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Is our Uber related deductions changing with this new tax bill?

Discussion in 'Taxes' started by Ubergirlz99, Nov 12, 2017.

  1. Ubergirlz99

    Ubergirlz99 New Member

    Location:
    Los Angeles
    Driving:
    UberX
    Okay, so I'm sort of freaking out here. I know there are a lot of deductions on the chopping block, and more being restricted. Since we get 1099'ed we are taxed on more money than we actually receive. That use to be okay bc I would deduct Uber fees, the mileage deduction and a bunch of other driving related expenses. Is that still the case?

    I know they've capped the eligible amount of school materials bought by teachers, but what about our industry? I can't find answers one way or the other.
     
    UberTaxPro likes this.
  2. Mears Troll Number 4

    Mears Troll Number 4 Well-Known Member

    Location:
    Orlando-ish
    Driving:
    Taxi
    There's no limit on deducting business expenses, and i would be truly shocked if there ever was.

    You only get taxed on your profit.. that's all there is to it..
     
  3. UberTaxPro

    UberTaxPro Well-Known Member

    Location:
    CT
    Driving:
    UberX
    You can find your answers here:
    https://www.irs.gov/businesses/small-businesses-self-employed/sharing-economy-tax-center
     
  4. Ubergirlz99

    Ubergirlz99 New Member

    Location:
    Los Angeles
    Driving:
    UberX
    Great link! I didn't know about the interest on the car loan. I'll post it below for anyone else who reads this thread.

    "If you are self-employed, you can also deduct the business part of interest on your car loan, state and local personal property tax on the car, parking fees, and tolls, whether or not you claim the standard mileage rate."
     
    UberTaxPro likes this.
  5. UberTaxPro

    UberTaxPro Well-Known Member

    Location:
    CT
    Driving:
    UberX
    Just be careful with the tolls, if Uber reimburses you for tolls the reimbursed tolls are not deductible.
     
    MHR likes this.

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