# Question about retaining records for IRS



## Bill Collector (Dec 17, 2015)

I apologize if this question has been asked before. This is the first year I will be filing tax with 1099 income. Like most of you, I want to get this tax thing over with as soon as I get 1099. In the meantime I would like to prepare Excel sheet with all the pertinent data required for the IRS if they audit me! 

Here are some of the data I have already been tracking:
Start Odometer
End Odometer
Personal Miles
Uber Miles
Fares
Surge
Uber Fee
My Payout
Actual Hours while Ubering
Mileage using $0.25/mile
Net Profit/Loss
$/HR

Of course I have the weekly report Uber sends me as well.

Once again, I would like to create a data sheet for 2015 with just the information I can print out and save in case IRS comes after me. Your help would be greatly appreciated. Thanks in advance.


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## UberTaxPro (Oct 3, 2014)

Bill Collector said:


> I apologize if this question has been asked before. This is the first year I will be filing tax with 1099 income. Like most of you, I want to get this tax thing over with as soon as I get 1099. In the meantime I would like to prepare Excel sheet with all the pertinent data required for the IRS if they audit me!
> 
> Here are some of the data I have already been tracking:
> Start Odometer
> ...


You're required to keep the proper information, the method you use is up to you. Be sure you have a mileage log that was kept daily. I would keep the mileage log separate and maybe summarize it on your spreadsheet. You might want to download information that uber has sent you about your account because they could deny you access sometime in the future when you might need it to back up your own records. Be sure to include other expenses(don't see any in your list) like phone, water bottles, chargers etc. In addition to the standard mileage deduction(I'm assuming you're using it) you can deduct business tolls and parking and business % of car loan interest.


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## Bill Collector (Dec 17, 2015)

Good points about listing expenses for phone, charger and mints. Also, when I use mileage deduction, do I go with $0.575? II have figured my mileage is about $0.25 for my vehicle. More deduction I am happy with but that will drastically drop down my profit. Car is paid for so no monthly payments. 

Finally, what do you mean by downloading information Uber has sent me? Do you mean emails about weekly earnings? Or do you mean partner dashboard at partners.uber.com ? I have all the emails saved.

Thanks again.


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## UberTaxPro (Oct 3, 2014)

Bill Collector said:


> Good points about listing expenses for phone, charger and mints. Also, when I use mileage deduction, do I go with $0.575? II have figured my mileage is about $0.25 for my vehicle. More deduction I am happy with but that will drastically drop down my profit. Car is paid for so no monthly payments.
> 
> Finally, what do you mean by downloading information Uber has sent me? Do you mean emails about weekly earnings? Or do you mean partner dashboard at partners.uber.com ? I have all the emails saved.
> 
> Thanks again.


Anything that is only stored on their website. For example the maps and records of the trips you do I believe are on their server. Information from your Uber account that you have to log into. If you quit or get deactivated you might lose access.


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## UberTaxPro (Oct 3, 2014)

Bill Collector said:


> Good points about listing expenses for phone, charger and mints. Also, when I use mileage deduction, do I go with $0.575? II have figured my mileage is about $0.25 for my vehicle. More deduction I am happy with but that will drastically drop down my profit. Car is paid for so no monthly payments.
> 
> Finally, what do you mean by downloading information Uber has sent me? Do you mean emails about weekly earnings? Or do you mean partner dashboard at partners.uber.com ? I have all the emails saved.
> 
> Thanks again.


.575 for 2015
.54 for 2016


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## Bill Collector (Dec 17, 2015)

Man that is gonna take forever to save such data. Or do I just do save page and print. Thanks. 


UberTaxPro said:


> Anything that is only stored on their website. For example the maps and records of the trips you do I believe are on their server. Information from your Uber account that you have to log into. If you quit or get deactivated you might lose access.


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## UberTaxPro (Oct 3, 2014)

Bill Collector said:


> Man that is gonna take forever to save such data. Or do I just do save page and print. Thanks.


It's not required or anything like that. You'll probably never need it! It's going the extra mile! It possibly could come in handy as supporting evidence for your mileage log if ever called into question. Personally I take pictures of the summary page like below with my phone app that I use to track mileage.


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## Bill Collector (Dec 17, 2015)

UberTaxPro said:


> .575 for 2015
> .54 for 2016


Did quick calculation and here is the result after driving 5000 miles:
At $0.575 mileage, loss of $875
At $0.25 mileage, profit of $700

I am thinking of at least showing some profit so irs will keep me in its "nice" list.


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## UberTaxPro (Oct 3, 2014)

Bill Collector said:


> Did quick calculation and here is the result after driving 5000 miles:
> At $0.575 mileage, loss of $875
> At $0.25 mileage, profit of $700
> 
> I am thinking of at least showing some profit so irs will keep me in its "nice" list.


Take what you're entitled to as long as you have records! If you have a loss it can offset other income you might have from another job. It's kinda hard to show a profit with the way Uber has been lowering rates all around the country!


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## DRiver II (May 24, 2015)

Bill Collector said:


> Did quick calculation and here is the result after driving 5000 miles:
> At $0.575 mileage, loss of $875
> At $0.25 mileage, profit of $700
> 
> I am thinking of at least showing some profit so irs will keep me in its "nice" list.


so i'm not the only one...

it would seem that many, if not most, part-timers are technically not making any profit going off of the deduction standards.

so basically we are taking equity out of our cars. it doesn't really feel that way to me at 2015 rates. now today's rates if definitely does feel that way!


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## ClevelandUberRider (Nov 28, 2015)

UberTaxPro said:


> You're required to keep the proper information, the method you use is up to you. Be sure you have a mileage log that was kept daily. I would keep the mileage log separate and maybe summarize it on your spreadsheet. You might want to download information that uber has sent you about your account because they could deny you access sometime in the future when you might need it to back up your own records. Be sure to include other expenses(don't see any in your list) like phone, water bottles, chargers etc. In addition to the standard mileage deduction(I'm assuming you're using it) you can deduct business tolls and parking and business % of car loan interest.


Can drivers take deductions on interest portion of car loans if he is already using the standard mileage deduction?


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## UberTaxPro (Oct 3, 2014)

ClevelandUberRider said:


> Can drivers take deductions on interest portion of car loans if he is already using the standard mileage deduction?


yes, on the *business percentage use of the interest* on the car loan.


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## ClevelandUberRider (Nov 28, 2015)

UberTaxPro said:


> yes, on the *business percentage use of the interest* on the car loan.


I pay cash for cars. I always take standard mileage deductions for business. In other words, it looks like I am losing out by paying cash for cars?

For my primary residence, I purposely financed 80% of it through mortgage to make use of the mortgage interest deduction. But for cars, because it is much smaller in amount, I figure whatever tax benefits or non-tax benefits (for example, zero or very low car loan interest rates) I can get is easily offset by the extra time and efforts required every month in making and keeping track of the regular car loan payments.

Any thoughts for me to do better?


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## UberTaxPro (Oct 3, 2014)

ClevelandUberRider said:


> I pay cash for cars. I always take standard mileage deductions for business. In other words, it looks like I am losing out by paying cash for cars?
> 
> For my primary residence, I purposely financed 80% of it through mortgage to make use of the mortgage interest deduction. But for cars, because it is much smaller in amount, I figure whatever tax benefits or non-tax benefits (for example, zero or very low car loan interest rates) I can get is easily offset by the extra time and efforts required every month in making and keeping track of the regular car loan payments.
> 
> Any thoughts for me to do better?


Losing out? I don't think so. Along with that small interest deduction your're losing out on comes a car payment, credit risk, higher net cost for the car and higher insurance costs(finance companies require you keep collision insurance on car). I'm with you on only paying cash for cars. I've also paid off my mortgage and the peace of mind and lack of monthly payments more than makes up whatever I'm losing in deductions.


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## ClevelandUberRider (Nov 28, 2015)

UberTaxPro said:


> Losing out? I don't think so. Along with that small interest deduction your're losing out on comes a car payment, credit risk, higher net cost for the car and higher insurance costs(finance companies require you keep collision insurance on car). I'm with you on only paying cash for cars. I've also paid off my mortgage and the peace of mind and lack of monthly payments more than makes up whatever I'm losing in deductions.


Thanks UberTaxPro. Your advice confirms paying cash for cars is advisable. I just had to ask.

On a side note, no matter how confident and how comfortable I am with my beliefs or practice I (in fact, the more confident and more comfortable I am with them I should, to avoid being blinded by my own personal biases or habit, insist even more to) spend a lot of my time listening to people with beliefs and practices different from mine, just in case I am missing something.

There are at least three Presidents that I admire for their one characteristic alone. They tried to ask those in their staff meetings who hadn't spoken or who were known to disagree with them to hear and see if they had missed something. I think their practice of seeking out views that were different from theirs to help avoid missing something that made sense was and is a good practice in even a common man's life.


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## notfussy (Oct 14, 2015)

Can you email me a spreadsheet to start using please I'm like everyone else Trying to get this over with and not pay through the roof


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## ClevelandUberRider (Nov 28, 2015)

notfussy said:


> Can you email me a spreadsheet to start using please I'm like everyone else Trying to get this over with and not pay through the roof


I assume you are asking Uber TaxPro. I am not experienced in taxes except filing my own tax returns.


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