# Questions for tax deductions



## liu314780778 (Dec 8, 2017)

how’s 0.54 cents per mile deductions workout? Here Not say any other expenses.

For example:

Gross :$70000
Mile per year : 40000 mile

$70000-(40000*0.54)*15.3%=???
Or what ?

Thankful for answers, please don’t SH!t on this question.


----------



## liu314780778 (Dec 8, 2017)

Mears Troll Number 4 said:


> Your actually pretty spot on.
> 
> Using your example...
> 
> ...


Thank you so much for answer my question.

If u don't mind, may I ask something also?

After the *Standard Mileage Rate and what u said about 1,2,3. 
what else we can deduct before we go into final net?

Thank you so much again!*


----------



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

liu314780778 said:


> Thank you so much for answer my question.
> 
> If u don't mind, may I ask something also?
> 
> ...


the difference between the $number$ on your 1099 and what uber/lyft actually pay you.

Any business expense not directly related to operating your car.


----------



## JimKE (Oct 28, 2016)

Uber reports EVERYTHING they collect on your 1099-K. That includes all of their fees (booking, commission, etc), plus tolls they reimbursed to you, plus in-app tips. It may also include local fees, like airport/cruise port pickup fees, if any. So there is a LOT of stuff on your 1099-K which you need to list as deductions on your return.

Uber provides some tax information for you. Go to your online dashboard and click on Tax Information. On the left side of the page, you will see your 1099's and something called monthly/yearly summaries. Those summaries detail all of the Uber fees which are deductible on your tax return. Do yourself a favor and wait until your 2017 Yearly Summary is available.

In addition to that, you can deduct *either* your actual vehicle expenses *or* the standard business use of personal vehicle deduction -- which Mears correctly provided as $.535 per mile. For 2018, that deduction increases to $.545.


----------



## liu314780778 (Dec 8, 2017)

Mears Troll Number 4 said:


> the difference between the $number$ on your 1099 and what uber/lyft actually pay you.
> 
> Any business expense not directly related to operating your car.


Thank u so much again!



JimKE said:


> Uber reports EVERYTHING they collect on your 1099-K. That includes all of their fees (booking, commission, etc), plus tolls they reimbursed to you, plus in-app tips. It may also include local fees, like airport/cruise port pickup fees, if any. So there is a LOT of stuff on your 1099-K which you need to list as deductions on your return.
> 
> Uber provides some tax information for you. Go to your online dashboard and click on Tax Information. On the left side of the page, you will see your 1099's and something called monthly/yearly summaries. Those summaries detail all of the Uber fees which are deductible on your tax return. Do yourself a favor and wait until your 2017 Yearly Summary is available.
> 
> In addition to that, you can deduct *either* your actual vehicle expenses *or* the standard business use of personal vehicle deduction -- which Mears correctly provided as $.535 per mile. For 2018, that deduction increases to $.545.


I see, thank you so much!



Mears Troll Number 4 said:


> the difference between the $number$ on your 1099 and what uber/lyft actually pay you.
> 
> Any business expense not directly related to operating your car.


I'm sorry, one more question.

In this year, I only drived couple hours witch I got from Uber around $300-400. For this amount do I need to report with my W2? Or for this amount I don't need to do tax?


----------



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

liu314780778 said:


> Thank u so much again!
> 
> I see, thank you so much!
> 
> ...


You won't get a w2 from Uber, you'll get a 1099.

So Uber will report the income for you...


----------



## Zeppelin77 (Nov 10, 2015)

Mears Troll Number 4 said:


> Your actually pretty spot on.
> 
> Using your example...
> 
> ...


I hope you get a professional to do your taxes because there are quite a few flaws here.

For the S.E.T (Self-Employment Tax) you multiply your profit at 92.35% or .9235 THEN you multiply it by 15.3% or .153 to determine how much you owe for just the S.E.T.

You then deduct half of your S.E.T. from your total income. The standard deduction has no bearing on the S.E.T., it is completely separate.

If Uber/Lyft is your only source of income then any profit you made is also subject to the regular tax brackets in addition to the S.E.T.

Consult a professional.


----------



## UberTaxPro (Oct 3, 2014)

How to calculate your self employment tax in 4 easy steps:

https://gusto.com/framework/payroll/how-to-calculate-your-self-employment-tax-in-4-simple-steps/


----------



## AuxCordBoston (Dec 3, 2016)

Zeppelin77 said:


> I hope you get a professional to do your taxes because there are quite a few flaws here.
> 
> For the S.E.T (Self-Employment Tax) you multiply your profit at 92.35% or .9235 THEN you multiply it by 15.3% or .153 to determine how much you owe for just the S.E.T.
> 
> ...


But if you have a loss on Uber than you carry over the loss on your tax return and don't need to file the SE?


----------



## Older Chauffeur (Oct 16, 2014)

AuxCordBoston said:


> But if you have a loss on Uber than you carry over the loss on your tax return and don't need to file the SE?


The SE tax doesn't come into play until you show a profit of at least $400, so if you show a loss there would be no SE tax due.
Disclosure: I am not a tax professional, so my advice is worth what you're paying for it.


----------

