# End of year?



## FLKeys (Dec 27, 2018)

When does Uber and Lyft cut off your earning report for the year? Is it at the end of the last Sunday of the year (actually Monday 4 am) or is it at their cut off for December 31st. Which I believe is actually 4 am Jan 1st in my area.

This is my first year driving and just trying to get a jump on what will be reported on my 1099 so I can end my mileage log at the same time.


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## SEAL Team 5 (Dec 19, 2015)

FLKeys said:


> When does Uber and Lyft cut off your earning report for the year? Is it at the end of the last Sunday of the year (actually Monday 4 am) or is it at their cut off for December 31st. Which I believe is actually 4 am Jan 1st in my area.
> 
> This is my first year driving and just trying to get a jump on what will be reported on my 1099 so I can end my mileage log at the same time.


You can file either way. When the revenue was earned (accrual method) or when the revenue was paid (cash method). Most times the cash method is much easier

A: The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. The cash method is a more immediate recognition of revenue and expenses while the accrual method focuses on anticipated revenue and expenses.


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## SamuelB (Aug 29, 2018)

FLKeys said:


> just trying to get a jump on what will be reported on my 1099


You will only get a 1099 from Uber if you made over $20,000


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## FLKeys (Dec 27, 2018)

SEAL Team 5 said:


> You can file either way. When the revenue was earned (accrual method) or when the revenue was paid (cash method). Most times the cash method is much easier
> 
> A: The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. The cash method is a more immediate recognition of revenue and expenses while the accrual method focuses on anticipated revenue and expenses.


Understand this. More interested in what Uber/Lyft use as a cut off date on their 1099K report? I'm guessing end of day Dec 31st but don't know as this is my first year driving.


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## SEAL Team 5 (Dec 19, 2015)

FLKeys said:


> Understand this. More interested in what Uber/Lyft use as a cut off date on their 1099K report? I'm guessing end of day Dec 31st but don't know as this is my first year driving.


Your taxes only deal with when you received the revenue. Your Uber 1099 will show what you were paid, not earned, in 2018

ie, if Uber's cut off date is Dec 31, 2018 yet you don't receive those monies (payment) until Jan 2, 2019 then you do not count that revenue as 2018 income even though you earned (made) that money in 2018. Your revenue counts in the tax year that you physically get paid.


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## FLKeys (Dec 27, 2018)

SEAL Team 5 said:


> Your taxes only deal with when you received the revenue. Your Uber 1099 will show what you were paid, not earned, in 2018
> 
> ie, if Uber's cut off date is Dec 31, 2018 yet you don't receive those monies (payment) until Jan 2, 2019 then you do not count that revenue as 2018 income even though you earned (made) that money in 2018. Your revenue counts in the tax year that you physically get paid.


Being an independent contractor would that not mean work you did at the end of the year is still taxable income for that year regardless of when you received payment. Technically you received payment (from customer) as soon as the ride ended making it income for that day. Just because the processor (Uber/Lyft) did not get you your money for another week does not mean it was income for that week.

What I really was hoping to find out is what will be on my end of year report from Uber/Lyft. As far as I am concerned that is what I will use for my tax year reporting. Was hoping someone would know from previous years of driving. I guess I'll find out when I get my report.


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## SEAL Team 5 (Dec 19, 2015)

FLKeys said:


> What I really was hoping to find out is what will be on my end of year report from Uber/Lyft.


They will report on your 1099 the total amount that they collected from the pax. You deduct the difference to what was deposited in your bank ending 12/31/18 and the amount shown on the 1099 as commission and processing fees.



FLKeys said:


> Being an independent contractor would that not mean work you did at the end of the year is still taxable income for that year regardless of when you received payment. Technically you received payment (from customer) as soon as the ride ended making it income for that day.


That is the accural method that I mentioned in my first post. If you do the cash method then those funds that were collected by Uber in '18 but not paid to you till '19 are in process and you do not have to count that. You're making this out to be much harder than what it should be.

Just take your monthly bank statements for '18 and add the Uber deposits from that. Any difference from that number to what Uber reported on your 1099 is paid out fees and commissions by you.


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## FLKeys (Dec 27, 2018)

SEAL Team 5 said:


> They will report on your 1099 the total amount that they collected from the pax. You deduct the difference to what was deposited in your bank ending 12/31/18 and the amount shown on the 1099 as commission and processing fees.
> 
> That is the accural method that I mentioned in my first post. If you do the cash method then those funds that were collected by Uber in '18 but not paid to you till '19 are in process and you do not have to count that. You're making this out to be much harder than what it should be.
> 
> Just take your monthly bank statements for '18 and add the Uber deposits from that. Any difference from that number to what Uber reported on your 1099 is paid out fees and commissions by you.


I understand the 2 methods. What I really wanted to know is what date does Uber/Lyft use for year end reports. I was hoping someone would know from their reports in past years. I guess I will find out when I get my year end report.


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## FLKeys (Dec 27, 2018)

Just in case anyone was wondering... 

To answer my original question I see my Uber year end statement and Lyft year end statement both ended at the end of the business day Sunday December 30th, 2018.


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