# Good Spreadsheet for Keeping Track?



## Marbles

Looking for something to keep track of my daily/weekly expenses on Google Docs

I've seen this one
https://docs.google.com/spreadsheets/d/1d0S0FY3Dm5nBgysId8Zj0NRyKKxO78nONCuDsOtPzww/edit#gid=0

But wondering if anyone has something to calculate daily/weekly profitability.

Marbles


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## OldTownSean

I do my daily expenses with a calculator.

The + and - keys work wonders AND it's pretty easy to do -1$ and 20% off each ride in my head.

Lyft is much harder ... only get the minuses in real time ... have to wait for pluses til next day.


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## Marbles

I need something more comprehensive.

Time start, drive time, wait time, gas, and other factors I didn't think of.

Trying to maximize my profitability.

Marbles


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## SunSmith

Marbles said:


> Looking for something to keep track of my daily/weekly expenses on Google Docs
> 
> I've seen this one
> https://docs.google.com/spreadsheets/d/1d0S0FY3Dm5nBgysId8Zj0NRyKKxO78nONCuDsOtPzww/edit#gid=0
> 
> But wondering if anyone has something to calculate daily/weekly profitability.
> 
> Marbles


Have you tried Sherpa? Try SherpaShare.com.


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## <3driving

I use the TripLog application on my android. I am sure they have it on iPhones as well. Tracks EVERYTHING! only $20 a year and I think its worth it.


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## Droosk

The spreadsheet in OP statement is typical of the bad math by so many people in this forum. All statements below based on the default values in the sheet.

1) They use the number for taxes based on taxable income of between 37k and 89k. In order to have 37k worth of taxable income driving for Uber, you'd have to make about 250k in fares after commission. Sorry, thats not happening.
2) There is no such thing as a "local tax rate" on income. It simply doesn't exist. Its federal and state, and several states don't have an income tax at all.
3) You don't subtract the irs deduction from your net to determine your income. Thats just stupid. You only deduct it for tax purposes.
4) Todays cars average about 190,000 miles on the road. Using the IRS deduction, that means you can reduce your earned income by well over $100,000, typically, in the life of the vehicle while it drives for Uber. The tax savings alone on that would be over $20,000, enough to buy your next vehicle IN CASH.

The way I calculate my earnings is simple: Fare -$1, -20%, - Fuel. Typically, fuel takes another 18-20% of the original gross, so if I do $100 in fares, my profit is usually $60+. I set aside a small amount every week (usually $50) to handle any extraordinary maintenence or expense such as engine/transmission work, new tires, etc.


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## ElTransporter

Curious why people are recommending the $0.56/mile reduction. I just spoke to a tax person and she said you cannot do this if you use your car for taxiing people:

From the IRS site (I cannot post links yet per forum rules):

"*The standard mileage rate cannot be used if the taxpayer:*

*Uses the car for hire (such as a taxi).*
Uses five or more cars at the same time (as in fleet operations).
Claims depreciation or a section 179 deduction (Publication 463, Chapter 4).
Is a rural mail carrier who receives a qualified reimbursement (Publication 463, Chapter 4)."
I see that the language is from 2006, so did this rule change?

I'm about to start driving. Can someone please comment on the commission? I believe Lyft gives you back all your commission if you drive over 50 hrs. I'd like to set up my spreadsheet ASAP and want to get an idea of how to set up the columns. (yes, I've seen sample spreadsheets around).

Thanks in advance.


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## Marbles

I'm curious as to why I keep getting replies about minor details of a spreadsheet that I don't like, as opposed to a link to a good spreadsheet, like I'm requesting

Marbles


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## uberdriver

ElTransporter said:


> Curious why people are recommending the $0.56/mile reduction. I just spoke to a tax person and she said you cannot do this if you use your car for taxiing people:
> From the IRS site (I cannot post links yet per forum rules):
> 
> "*The standard mileage rate cannot be used if the taxpayer: Uses the car for hire (such as a taxi).*
> I see that the language is from 2006, so did this rule change?


Your "tax person" should be fired. 2006 is EIGHT years ago. The world changes. And IRS rules too.


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## uberdriver

Droosk said:


> There is no such thing as a "local tax rate" on income. It simply doesn't exist. Its federal and state, and several states don't have an income tax at all


"It simply doesn't exist" ???? What are you, a clown ? You have never heard of places called New York City, Philadelphia, Kansas City, Saint Louis (Missouri), Cincinnati, etc., etc. ? It looks like you just got yourself promoted to candidate #1 for that Nobel prize (see other threads, re: Idiocynomics).


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## uberdriver

Droosk said:


> The spreadsheet in OP statement is typical of the bad math by so many people in this forum. All statements below based on the default values in the sheet.
> 
> 1) They use the number for taxes based on taxable income of between 37k and 89k. In order to have 37k worth of taxable income driving for Uber, you'd have to make about 250k in fares after commission. Sorry, thats not happening.


What ??? "typical of the bad math by so many people in this forum" ?? The one that seems to have VERY bad math is you. The spreadsheet correctly computes federal taxes based on taxable income starting at $1, all the way to $89,350 per year. You are definitely first in line for that Nobel.


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## Droosk

AIT: As uberdriver said, you should fire your "tax person", ASAP!

http://www.irs.gov/uac/IRS-Announces-2011-Standard-Mileage-Rates

"Beginning in 2011, a taxpayer may use the business standard mileage rate for vehicles used for hire, such as taxicabs. "


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## GoJoe

Back to OP, what are you all using?


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## ElTransporter

Wow, thank you for the update! Sorry to have doubted folks 

For spreadsheets, I found this one and I liked the break down:

(can't post links yet per my account restriction, so please look for the RideShareGuy "How much did I make driving for Lyft Uber...", and scroll down to Fare Analysis spreadsheet).


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## OldTownSean

Marbles said:


> I'm curious as to why I keep getting replies about minor details of a spreadsheet that I don't like, as opposed to a link to a good spreadsheet, like I'm requesting
> 
> Marbles


I know with a taxi I do not use the standard mileage deduction mainly because I lease the vehicle.

Instead I save all my gas, lease, fee, and misc. receipts and itemize my deductions on my schedule c.

I take all my totals to H&R block (they don't need to see the receipts as long as you have them) and have them prep my taxes.


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## uberdriver

ElTransporter said:


> Wow, thank you for the update! Sorry to have doubted folks
> 
> For spreadsheets, I found this one and I liked the break down:
> 
> (can't post links yet per my account restriction, so please look for the RideShareGuy "How much did I make driving for Lyft Uber...", and scroll down to Fare Analysis spreadsheet).


I just looked at it quickly, and it seems kind of outdated and not correct anymore. Unless I am mistaken, it was created when the safety rider fee was given back to the driver and when Lyft was taking no commission. I guess those issues could be corrected in the logic of the spreadsheet.


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## CowboyMC

ElTransporter said:


> Curious why people are recommending the $0.56/mile reduction. I just spoke to a tax person and she said you cannot do this if you use your car for taxiing people:
> 
> From the IRS site (I cannot post links yet per forum rules):
> 
> "*The standard mileage rate cannot be used if the taxpayer:*
> 
> *Uses the car for hire (such as a taxi).*
> Uses five or more cars at the same time (as in fleet operations).
> Claims depreciation or a section 179 deduction (Publication 463, Chapter 4).
> Is a rural mail carrier who receives a qualified reimbursement (Publication 463, Chapter 4)."
> I see that the language is from 2006, so did this rule change?


I also went to the IRS website and here is what I found:
"*Standard mileage rate not allowed.* You cannot use the standard mileage rate if you:

Use five or more cars at the same time (such as in fleet operations),

Claimed a depreciation deduction for the car using any method other than straight line, for example,  _MACRS_  (as discussed later under _Depreciation Deduction_),

Claimed a  _section 179 deduction_  (discussed later) on the car,

Claimed the  _special depreciation allowance_  on the car,

Claimed actual car expenses after 1997 for a car you leased, or

Are a rural mail carrier who received a qualified reimbursement. (See  _Rural mail carriers_ , earlier.)
*Note. *
You can elect to use the standard mileage rate if you used a car for hire (such as a taxi) unless the standard mileage rate is otherwise not allowed, as discussed above."

I underlined certain part. This is from IRS Pub. 463 dated 2013.


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## Jimmy Lee Hagerty

I found out the hard way I can not upload a xcel spreadsheet. I built one for myself, was willing to share it. sorry guys, figure a way for me to send it to ya and I will. tracks mileage, cell phone expenses, 
office, vehicle expenses, gas, food, uniform, water/treats/fresheners, vehicle maint/car washes and parking/tolls. post total earned daily, subtracts daily expenses for net income, post hours worked, post rider fee, calculates uber share, calculates net earnings, calculates net earnings (gross - (uber-expense)). works for me.


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## Silens

Marbles said:


> Looking for something to keep track of my daily/weekly expenses on Google Docs
> 
> I've seen this one
> https://docs.google.com/spreadsheets/d/1d0S0FY3Dm5nBgysId8Zj0NRyKKxO78nONCuDsOtPzww/edit#gid=0
> 
> But wondering if anyone has something to calculate daily/weekly profitability.
> 
> Marbles


https://drive.google.com/file/d/0Bxond2JzMHi_UnprdUZ4ZnIxSFU/view?usp=sharing

This is something I have put together, I looked around and all the other spreadsheets I found were either (in my opinion) too simplistic, or too complicated.

Section 1A Expenses
Cost column add up automatically values added as a negative number
Section 1B Mileage/Time
Mileage and Time columns add up automatically values added as a positive number
Section 2 Pay - Expenses = Profit
Weekly totals entered manually. Pay, Expenses, and Profit fields populate automatically based on previous inputs
Section 3 Tax Estimation
Fields populate automatically, enter percentages as a negative decimal (E.G. -.25 = 25% deduction)
*PLEASE NOTE*
I am not a tax professional, the default amounts entered should be discussed with your tax preparer.
Section 4 Notes

I have prepared this spreadsheet with the idea that I will print out a physical copy along with ones of my weekly summaries and receipts.

I would keep a copy of the 'Driver Log Template' and rename it to 'Driver Log (MMYYYY)' in order to save to a new file.

Hope this helps someone.

Silens


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## Daniel Kuenzi

Hey guys. I had a driver today who told me that he uses Sherpashare. Just looked it up and looks like a good platform to manage your expenses and taxes.


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## Tristan Zier

ElTransporter said:


> From the IRS site (I cannot post links yet per forum rules):
> 
> "*The standard mileage rate cannot be used if the taxpayer:*
> 
> *Uses the car for hire (such as a taxi).*
> Uses five or more cars at the same time (as in fleet operations).
> Claims depreciation or a section 179 deduction (Publication 463, Chapter 4).
> Is a rural mail carrier who receives a qualified reimbursement (Publication 463, Chapter 4)."
> I see that the language is from 2006, so did this rule change?


Former CPA here. This rule has changed. Publication 463 (from 2013) states "You can elect to use the standard mileage rate if you used a car for hire (such as a taxi) unless the standard mileage rate is otherwise not allowed" (cases where it's not allowed are if you use tricky depreciation methods or have a fleet of 5 or more cars, which don't apply to most Uber drivers).

The Standard Mileage Rate is a lot easier to track, and often works out in your favor the more you drive (obviously applicable for Uber drivers). It particularly works out in your favor if you have a hybrid car, since your per mile gas cost is much less than the average the IRS uses when calculating the Standard Mileage Rate.

(Side note: we can help you track your mileage and other expenses at Zen99.)


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## Blaine Browning

Droosk said:


> The spreadsheet in OP statement is typical of the bad math by so many people in this forum. All statements below based on the default values in the sheet.
> 
> 1) They use the number for taxes based on taxable income of between 37k and 89k. In order to have 37k worth of taxable income driving for Uber, you'd have to make about 250k in fares after commission. Sorry, thats not happening.
> 2) There is no such thing as a "local tax rate" on income. It simply doesn't exist. Its federal and state, and several states don't have an income tax at all.
> 3) You don't subtract the irs deduction from your net to determine your income. Thats just stupid. You only deduct it for tax purposes.
> 4) Todays cars average about 190,000 miles on the road. Using the IRS deduction, that means you can reduce your earned income by well over $100,000, typically, in the life of the vehicle while it drives for Uber. The tax savings alone on that would be over $20,000, enough to buy your next vehicle IN CASH.
> 
> The way I calculate my earnings is simple: Fare -$1, -20%, - Fuel. Typically, fuel takes another 18-20% of the original gross, so if I do $100 in fares, my profit is usually $60+. I set aside a small amount every week (usually $50) to handle any extraordinary maintenence or expense such as engine/transmission work, new tires, etc.


I appreciate the post here. The math does seem to be a bit poor, I've posted on the same thing (which I think is actually your #3 above. I wanted to make a couple extra notes.

On #2 above, some local tax rates do exist. They are fairly rare, but certain counties and cities do have income taxes. Therefore a person may have to file more than 2 returns per year, even if they've only worked in one location. 
On #4, I THINK, but am not 100% sure, that you are trying to say that using the standard deduction is better as the MACRS depreciation is limited to 5 years and the standard deduction may yield more deductions than the actual expense in the long run. However, although MACRS ends after 5 for cars, all other expenses would not (insurance, gas, repairs, etc.). This may yield losses which can offset another job for some. In summary, using the deduction may be better for some, especially if they don't plan to use the car for Uber for more than 5 years.

Overall, however, I completely agree with Droosk. This is a way too oversimplified excel sheet to result in maximum benefit. Consider additional expenses (do you offer water to your riders)?

This information is provided by Blaine Browning CPA, Ltd. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.


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## Tristan Zier

Blaine Browning said:


> I was looking over this and wanted to point out small item. The excel sheet calculates FICA taxes by multiplying the profit (revenues less 56 cents per mile) by 92.35%. I presume that the purpose was to consider the employer portion of self-employment taxes as a deduction when calculating self employment tax. However, this fact should be reviewed with your accountant. The employer portion of the self-employment tax IS deductible but this is a deduction to arrive at AGI. It does not affect income from self-employment nor self-employment tax.
> 
> This shows the importance of receiving help from a tax professional.


Self-employment tax is only calculated on 92.35% of net profit, as per Line 4 of the Schedule SE (http://www.irs.gov/pub/irs-pdf/f1040sse.pdf). Also, the "employer" portion of SE tax isn't deductible...because there isn't an "employer" portion as an independent contractor. You are allowed to take a deduction of 1/2 of your SE tax when calculating AGI - which is how you should phrase that, so it isn't misleading. (And again, that SE tax is based on 92.35% of net profit.)

Most of the time, it's more favorable for Uber drivers to use the Standard Mileage Rate. There are very few cases where using a Section 179 deduction or MACRS is favorable for an Uber driver who is acting as a sole proprietor, particularly if you do it part time (as many do). Any cost savings from using the Actual Costs Method instead just go to paying an accountant to keep track of all the difficult depreciation calculations. Some more discussion on writing off car expenses here: https://www.tryzen99.com/blog_posts/understanding-taxes-deducting-car-expenses


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## Blaine Browning

Tristan Zier said:


> Self-employment tax is only calculated on 92.35% of net profit, as per Line 4 of the Schedule SE (link removed). Also, the "employer" portion of SE tax isn't deductible...because there isn't an "employer" portion as an independent contractor. You are allowed to take a deduction of 1/2 of your SE tax when calculating AGI - which is how you should phrase that, so it isn't misleading. (And again, that SE tax is based on 92.35% of net profit.)
> 
> Most of the time, it's more favorable for Uber drivers to use the Standard Mileage Rate. There are very few cases where using a Section 179 deduction or MACRS is favorable for an Uber driver who is acting as a sole proprietor, particularly if you do it part time (as many do). Any cost savings from using the Actual Costs Method instead just go to paying an accountant to keep track of all the difficult depreciation calculations. Some more discussion on writing off car expenses here: link removed


Agreed on both points. I should have said "employer-equivalent portion" as this is how the IRS has described it. On the second point, I agree... most of the time. For example, a person with a particular hardship or plans to leave the country or any other fact pattern that may indicate that the use of the vehicle may not extend beyond the next couple of years may benefit from actual costs, specifically a 179 deduction. Interesting point on the offset with the accounting fees though. I will revise my post to avoid confusion. I will look through the link you posted later for the discussion on deducting car expenses. Thanks for the reply!


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