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TAXES... be very careful when filing...

Totyro

New Member
I did mine on turbotax...go with the standard deduction and dont forget to write off your mileage and Interest on car payments. I caught what you are talking about as well....a friend of mine who is a CPA told me how to go around it and as long as you use the standard deduction if this is your first year using Schedule C then you stand a good chance of not being audited as long as you dont exagerate
Thanks so much for mentioning the interests on the car note My interest rates are pretty high so that will come in handy
 

UberTaxPro

Well-Known Member
Past Sponsor
Thanks so much for mentioning the interests on the car note My interest rates are pretty high so that will come in handy
Remember to factor out the non business portion of the interest. You can only deduct the business % of the interest.
 

Mars Troll Number 4

Well-Known Member
Only if your married, file jointly and the vehicle is in your spouse's name. Anything else, no
You can however... rent a car from someone else and write that off as a business expense. (the proportion of it's use that is for your business) You can also write off gasoline.

Then that person writes up what you pay them as income,
Then they write off their expenses of operating that car including depreciation, repairs, maintenance, ect ect as deductible business expense.
 

Sharryon12

New Member
Update on this , filed my taxes claimed 2 children got back over 3500 .. child credits .. couldnt do miles or would have lost more
 

NotanEmployee

Well-Known Member
How weird!! First year in Uber, grossed $3900 yet after turbo taxes, I made $144. Thank God I never went into business! Or....this is how you play the game?
That $144 is the amount you pay taxes on! You want to play that game! Would you rather pay taxes on the $3900? You can! Nobody is stopping you from not taking as many deductions as you can.
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Update on this , filed my taxes claimed 2 children got back over 3500 .. child credits .. couldnt do miles or would have lost more
This doesnt make sense, deductions reduce your tax burden. Miles are separate from standard deduction. You should be able to take both.
 
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Older Chauffeur

Well-Known Member
Update on this , filed my taxes claimed 2 children got back over 3500 .. child credits .. couldnt do miles or would have lost more
I agree with @NotanEmployee, mileage for business shouldn’t affect your Schedule A. Business expenses reduce the bottom of line on Schedule C (net profit) which is the taxable amount that transfers to Schedule A. Did you file Schedules C (required) and SE (required if your net profit is $400 or more?)
 
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