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The Basics

Discussion in 'Taxes' started by zbritt, Sep 7, 2015.

  1. zbritt

    zbritt

    Location:
    Boston
    Okay, I'm super new to driving, even more new to these forums, and I have next to zero financial/tax experience. Upon searching around these forums, everyone seems to be asking very specific questions.

    For someone who is just starting out, what are the basics I need to know about taxes? I've heard people mention saving 20% of your revenue from Uber but I have no idea what that means. What do I need to be doing? Do I need to be tracking mileage/gas receipts/etc.? Someone pretty please break it all down for me.
     
    Casuale Haberdasher likes this.
  2. Chicago-uber

    Chicago-uber

    Location:
    Chicago
    Track your mileage. Save your receipts for car washes. Keep track of tolls. You can also write off expenses such as cell phone. And see a tax professional to file your taxes.
     
    Casuale Haberdasher likes this.
  3. zbritt

    zbritt

    Location:
    Boston
    What are the benefits of tracking my mileage and receipts for car washes? Is this related to filing taxes - some sort of deduction? And aren't tolls already reimbursed by the company?
    I know, I'm probably the most naive uber driver out there. :(
     
  4. Your mileage deduction will be greater than receipts but keep them.

    Learn how to use Microsoft Excel program and create two spread sheets tracking. One to mirror tubers trips and mileage and the other for monthlys and anything else you can think of.
     
  5. POST # 1/zbrittzbritt: "Ahoy!" and Welcome
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  7. zbritt

    zbritt

    Location:
    Boston
    Is it enough to keep track of your mileage of your trips from the Uber app? Or are we talking total mileage including between trips?
    What are monthlys?
     
  8. zbritt

    zbritt

    Location:
    Boston
    I feel like there's a pinned post answering all my questions that I'm just missing for some reason
     
  9. Total mileage. In my case, I log on from home, get a ping, zero out the mileage and off i go, the app stays on till I get home. And I log the total mileage for the day on the spread sheet under the total actual uber trip mileage.

    You will find that for every one mile you have a pax or ubers mileage for the trip, you can double that, sometimes your mileage maybe 3 to 1. If its 3:1 your didn't have a good day and may have been chasing fares that day. Some days if you net a $100 your mileage maybe 200. This is for X drivers.
     
    Last edited: Sep 7, 2015
  10. GrandpaD

    GrandpaD

    Location:
    The Home
    zbritt, you might want to check this out as a starter. https://ttlc.intuit.com/questions/2561815-uber-driver-questions

    The "20%" you've read about is because (as shown on that page) you're liable for "self-employment tax" (Medicare & Social Security). As stated above, keep track of all your Uber mileage. As that page indicates, the standard mileage deduction is the simplest...it covers everything car related (gas, insurance, depreciation, etc.). Find an app or spreadsheet program you're comfortable with to use every time you drive. If you're ever audited and don't have good mileage records, you're screwed.

    In this forum is a good thread ...Ask a Tax Attorney...If you get stumped in a specific item/subject, open the thread and then do a search for the specific. Also look in the Blogs section...there are a couple of good articles.

    Good luck.
     
    zbritt and Sammy Elnidani like this.
  11. Sacto Burbs

    Sacto Burbs

    Location:
    SF Peninsula
    Driving:
    UberX

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