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The Basics

zbritt

New Member
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.
 

Chicago-uber

Well-Known Member
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.
 

zbritt

New Member
  • Thread Starter Thread Starter
  • #3
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.
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. :frown:
 

Amsoil Uber Connect

Well-Known Member
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.
 

Casuale Haberdasher

Well-Known Member
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.
POST # 1/zbritt: "Ahoy!" and Welcome
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As #4 Notable, my Code of Conduct com-
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zbritt

New Member
  • Thread Starter Thread Starter
  • #7
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.
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?
 

zbritt

New Member
  • Thread Starter Thread Starter
  • #8
I feel like there's a pinned post answering all my questions that I'm just missing for some reason
 

Amsoil Uber Connect

Well-Known Member
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:

GrandpaD

Well-Known Member
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.
 
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