known Member
My accountant, he's a CPA and Enrolled Agent, sent me a newsletter that was about the cost of a vehicle per mile under the Rideshare scenario. The article was generated by the IRS, and outlines the use of a personal vehicle for ride sharing as opposed doing so as a PUC licensed operator.
The assumptions are $ 8500 a year in vehicle depreciation ( industry average ), routine maintenance including tires and oil changes. Also included are the increased costs of Rideshare insurance over personal use. If you pay into "safe rider fee" or pay into additional insurance through James River Insurance, your actual per mile costs will be substantially higher.

THE COST TO YOU TO USE YOUR VEHICLE .... $0.67 per mile.

30,0000 mile a year assumption, $25,000 basis cost of car used.

Do the math yourself. The first $2600 a month in expenses are on you. You don't feel it now due to depreciation, but you most certainly will when your car is sold.

This is simply why Taxis and Limos are more expensive, they have figured out what it takes to turn a profit.

UBER AND LYFT ARE SCREWING YOU OVER ROYALLY.
Hey brother, s e x just came over to London, UK.
GOOD BLESS
 
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