• UberPeople.NET - Independent community of rideshare drivers. It's FREE to be a person and enjoy all the benefits of membership. JOIN US! CLICK HERE

Looking for some advice

LaurieLee

Well-Known Member
Also true. Many insurance companies have "gap" insurance for rideshare. I haven't had to use it but it's peace of mind having it.

Also factor that in to your expenses. And food you have to buy on the road. And cleaning supplies. And car washes.
Can you deduct mileage and expenses like car washes, paper towels, car seat covers, etc.?
 

O-Side Uber

Well-Known Member
I have been ubering for 3 months now, and I love this gig compared to most jobs. But, I am brand new to the tax world for this. I am in some serious need of advice. I need to know your guys methods, how much you pay in taxes, and what is the easiest way to keep track of everything. Thanks!
I also would like to do this full time
Gas in California is close to $4 a gallon. I write most of my rideshare taxes off. I do keep the receipts in the event of an unlikely audit. I’m not renting the car so I can claim depreciation into the future. I do my own taxes online with either turbo tax or freetaxusa or something like that. DISCLOsURE : this is not professional tax advice ??‍♂
 

WAHN

Well-Known Member
Not if you take the standard deduction. But if you itemize, then yes.
Car washes, paper towels, car seat covers, etc. could be written off in addition to the standard mileage, just like any office supplies, cell phones, etc. They would need to be written off based on percentage of business use.

Standard mileage deduction encompasses things like mileage, maintenance, repairs, etc. No additional write off, for instance, if your engine blows or transmission goes.

Also not a tax professional, lol, but that is my understanding.
 

monkmattman1

New Member
  • Thread Starter Thread Starter
  • #25
Thanks all for such good advice, i also did sign up for the uber debit card. What I am going to do from now on in the future Is use that for only business expenses in case of an audit, and if I do want to take profit out I will do so in cash form.
 

Don'tchasethesurge

Well-Known Member
Uber card? Dang first lesson! Avoid anything uber tries to offer you. There is always a catch of you losing and way benefit Uber. There is ton people who had issues with the card
 

KK2929

Well-Known Member
I have been ubering for 3 months now, and I love this gig compared to most jobs. But, I am brand new to the tax world for this. I am in some serious need of advice. I need to know your guys methods, how much you pay in taxes, and what is the easiest way to keep track of everything. Thanks!
I also would like to do this full time
--------------------------
My advise is to keep all receipts that pertain to gas, car repairs, service work, all equipment you buy for driving. Use TripLog or MyRideTrac to keep track of your miles. At the end of the year, take all that information and go to H.R. Block and let them do your taxes. Will be much easier for you.
--------------------------------------
Post automatically merged:

Thanks all for such good advice, i also did sign up for the uber debit card. What I am going to do from now on in the future Is use that for only business expenses in case of an audit, and if I do want to take profit out I will do so in cash form.
----------------------------
Yes, I agree with no Uber debit car. It is best to keep your earnings in an account that Uber cannot freeze. You never want to give a company like Uber or Lyft that type of power over your money.
Post automatically merged:

Can you deduct mileage and expenses like car washes, paper towels, car seat covers, etc.?
---------------------------
Mileage ??? yes but logged on only.
other stuff - yes, I definitely recommend that you use H.R. Block for your tax filings.
--------------------------------
Post automatically merged:

I have already been ubering for 3 months and made the value of my car in just those 3 months. Haven't had to fix anything really, I guess if your driving a brand new car that requires expensive maintenance, then it would be a straight loss.
Post automatically merged:


Hey man, I also have a commute I do everyday. I live north of Syracuse and drive there to uber everyday. So, would I jot down the mileage from start to finish the moment I leave my house? Would those be considered business miles?
------------------------
Yes, log on when you get in the car. Does not matter is there is no business where you are. Do not drive to a location and then log on. No, no, noooooo !!!!!
Post automatically merged:

did you know that uber insures it's riders and drivers? Your just a preacher not a realist.
----------------------------
I do recommend that you get ride share insurance. Your current company will have a rider policy for maybe $30 a month more then what your are currently paying. It is worth it. Don't let Uber/Lyft 's claim of insurance fool you. It is geared for the pax not for you.
 
Last edited:

Older Chauffeur

Well-Known Member
did you know that uber insures it's riders and drivers?
You need to read your own insurance policy, especially the sections labeled “exclusions” and “what is not covered.”
Some companies do not cover any commercial use or for hire activities, and there may wording to the effect that if you engage in such activities without telling them you may be committing fraud. OTOH, there are companies that write endorsements/riders or policies that cover ride share for reasonable premiums, such as an additional $15 per month as some members have reported here.
Uber and Lyft basically cover your passengers and third parties you might injure. You, however, are pretty much left hanging in the wind. Do your due diligence. Read Uber’s coverage for your state and your personal automobile policy. In the Insurance Forum check out threads and posts by @BigJohn.
 

TCar

Well-Known Member
I agree with the thoughts on Ride Share insurance. Progressive would not insure me once I told them I drove for Lyft. Was with them for last 10 years. I found an insurance company who does cover "gap" and chose them, FIRED Progressive. I am now legal, and the price difference was an additional $10 for the coverage per month.

I downloaded a checkbook ledger app from app-store, and created several sub-accounts within app.
Created Driveshare (main account), Maintenance, Taxes, and Vacation.
* I deposit all money into Driveshare account.
* Move 15% to Maintenance
* Move 10% to taxes (just in case....)
* Move 5% to vacation.

I calculate gas to be about 22% of my earnings, more or less.
I generally pay all gas, car payment, insurance from main account and have found $955 dollars a month to be break even point.
After that, i assume 45% of all earnings to be profit (well, money not needed to be spent on the bills mentioned.)
That being said, I do work a full time job otherwise , and just found I had too much time on my hands.
Nice thing is, I will earn (roughly) a 1 week vacation each year from these earnings (unless I spend it)

Drive on Drummer!
 

Seamus

Well-Known Member
Thanks all for such good advice, i also did sign up for the uber debit card. What I am going to do from now on in the future Is use that for only business expenses in case of an audit, and if I do want to take profit out I will do so in cash form.
You should familiarize yourself with IRS schedule C because that is what you will be filing for business income (loss). You will get lots of incorrect tax advice on this forum. As someone already mentioned you can reach out to @UberTaxPro who is the expert on ride share drivers tax issues. Especially starting out it is well worth it to consult a tax professional.
 

Ajayrocks

Member
have a separate bank account - set up with turbotax self employed or any other tax software -and sync the accounts - then put all your expenses and income into it - Self employed app also tracks milage when you are driving - makes tracking expenses very easy - I've been using it for about 18 years with my other job - right now I'm just incorporating Uber into it also - I should set up another
 

kcchiefsfan1982

Well-Known Member
All I ask is for someone and 'you' could be the one to show me how you are making money after real expenses. Can you do that?

Unless you are a master mechanic that can work on every part of the car, you are losing money. Taxes are the other leecher in this. Just show me how you are actually making money dude..math wins. Always.

I have a 2016 Ford Fiesta that has 20,000 miles on it and it cost me $8,500. At worse...even once I get it to 120,000 miles, it will still have a $4,000 value at least.

So far, I've driven 441 miles total (with passenger & dead miles). I've grossed $430.00. It cost me $28 to fill up my Ford Fiesta, which has a 12.4 gallon tank, and I get 400+ miles on a full tank. So, for every 100 miles I drive, gas cost me about $7. My taxes on the $430 will only be $90 after mileage deduction. So, so far we are talking expenses of $90 + $35ish= $125 expense. Subtract that from $430, then I have $305 profit. Yeah, then a little bit of that goes to future repairs, etc. But, still, for one week, as a second job...that is a nice bit of change for me!!!!
 

Jay Dean

Well-Known Member
I have a 2016 Ford Fiesta that has 20,000 miles on it and it cost me $8,500. At worse...even once I get it to 120,000 miles, it will still have a $4,000 value at least.

So far, I've driven 441 miles total (with passenger & dead miles). I've grossed $430.00. It cost me $28 to fill up my Ford Fiesta, which has a 12.4 gallon tank, and I get 400+ miles on a full tank. So, for every 100 miles I drive, gas cost me about $7. My taxes on the $430 will only be $90 after mileage deduction. So, so far we are talking expenses of $90 + $35ish= $125 expense. Subtract that from $430, then I have $305 profit. Yeah, then a little bit of that goes to future repairs, etc. But, still, for one week, as a second job...that is a nice bit of change for me!!!!
Quote me a price for getting in an accident with 4 pax without ride share insurance that get sent to ICU. And also do what I asked quote me the “Real” cost for repairs for each car part you wear out via a shop for parts and labor, trust me, you are driving at a loss and at an insane high risk for some stupid reason. Don’t buy into the mirage you are making money and not at high risk for a disaster.
 

kcchiefsfan1982

Well-Known Member
Quote me a price for getting in an accident with 4 pax without ride share insurance that get sent to ICU. And also do what I asked quote me the “Real” cost for repairs for each car part you wear out via a shop for parts and labor, trust me, you are driving at a loss and at an insane high risk for some stupid reason. Don’t buy into the mirage you are making money and not at high risk for a disaster.

I will not get in an accident. I am 36 years old, even did pizza delivery for 3 years as a second job...i have never been in an accident. I play rocket league every night also, so my crash avoidance skills are superb!
 

Jay Dean

Well-Known Member
I will not get in an accident. I am 36 years old, even did pizza delivery for 3 years as a second job...i have never been in an accident. I play rocket league every night also, so my crash avoidance skills are superb!
So...you can vouch for every drunk and texter on the road ? You are in the wrong business you need to apply for a super hero role.

Just get me that quote for every car part you wear out vs your costs you think you are paying. Let numbers do the facts instead of fantasy land super driver.
 

kcchiefsfan1982

Well-Known Member
So...you can vouch for every drunk and texter on the road ? You are in the wrong business you need to apply for a super hero role.

Just get me that quote for every car part you wear out vs your costs you think you are paying. Let numbers do the facts instead of fantasy land super driver.

I'll stick with my record of having gone all 20 years of my career in driving with no accidents.
 

kcchiefsfan1982

Well-Known Member
Meanwhile not making “real” money and driving strangers for favors, great call.
Well, I just so happen to enjoy meeting new people. This job has been rather fun for me. Also, I enjoy the $$$$$ that shows up in my bank account!!! You know, the money you say that isn't there.
 

Jay Dean

Well-Known Member
Well, I just so happen to enjoy meeting new people. This job has been rather fun for me. Also, I enjoy the $$$$$ that shows up in my bank account!!! You know, the money you say that isn't there.
Like I said compare the money to quotes and tell me if it is real money...and if you are driving to meet people just stop lying to yourself you are making money. Do it for that reason which is what most are doing in any car of value.
 

kcchiefsfan1982

Well-Known Member
Like I said compare the money to quotes and tell me if it is real money...and if you are driving to meet people just stop lying to yourself you are making money. Do it for that reason which is what most are doing in any car of value.
So, you want me to give you a quote on whatever is wrong w/ my car from an accident that has not happened yet. Love it!
 
Top