# Quarterly Taxes



## Dcraw86 (Jun 25, 2017)

If I started Driving for Uber in August 2017 and I want to pay taxes quarterly, and the next tax deadline is Jan 15th, but I don't get my Uber tax info until Feb...what do I do??? Please explain this. Thanks.


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

Pay what you think your going to owe in taxes, relative to the amount your spending in expenses...

You should know how much uber has paid you,

You should you know what your expenses are.

Then you pay the IRS like 10-% of what you earned in profit.

Oh and if you don't have a mileage log (something uber never told you about) your going to be in deep trouble because the apps ( uber and lyft) don't properly reflect ALL the miles you drive in a day. On uber in 2016 uber showed less than half of the miles I drove while ubering.

Unfortunately uber does not provide the resources necessary to do your taxes, file your quarterly taxes or even start recording the information you will NEED come tax time.

If you don't have a mileage log.... you have a choice in over paying taxes due to lack of documentation, or making up crap by pulling numbers out of your A.

So... assuming you have documentation for your mileage driven in the pursuit of uber income...

For... $8,500 in income, depending on what market you are in, and what class of vehicle your driving, and how many miles you actually drove to make how much money...

(All 3 of these, could easily reflect real situations, they may not be lies at all)

$8,500 in earnings paid to you
17,000 miles X .535= $9095
Profit= LOSS OF 595
(This actually results in a DEDUCTION to any other income sourse for you or a Jointly filing spouse... of

Tax quarterly tax owed =$0

$8,500 paid to you
7,900 miles driven X .535 = $4,226

Profit of =$4,273

Taxes owed $641
(Minus any deductions you think you will have)

$8,500
No deductions due to lack of documentation
$1275
(minus any other deductions you have.

Yes that's a swing of owing over $1275 to getting a deduction, the same exact amount of earnings paid to you..

So really.. it's not about how much money you make,

Whether or not you will even HAVE a tax bill depends on how good your mileage log is (or if you have one at all) what your market rate is for per-minute/per mile. AND what % of your trips are surge fares... Also your willingness to lie on your IRS documents... that can easily wipe out your entire tax bill as well..

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You might owe taxes, you might not... you'd have to have a mileage log, a total amount paid to you.

Or you could fabricate a log that reflects no profit, which would also not obligate you to pay anything in taxes....

Or if you so choose, you don't have to pay taxes at all if you have big enough brass ones and make up a convincing log showing you lost money... (even if you do)


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## Dcraw86 (Jun 25, 2017)

I have a mileage log. Since I started, i write down the date, time and beginning and ending of my odometer for each driving session. Will that suffice?


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## Older Chauffeur (Oct 16, 2014)

Dcraw86 said:


> I have a mileage log. Since I started, i write down the date, time and beginning and ending of my odometer for each driving session. Will that suffice?


What you have described sounds like a "contemporaneous mileage log" as required by the IRS. That's just what I have been doing, on the advice of my CPA, for the past 15 years. You might want to add rideshare as the business purpose. I include the name of the client, but that would be harder for you to do. (I don't do rideshare, but rather drive for hire privately.)


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## UberTaxPro (Oct 3, 2014)

Dcraw86 said:


> If I started Driving for Uber in August 2017 and I want to pay taxes quarterly, and the next tax deadline is Jan 15th, but I don't get my Uber tax info until Feb...what do I do??? Please explain this. Thanks.


The only thing Uber is responsible for is sending you a 1099 at the end of the year. In the eyes of the IRS you're operating your own business. As a "sole proprietor" you're required by law to keep track of your own income and expenses. You're bookkeeping could be as simple as a business checking account or a software solution like Quickbooks. I would suggest utilizing both.


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

Dcraw86 said:


> I have a mileage log. Since I started, i write down the date, time and beginning and ending of my odometer for each driving session. Will that suffice?


Bravo....

I do the following every other month, based on what i earned in the last 2 months

{i actually write off my taxi rental, gasoline and tolls instead}

Take your total mileage driven and multiply that by .535
(this is the expenses of driving a car for 2000 miles)

Example
2000 miles X .535 = 1070

Then take your total payments received from uber.
(Every dime deposited into your account, including Gas card payments as well)
I'm using $2000

$2000
-1070

$930

Now deduct ANY EXPENSES _*NOT RELATED TO YOUR CAR*_
{I do this step}
Umbrellas (i break 3 or 4 a year)
water
Candy
Phone cords for the car
A portion of your cell bill (i use 50% of a 1 line unlimited plan) for the months you were active.
50% of any premium music service you have (i do Pandora premium)
If your cell phone is on a family plan.. you can still deduct a portion.
With 4 lines, i would deduct 1/8th of an unlimited plan. (1/2 of 1/4th)
(let's call all the above $230)

$700

This is your taxable profit for that time period...

TIMES 10 or 15%, depending on how much deductions you think you'll have.

700 X .10= $70
700 X .15= $105

So for this time period you go to the IRS website and make a payment of $70- $105 with the above hypothetical situation.
(10% of your profit could easily be less than 2-5% of the total payments you receive)


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## Gung-Ho (Jun 2, 2015)

Dcraw86 said:


> If I started Driving for Uber in August 2017 and I want to pay taxes quarterly, and the next tax deadline is Jan 15th, but I don't get my Uber tax info until Feb...what do I do??? Please explain this. Thanks.


It's called "quarterly estimated tax"

So....estimate.


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