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list of tax reclaim or cost of business

littlekid

Active Member
These are my tax expenses inn :

1. All Fuel 100 percent use
2. Depreciation of car, normally 3yr -4yr life car's life if it's use on commercial basis give you good amount of expense to take your income down at uber
3. All lease instalment of new car another good way to put income down
4. cell phone bill, data usage and depreciation with a scrap life of 1 year since you are using commercially
5. Laptop- 30% usage with -depreciation with 2yr scrap life . Since you have to make business records on laptop, including fuel receipt pics,other receipt, accounting software, Msoffice, downloading updates, I can tell you 100s list

6. 5-8% of energy bill since my laptop, cell phone, on charge so I am aup and running on road,

7. Accessories I bought - cables, water, extra chargers, camera, camera back up devices holding records for 2yr etc.

8. Maintenance & servicing- all receipt

9. Washing seat covers if i do myself - counting expenses and take out from gross income making sure of 300$ cash bracket and receipt from car wash cash sale

10. Insurance of car & accessories ( phone, camera etc. 10% home contents too)

11. 5% in rent for gurage car park ( as long as you can prove its business expense ) it's important so my car clean from birds dripping, etc. adjustable head

12. Any other idea ?? Which indirect cost of business ?

There are lists of expenses tax accountant never told you they just want your tax consultation money which makes their life easy 45 min tax return and you out paying them easy money.

If you paid most of your expenses with uber income it will reduce your taxable income and your tax will be thiner included your expenses too. If you have another income you can again claim more remaining part on e.g laptop etc. so if you paid out most of the expenses the net income is not income it's Net Saving and if you have a family it will not effect your lower family income since your after tax income drop with all those expenses.

Now you can put GST too and reclaim back on all accessories. It's hard to tell here if you do write offs of car it's again reduce your income plus new car gst etc.. can't to type everything here ,,, :smiles:
 

ukbundy

Active Member
If your assets are over $300 and not an immediate write off (deduction) then as a small business you are able to depreciate your items using the "Simplified method". Basically all the assets are pooled into one and you take a 30% depreciation from them each year (15% in the year the asset is purchased). In the 2016/17 tax year, you are able to depreciate up to $20,000 from your pooled assets.
 
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