# Making sure my taxes are done right



## skitty54 (Jun 10, 2016)

Last year was my first year driving, and I did it part time as I have a full time job that reports a W2. I haven't received a 1099 or yearly summary, and the only monthly summary that I have gotten was for Jan '16. I did go through all my pay statements though and was able to add up all the number through them. After adding everything up, I got the following:

Rider Fares + Tips Paid: 718.44
Uber Service Fees: 148.63
Uber Booking Fees: 72.35

Total Fares Earned: 497.46
Mileage: 357.02

So where it says "Income or Sales" I would input the total rider paid fares, in other expenses I can put the uber fees and mileage, so I only get taxed on the portion I got paid minus the standard mileage deduction, correct?


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## Mars Troll Number 4 (Oct 30, 2015)

skitty54 said:


> Last year was my first year driving, and I did it part time as I have a full time job that reports a W2. I haven't received a 1099 or yearly summary, and the only monthly summary that I have gotten was for Jan '16. I did go through all my pay statements though and was able to add up all the number through them. After adding everything up, I got the following:
> 
> Rider Fares + Tips Paid: 718.44
> Uber Service Fees: 148.63
> ...


You forgot to add cash tips









It is like what you said , except with all your numbers for the year.


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## AmyLee (Dec 12, 2017)

your mileage seems extremely low


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## SEAL Team 5 (Dec 19, 2015)

skitty54 said:


> Last year was my first year driving, and I did it part time as I have a full time job that reports a W2. I haven't received a 1099 or yearly summary, and the only monthly summary that I have gotten was for Jan '16. I did go through all my pay statements though and was able to add up all the number through them. After adding everything up, I got the following:
> 
> Rider Fares + Tips Paid: 718.44
> Uber Service Fees: 148.63
> ...


You are correct. The Uber fees will go on a seperate line item then mileage. Don't forget to deduct phone and data usage for office expenses, I believe that's line 17, but don't quote me. After you deduct mileage you'll be under the $400/yr SE Tax requirement. You will owe $0 in taxes.


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## skitty54 (Jun 10, 2016)

SEAL Team 5 said:


> You are correct. The Uber fees will go on a seperate line item then mileage. Don't forget to deduct phone and data usage for office expenses, I believe that's line 17, but don't quote me. After you deduct mileage you'll be under the $400/yr SE Tax requirement. You will owe $0 in taxes.


I didn't deduct my cell phone bill cause I use it for mixed personal and business, plus I'm on an employee plan through AT&T cause that's where I work full time, so IDK if I can deduct that. I added everything up though and after fees and mileage I'm at 305 net profit, so I should be good right?



AmyLee said:


> your mileage seems extremely low


I only deducted mileage that Uber reported because I was foolish and didn't keep track of mileage enroute to pickup the rider. Profit was small enough last year that I'm loosing sleep over it but lesson learned for next year


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## SEAL Team 5 (Dec 19, 2015)

skitty54 said:


> I'm at 305 net profit, so I should be good right?


Only if you're a 10 year old with a lemonade stand.


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## skitty54 (Jun 10, 2016)

SEAL Team 5 said:


> Only if you're a 10 year old with a lemonade stand.


While funny and partially true, I only do Uber part time when I'm low on cash. I have a full time job otherwise


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## deiros (Nov 5, 2015)

skitty54 said:


> I only deducted mileage that Uber reported because I was foolish and didn't keep track of mileage enroute to pickup the rider. Profit was small enough last year that I'm loosing sleep over it but lesson learned for next year


Uber keeps track now. The reported mileage includes all miles driven while logged in.


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## Mars Troll Number 4 (Oct 30, 2015)

SEAL Team 5 said:


> Only if you're a 10 year old with a lemonade stand.


Well the thing is...

I can show a profit on a lemonade stand!, Can't do that with uber here...

1 galleon of lemon juice (amazon) $20

8 pounds of sugar (Amazon $20)
100 9 ounce cups- $3.19

That yeilds you 5 gallons of Lemonade at a total cost of $40 of ingredients (using tap water)

that's 666 fluid onces of lemonade.

83 cups of "home made" lemonade for $1.25 each

Total cost $43.19

83X $1.25= $103.75

Profit margin $60


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## Freeto16 (Apr 7, 2017)

I’m pretty much doing what skitty is doing but I’m confused with my 1099. My 1099 says I only made $700, although over $2,000 was deposited into my account. Do I just add the difference in somewhere?


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## skitty54 (Jun 10, 2016)

Mears Troll Number 4 said:


> Well the thing is...
> 
> I can show a profit on a lemonade stand!, Can't do that with uber here...
> 
> ...


But you didn't take in consideration the upfront cost of purchasing/building the stand and chair, depreciation of said stand, your state food safety license, reseller license, and of course time invested. You'd be far into the red with all that considered.


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## Mars Troll Number 4 (Oct 30, 2015)

$33 for a 5 gallon igloo jug
Another $30 for a folding table.. Got a folding chair in the garage..

Your annual permits here cost $506 for the first year and $456 after that.

$566 in start up costs...

Won't even raise the price...
Add a 7% sales tax

Cost goes up to $1.33 a glass of lemonade.

10 batches will net me a $34 profit

After that my profit margin is $60 a batch sold.

So why not also start selling chips since I already have the permit? That's $16 out of pocket to get my chip inventory started up.

https://www.costco.com/Frito-Lay-Classic-Mix-Variety-Pack-1-oz,-54-count.product.100371250.html

$14.99 for a 54 count of single serving bags of chips. ($16 with sales tax)

Selling for $1.50 sounds fair to me. (1.60 with sales tax)

$81.00 in revenue to $16 in costs... that's $65 in profit per case of chips..

So that's 10 batches of lemonade/ 9 cases of chips to cover start up costs.
5 batches of lemonade and 5 cases of chips puts me at a profit.

In florida heat... that's not long before i'm turning a profit.

Looks a lot better than the uberX margins here in Orlando...


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## Big Wig !!! (Sep 16, 2016)

Mears Troll Number 4 said:


> Well the thing is...
> 
> I can show a profit on a lemonade stand!, Can't do that with uber here...
> 
> ...


Why am I wasting my time with Lyft?


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