Tips & discussions for filing 2016 Tax Returns

Yomann

Well-Known Member
Was checking my Driver Dashboard today and noticed that Uber has already posted a preliminary summary of our 1099-K and 1099-MISC tax forms !
This will be my third year filing my own (Uber related) tax returns, and I use TurboTax Home & Business Edition ,which includes Schedule C forms.
So, I thought about kicking off this thread in the interest of learning and sharing Tips & Techniques with the community.

None of this is offered as tax advice: You will have to check with your own tax advisor to get that.

1. Rideshare insurance rider policy: If you take the standard IRS mileage deduction in 2016 of 54c per mile, that takes into account insurance payments for your standard auto policy.
However; if you have purchased a "rideshare insurance rider policy", then the additional delta cost of that rider becomes a separate deductible expense in the Business Insurance category.(source - a reputable blog.)
In my case that amounted to a deduction of $672 for the year.

Lets hear your tips, and any questions that come to mind.
 

MrA

Well-Known Member
Was checking my Driver Dashboard today and noticed that Uber has already posted a preliminary summary of our 1099-K and 1099-MISC tax forms !
This will be my third year filing my own (Uber related) tax returns, and I use TurboTax Home & Business Edition ,which includes Schedule C forms.
So, I thought about kicking off this thread in the interest of learning and sharing Tips & Techniques with the community.

None of this is offered as tax advice: You will have to check with your own tax advisor to get that.

1. Rideshare insurance rider policy: If you take the standard IRS mileage deduction in 2016 of 54c per mile, that takes into account insurance payments for your standard auto policy.
However; if you have purchased a "rideshare insurance rider policy", then the additional delta cost of that rider becomes a separate deductible expense in the Business Insurance category.(source - a reputable blog.)
In my case that amounted to a deduction of $672 for the year.

Lets hear your tips, and any questions that come to mind.
I hate taxes. Usually put them off 'till the last few days. What about a per diem deduction? Are you allowed a per day meals and entertainment deduction? Or, is that only for out of town drivers?
 
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nash801

Well-Known Member
Was checking my Driver Dashboard today and noticed that Uber has already posted a preliminary summary of our 1099-K and 1099-MISC tax forms !
This will be my third year filing my own (Uber related) tax returns, and I use TurboTax Home & Business Edition ,which includes Schedule C forms.
So, I thought about kicking off this thread in the interest of learning and sharing Tips & Techniques with the community.

None of this is offered as tax advice: You will have to check with your own tax advisor to get that.

1. Rideshare insurance rider policy: If you take the standard IRS mileage deduction in 2016 of 54c per mile, that takes into account insurance payments for your standard auto policy.
However; if you have purchased a "rideshare insurance rider policy", then the additional delta cost of that rider becomes a separate deductible expense in the Business Insurance category.(source - a reputable blog.)
In my case that amounted to a deduction of $672 for the year.

Lets hear your tips, and any questions that come to mind.
Allstate ride share is only extra $20 for 6 mo
 

nash801

Well-Known Member
I hate taxes. Usually put them off 'till the last few days. What about a per diem deduction? Are you allowed a per day meals and entertainment deduction? Or, is that only for out of town drivers?
You can deduct all food if your willing to say each time you discussed Uber with a person while eating (asked waiter if they wanted to be an Uber driver,etc)
 

nash801

Well-Known Member
Was checking my Driver Dashboard today and noticed that Uber has already posted a preliminary summary of our 1099-K and 1099-MISC tax forms !
This will be my third year filing my own (Uber related) tax returns, and I use TurboTax Home & Business Edition ,which includes Schedule C forms.
So, I thought about kicking off this thread in the interest of learning and sharing Tips & Techniques with the community.

None of this is offered as tax advice: You will have to check with your own tax advisor to get that.

1. Rideshare insurance rider policy: If you take the standard IRS mileage deduction in 2016 of 54c per mile, that takes into account insurance payments for your standard auto policy.
However; if you have purchased a "rideshare insurance rider policy", then the additional delta cost of that rider becomes a separate deductible expense in the Business Insurance category.(source - a reputable blog.)
In my case that amounted to a deduction of $672 for the year.

Lets hear your tips, and any questions that come to mind.
Do you use turbo tax app to track expensesm I'm thinking of doing it for 2017.
Update: i tried it and it sucked.
I want app with precise uber/ lyft deduction categories
 
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Yomann

Well-Known Member
Do you use turbo tax app to track expensesm I'm thinking of doing it for 2017
TurboTax is only for tax preparation.
There are other apps for expense tracking, but I don't use them.
If you take the standard mileage deduction (usually the best option), there are not so many other expenses to keep track of.
I just save my receipts in a small box, and enter them in a simple 1 page Excel SS at the end of the year - takes 30 minutes.
Perhaps, someone else will share how they do it.
 

Yomann

Well-Known Member
.........What about a per diem deduction? Are you allowed a per day meals and entertainment deduction? Or, is that only for out of town drivers?
Going by memory, IRS guidelines state you can deduct personal meals if you are 40 miles away from home.
I have never taken such deductions.
Meals while meeting with other drivers to discuss strategies, or meeting someone to refer them to drive are considered "Business Entertainment" and are deductible, but only 50% of the cost is deductible, IIRC.
You do not have to do the 50% calculation; T-Tax will keep track of it.
 

Truman

Well-Known Member
What mileage is deductible? Certainly all UBER miles. But what about distance to pick up? Do we need a log for that, Sherpa Share?
I put 40,00 miles on my car last year. Wondering how much I can deduct.
Any other business expenses?
I'd like some real advice from other drivers that have been " killing it on taxes"
 

Yomann

Well-Known Member
What mileage is deductible? Certainly all UBER miles. But what about distance to pick up? Do we need a log for that, Sherpa Share?
I put 40,00 miles on my car last year. Wondering how much I can deduct.......
Uber provides actual passenger miles, which of course are deductible.
Since we do not have a place of business to commute to, we have zero commute miles.
So, all miles with the app on are deductible, IMO.
This includes pick up miles, and miles travelled in between rides with the intent of seeking the next ride.
Some form of logs are required to be in full compliance, whether app based or paper & pencil.
 

LAuberX

Well-Known Member
Moderator
get in car, write down date and odometer reading in paper log.
quit for the shift, write down odometer reading in log.

All miles driven with the app "ON" are business miles.

My Camry was used 100% for Uber, this did not make any insurance a separate deduction. All car expenses are covered if you use the standard mileage deduction.... my .02
 

tecra

Member
I've used Turbo tax in the past but was always wondered if I did it correctly (meaning ,did I got the most deductions, or paid the least amount of tax allowed)
After all, using TT is just answering/filling up the form it asks.

Some things that I had "missed" when using TT:
Some "office space and equipment"and some portion of internet bill. For my day job, I'm considered a tele-commuter. So those should be deductible.
That should be allowed working fuber as well. One might access the account using computers other than phone.
From other thread here, phone bill should be deductible as well.

For this year, 2016, I'm planning to use CPA.
Between mortgage, kids expenses, etc and fuber, I want to make sure I get the most deductions and not overpay.
But quote is pretty steep at $350.

Maybe you guys know CPA I could use?
Thanks.
 

bt68

Active Member
I add as deduction the miles for pick up. An average of 3 miles per pick up (south bay).
No reason not to.
 

Yomann

Well-Known Member
T-Tax is pretty good, but one has to have an overall sense of what their tax picture should look like.
It will ask you a few questions to capture deductions, but it cannot cover all possibilities for all professions.
Given that it costs $107 and then you pay $20 to file state returns electronically, I would say $350 for the services of a CPA is not bad.
Even an "Enrolled Agent" can get the job done for you.
I would stay away from storefront offices like H&R Block, etc.
They tend to hire seasonal help, so the quality varies quite a bit.
You could get professional help this year, and then replicate your return using TT next year.
 

Yomann

Well-Known Member
Should I deduct a booking fee?
Actually; Uber does a very good job of breaking down the various category of fees:
1. Tolls: 2. Split Fare: 3. Safe Ride Fee: 4.Airport Fee: 5.Booking Fee: 6.Uber Service Fee.
All of the above are deductible expenses for drivers.
If using TT, these go under the topic heading: "Income you gave back".
The specific line is "Total customer rebates or refunds".
There is only one box for entry; so you will have to manually total up Items 1 thru 6.
 
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