# Taxes 2018



## UBERgoober123 (Jul 12, 2018)

So i just did my 2018 taxes my first and only full year of driving. 

After my deductions i only lost 20k last year. I used the standard deductions for 25k miles on an older used vehicle. 

Maybe this is something to consider moving forward.


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## FLKeys (Dec 27, 2018)

I just can't imagine how someone would lose $20,000 in one year doing rideshare. Please enlighten me with a few more details.


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## Tarvus (Oct 3, 2018)

Something does not ring true here. In order to show a tax loss of $20,000 using the standard mileage deduction of $.545 per mile, you would have had to drive 36,697 miles and generate zero dollars in revenue, yet you said you drove only 25,000 miles. Presumably, you were paid something or else there would be no need to file at all.

To lose $20,000 driving 25,000 miles you would have to be losing 80 cents per mile in excess of whatever your gross revenue per mile amounted to. Can you clarify how you managed to do this?


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## UBERgoober123 (Jul 12, 2018)

Tarvus said:


> Something does not ring true here. In order to show a tax loss of $20,000 using the standard mileage deduction of $.545 per mile, you would have had to drive 36,697 miles and generate zero dollars in revenue, yet you said you drove only 25,000 miles. Presumably, you were paid something or else there would be no need to file at all.
> 
> To lose $20,000 driving 25,000 miles you would have to be losing 80 cents per mile in excess of whatever your gross revenue per mile amounted to. Can you clarify how you managed to do this?


Standard deductions was $12,000 then i deducted taxes paid to the state for my vehicles theres 5 of them. I also included taxes paid on one of my cars, bc i purchased a vehicle. Had a transmission go out, business expense. Etc

Yeah so i made 8k and lost 28k so my rideshare business lost 20k.


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## Tarvus (Oct 3, 2018)

UBERgoober123 said:


> Standard deductions was $12,000 then i deducted taxes paid to the state for my vehicles theres 5 of them. I also included taxes paid on one of my cars, bc i purchased a vehicle. Had a transmission go out, business expense. Etc
> 
> Yeah so i made 8k and lost 28k so my rideshare business lost 20k.


I think you are confusing business expenses with tax deductions. Only the vehicle you use for rideshare can be considered in your schedule C, and only to the extent the taxes paid are apportioned between rideshare use percentage and personal use - not all 5 vehicles. The tax on the other four cars may be deducted from your income tax, but they are not rideshare expenses. The transmission going out would be an expense that is factored in to the $12,000 you wrote off from mileage allowance.


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## islanddriver (Apr 6, 2018)

I smell audit


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## Stevie The magic Unicorn (Apr 3, 2018)

FLKeys said:


> I just can't imagine how someone would lose $20,000 in one year doing rideshare. Please enlighten me with a few more details.


With orlando rates and no surges I can lose generate $7.00-10.00 in revenue with $12.00-15.00 per hour in costs..

That's -$5.00 per hour X 55 hours per week X 50 weeks per year.

That's -13,750 per year...

Yeah his lose is EXTREMELY high, even compared to Orlando math which is bottom of the barrel.


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## islanddriver (Apr 6, 2018)

If I read him right he claimed both milage and ACC expences car tax and repairs plus milage which is wrong it's one or the other


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## Older Chauffeur (Oct 16, 2014)

I’m wondering if he even filled out a Schedule C. Also, the taxes/fees for the other cars are included in his $12k standard deduction. He should maybe check with a tax professional, which I am not.


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