# Filing taxes twice a year



## UberFrolic (Sep 18, 2014)

Does anyone here that drives for uber/lyft file their 1099 twice a year? And would u request your 1099 early if that's the case. 

My sister and her husband have a business and they do their taxes twice a year, they say it's easier. I would assume so because it's not compounded paperwork, and u can pay taxes twice instead of one lump sum.


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## LAuberX (Jun 3, 2014)

you don't "do" your taxes more than once a year.

If you run a business that makes a profit and pays taxes, you pay quarterly deposits towards next years taxes....


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## UberFrolic (Sep 18, 2014)

LAuberX said:


> you don't "do" your taxes more than once a year.
> 
> If you run a business that makes a profit and pays taxes, you pay quarterly deposits towards next years taxes....


That makes sense then! I was confused. 
Thanks.


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## chi1cabby (May 28, 2014)

UberFrolic said:


> they do their taxes twice a year


You can send in your estimated quarterly tax payments starting in March 2015.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes


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## UberTaxPro (Oct 3, 2014)

Self employed drivers should estimate their taxes quarterly. The payment dates are April 15, June15, September 15 and January 15 of the next year. Of course, if you don't have a net profit you won't owe any taxes. Be sure to keep a detailed daily mileage log of all your business driving, you can deduct 56 cents per mile for 2014 if you elect the mileage option over the actual costs method. The IRS considers our tax system to be "pay as you go". This means you must make estimated tax payments or face interest and penalties when you file your annual return. Businesses are only required to send out 1099's once a year. Jan 31 is the deadline for sending out 1099's. Businesses DO NOT have an option of sending 1099's twice a year. You will receive an 1099 from Uber/Lyft in Jan 2014. I would guess that your sister and her husband review their tax situation twice a year which is helpful but 4 times a year would be better.


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## Tristan Zier (Nov 25, 2014)

UberTaxPro said:


> You will receive an 1099 from Uber/Lyft in Jan 2014.


This is unlikely for two reasons:
1) Uber/Lyft say their drivers fall under rules for a 1099-K, which is only sent if they get paid >$20K and receive >200 payments (doesn't happen since they pay weekly). You'll be sent a 1099-MISC for any driver referral bonuses.
2) Even for the 1099-MISC's they send, they have to be postmarked by 1/31/15, so likely won't be sent out until then or close to then. So a driver would receive it in February most likely.


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## UberTaxPro (Oct 3, 2014)

Tristan Zier said:


> This is unlikely for two reasons:
> 1) Uber/Lyft say their drivers fall under rules for a 1099-K, which is only sent if they get paid >$20K and receive >200 payments (doesn't happen since they pay weekly). You'll be sent a 1099-MISC for any driver referral bonuses.
> 2) Even for the 1099-MISC's they send, they have to be postmarked by 1/31/15, so likely won't be sent out until then or close to then. So a driver would receive it in February most likely.


 1. I didn't specify which type of 1099 you might receive. I was told by Uber that ALL income over $600 would be reported by 1099. I'm assuming I'll receive a 1099 misc. Very interesting about the 1099K....I'm still reading about it. Could there really be a $19,399 tax reporting hole with the new 1099K? Today is Jan 13 so if Uber is gonna send me a 1099 of some sort it will be here soon. I'll let ya know what I get or don't get!

2. Sorry but I did say Jan 31 is the deadline for sending out the form. Yes, it may not be received until early February but it should be dated and postmarked no later then Jan 31 2015.


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## Tristan Zier (Nov 25, 2014)

UberTaxPro said:


> 1. I didn't specify which type of 1099 you might receive. I was told by Uber that ALL income over $600 would be reported by 1099. I'm assuming I'll receive a 1099 misc. Very interesting about the 1099K....I'm still reading about it. Could there really be a $19,399 tax reporting hole with the new 1099K? Today is Jan 13 so if Uber is gonna send me a 1099 of some sort it will be here soon. I'll let ya know what I get or don't get!


Unless they've changed recently, you'll likely (a) receive a 1099-MISC if you make over $600 in driver referrals, and (b) won't receive a paper 1099 form for your actual driving earnings due to the rules for a 1099-K.

That doesn't mean there's a reporting tax loophole - all of your income is still reported to the government and the government knows you received that money. If you don't pay taxes on $20K of income, there is a very high chance you're going to get audited by the IRS - particularly since all of your payments were made electronically.

If you're being sent a 1099 from Uber or others, I would be very surprised if you received it earlier than the first week of February. Companies are also busy finalizing their own accounting for the year, and most companies barely make the 1/31 deadline (technically 2/2/15 this year, since 1/31/15 is a weekend).


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## Samename (Oct 31, 2014)

Tristan Zier said:


> Unless they've changed recently, you'll likely (a) receive a 1099-MISC if you make over $600 in driver referrals, and (b) won't receive a paper 1099 form for your actual driving earnings due to the rules for a 1099-K.
> 
> That doesn't mean there's a reporting tax loophole - all of your income is still reported to the government and the government knows you received that money. If you don't pay taxes on $20K of income, there is a very high chance you're going to get audited by the IRS - particularly since all of your payments were made electronically.
> 
> If you're being sent a 1099 from Uber or others, I would be very surprised if you received it earlier than the first week of February. Companies are also busy finalizing their own accounting for the year, and most companies barely make the 1/31 deadline (technically 2/2/15 this year, since 1/31/15 is a weekend).


Hey Tristan. Let's say I was paid $9k but I drove 14k miles. Will my taxable income be $9k - (14,000 * .56)? I wrote down my miles weekly but then consolidated to monthly on a spreadsheet. Is that adequate documentation? Why doesn't the stupid Uber app do us a favor and tell us how many miles we drove total with it on. They obviously have this info, aren't we entitled to it?


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## Tristan Zier (Nov 25, 2014)

Samename said:


> Hey Tristan. Let's say I was paid $9k but I drove 14k miles. Will my taxable income be $9k - (14,000 * .56)? I wrote down my miles weekly but then consolidated to monthly on a spreadsheet. Is that adequate documentation? Why doesn't the stupid Uber app do us a favor and tell us how many miles we drove total with it on. They obviously have this info, aren't we entitled to it?


$9K - 14K*$0.56 would be your business income (would go on your Schedule C, which is where you calculate your business income). Your taxable income would be further reduced by things like deductions and exemptions.

Technically the IRS requires you to individually log all times you drive for business. In the absence of proper records, you have to basically craft a compelling story for them to believe you. E.g. something like adding up all of your Uber mileage from your daily summaries (when you're definitely driving passengers) and using that as a "minimum" for your business mileage, then figuring out other support for mileage on top of that (e.g. mileage while driving around looking for passengers).

For the 14K, that's also assuming all of those are business miles. What are you including in that mileage number? Is that just the total increase to your odometer during 2014?


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## Samename (Oct 31, 2014)

Tristan Zier said:


> $9K - 14K*$0.56 would be your business income (would go on your Schedule C, which is where you calculate your business income). Your taxable income would be further reduced by things like deductions and exemptions.
> 
> Technically the IRS requires you to individually log all times you drive for business. In the absence of proper records, you have to basically craft a compelling story for them to believe you. E.g. something like adding up all of your Uber mileage from your daily summaries (when you're definitely driving passengers) and using that as a "minimum" for your business mileage, then figuring out other support for mileage on top of that (e.g. mileage while driving around looking for passengers).
> 
> For the 14K, that's also assuming all of those are business miles. What are you including in that mileage number? Is that just the total increase to your odometer during 2014?


Thanks for the reply. No, thats my Uber mileage for the year... 21k total miles.


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## UberTaxPro (Oct 3, 2014)

Samename said:


> Hey Tristan. Let's say I was paid $9k but I drove 14k miles. Will my taxable income be $9k - (14,000 * .56)? I wrote down my miles weekly but then consolidated to monthly on a spreadsheet. Is that adequate documentation? Why doesn't the stupid Uber app do us a favor and tell us how many miles we drove total with it on. They obviously have this info, aren't we entitled to it?





Tristan Zier said:


> Unless they've changed recently, you'll likely (a) receive a 1099-MISC if you make over $600 in driver referrals, and (b) won't receive a paper 1099 form for your actual driving earnings due to the rules for a 1099-K.
> 
> That doesn't mean there's a reporting tax loophole - all of your income is still reported to the government and the government knows you received that money. If you don't pay taxes on $20K of income, there is a very high chance you're going to get audited by the IRS - particularly since all of your payments were made electronically.
> 
> If you're being sent a 1099 from Uber or others, I would be very surprised if you received it earlier than the first week of February. Companies are also busy finalizing their own accounting for the year, and most companies barely make the 1/31 deadline (technically 2/2/15 this year, since 1/31/15 is a weekend).


If Uber doesn't send a 1099 because of the 


Tristan Zier said:


> Unless they've changed recently, you'll likely (a) receive a 1099-MISC if you make over $600 in driver referrals, and (b) won't receive a paper 1099 form for your actual driving earnings due to the rules for a 1099-K.
> 
> That doesn't mean there's a reporting tax loophole - all of your income is still reported to the government and the government knows you received that money. If you don't pay taxes on $20K of income, there is a very high chance you're going to get audited by the IRS - particularly since all of your payments were made electronically.
> 
> If you're being sent a 1099 from Uber or others, I would be very surprised if you received it earlier than the first week of February. Companies are also busy finalizing their own accounting for the year, and most companies barely make the 1/31 deadline (technically 2/2/15 this year, since 1/31/15 is a weekend).


If Uber doesn't send me a 1099 because of the 1099-K rules how will Uber report the income paid to me to the IRS?


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## Big Machine (Jun 19, 2014)

UberTaxPro said:


> If Uber doesn't send a 1099 because of the
> 
> If Uber doesn't send me a 1099 because of the 1099-K rules how will Uber report the income paid to me to the IRS?


Has the name "UberTaxPro" doesn't know that companies report income and payments regardless of a 1099


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## UberTaxPro (Oct 3, 2014)

Big Machine said:


> Has the name "UberTaxPro" doesn't know that companies report income and payments regardless of a 1099


OK Big_Machine tell us all how a company would report independent contractor payments to the IRS if not by a 1099?


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## UberTaxPro (Oct 3, 2014)

Tristan Zier said:


> This is unlikely for two reasons:
> 1) Uber/Lyft say their drivers fall under rules for a 1099-K, which is only sent if they get paid >$20K and receive >200 payments (doesn't happen since they pay weekly). You'll be sent a 1099-MISC for any driver referral bonuses.
> 2) Even for the 1099-MISC's they send, they have to be postmarked by 1/31/15, so likely won't be sent out until then or close to then. So a driver would receive it in February most likely.


Jut to update....I got a 1099K from Uber for 2014


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