# How much of my Lyft money should I set aside for taxes?



## Aleksandr (Oct 12, 2014)

I'm a Lyft driver, currently applying for Uber as well. I know that taxes aren't automatically deducted and I'll have to report them and pay them myself later. The question is, how much I should expect to have to pay? What percentage of my earnings should I set aside as tax money? I live in Tennessee. Also I've never filed taxes before, this'll be my first year doing it myself. Thanks in advance!


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## Steve_Chatt (Nov 15, 2014)

@Tristan Zier may have some answers on this.

It is a very broad subject.It will depend on how much you make, how you file, along with several other factors. Also, remember to record things you can deduct, such as miles!

Uber Steve


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## Aleksandr (Oct 12, 2014)

Steve_Chatt said:


> @Tristan Zier may have some answers on this.
> 
> It is a very broad subject.It will depend on how much you make, how you file, along with several other factors. Also, remember to record things you can deduct, such as miles!
> 
> Uber Steve


Speaking of deductions. I do keep track of my miles (total when working as well as actual Lyft paid miles) for personal use anyway so that's good. My mentor said I could also deduct candy and cleaning supplies. I love starbursts but I wouldn't buy two packs per month for myself, nor did I ever clean my car before Lyft came into my life.


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## Flint J (Nov 21, 2014)

I put away 15% of my paychecks for taxes


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## Aleksandr (Oct 12, 2014)

Flint J said:


> I put away 15% of my paychecks for taxes


Is that 15% of everything, tips included?


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## chi1cabby (May 28, 2014)

Aleksandr said:


> Is that 15% of everything, tips included?


Your tips are in included inyour payout. There is no distinct line item for tips. 
If you set aside 20% of your Schd C income, you'll be more than covering for federal taxes. Perhaps you'd even have some $$ left over to start a SEP IRA.


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