# No profit made!!!



## kcchiefsfan1982 (Aug 19, 2019)

I love uber!!!! i don't show a profit this year!! based on the .58/mile write off alone!!


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## tohunt4me (Nov 23, 2015)

kcchiefsfan1982 said:


> I love uber!!!! i don't show a profit this year!! based on the .58/mile write off alone!!
> View attachment 412926


You can only Lose money 3 years in a Row.

Then the I.R.S. calls it a Hobby

FIND A REAL JOB !

" NO NEED TO TIP " !

" LOWER RATES MEAN MORE MONEY " !


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## SHalester (Aug 25, 2019)

Entire point to generate a positive cash flow and net tax loss.


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## kcchiefsfan1982 (Aug 19, 2019)

SHalester said:


> Entire point to generate a positive cash flow and net tax loss.


yeah, I just started driving in August 2019, so it is all new to me.

I sure regret driving delivery for 3 years...Uber would have been much better...but I didn't know back then. Oh well.


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## CaptainToo (Dec 5, 2017)

Comparing your summary to mine is really surprising and a little shocking

.............Yours ... Mine
Miles/ride.. 15.7 5.6
Gross/ride $14.16 $17.00
Net/gross. . 63% 71%

I drive in Boston, reputably one of the best Uber markets. Your average miles per trip is almost three times, more, but the gross per trip is less? Are you driving in a market where long pickup distances are common?

Why would the expense ratio be higher, could you also put up a picture of the actual expenses?


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## IthurstwhenIP (Jan 12, 2018)

You didn’t drive enough to make it up with volume


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## Stevie The magic Unicorn (Apr 3, 2018)

CaptainToo said:


> Comparing your summary to mine is really surprising and a little shocking
> 
> .............Yours ... Mine
> Miles/ride.. 15.7 5.6
> ...


Boston pay per mile rates are over double many market last i checked.


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## 25rides7daysaweek (Nov 20, 2017)

tohunt4me said:


> You can only Lose money 3 years in a Row.
> 
> Then the I.R.S. calls it a Hobby
> 
> ...


Lol then uber itself is a hobby too !!!


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## tohunt4me (Nov 23, 2015)

25rides7daysaweek said:


> Lol then uber itself is a hobby too !!!


True !

What Applies to Small Business Owners SHOULD apply to Corporations Also !

Get onnit Grubberment !


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## Jon Stoppable (Dec 11, 2019)

tohunt4me said:


> You can only Lose money 3 years in a Row.
> 
> Then the I.R.S. calls it a Hobby


Actually that's three years out of five, and it's a rebuttable presumption. The fact that the activity is cash flow positive would be enough to rebut the hobby determination, since there is no economic loss. The mileage allowance is a tax creation only; the IRS could remedy that situation, if they so chose, by removing the mileage allowance, say, for autos that are more than 50% business use. But I doubt they care all that much; they are short on resources and have bigger fishes to fry.


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## kingcorey321 (May 20, 2018)

great . hope your all paying into social security .


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## Jon Stoppable (Dec 11, 2019)

kingcorey321 said:


> great . hope your all paying into social security .


I've already done my forty credits :coolio:


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## Older Chauffeur (Oct 16, 2014)

kingcorey321 said:


> great . hope your all paying into social security .


No profit (or less than $400 in profits) means no SECA.:whistling::frown:


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## kcchiefsfan1982 (Aug 19, 2019)

Older Chauffeur said:


> No profit (or less than $400 in profits) means no SECA.:whistling::frown:


what does this mean?


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## Older Chauffeur (Oct 16, 2014)

kcchiefsfan1982 said:


> what does this mean?


SECA stands for the Self Employment Contributions Act. As an U/L driver, it's how you pay into Social Security and Medicare, similar to FICA (Federal Insurance Contributions Act) you and your employer pay on a regular job. However, on a regular job you and your employer split the 15.3%, while as an Independent Contractor you pay it all, on your net profit, with a threshold of $400. If your net is less than that, no SECA due. Simple example: you net $1000 after all expenses, you will fill out Form SE and show SECA due of $153, which flows to your Form 1040.


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## kcchiefsfan1982 (Aug 19, 2019)

Older Chauffeur said:


> SECA stands for the Self Employment Contributions Act. As an U/L driver, it's how you pay into Social Security and Medicare, similar to FICA (Federal Insurance Contributions Act) you and your employer pay on a regular job. However, on a regular job you and your employer split the 15.3%, while as an Independent Contractor you pay it all, on your net profit, with a threshold of $400. If your net is less than that, no SECA due.


ok, so you are saying this is a good thing. Nice!


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## Extraholes (Mar 11, 2017)

It is such a wast of time to file taxes for part timers or it shows how little uber/lyft fees are.


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## Stevie The magic Unicorn (Apr 3, 2018)

You may regret not paying more in taxes come retirement.

no taxable income = no social security.


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## percy_ardmore (Jun 4, 2019)

Stevie The magic Unicorn said:


> You may regret not paying more in taxes come retirement.
> 
> no taxable income = no social security.


No earned income = no possibility of Earned Income Credit either . . .


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## Trafficat (Dec 19, 2016)

Stevie The magic Unicorn said:


> You may regret not paying more in taxes come retirement.
> 
> no taxable income = no social security.


If every dollar you spent on taxes was invested, you'd have a much better pool of money than what social security is going to pay out.


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## UberAdrian (May 26, 2018)

You guys are doing it wrong. Uber only works if you do it a little or a lot. A medium amount is where they bend you over big league. Your market may vary but in mine if I work the maximum amount I physically can (which is at least 100h/week) and run multiple apps, I gross around 25k. No matter how you break that down, there’s a serious chunk of profit in there. That’s the advantage of Uber, unlimited hours. Nobody talks about it cuz too lazy...don’t want to work so much. Or maybe too stupid, this job really isn’t very easy to conduct at a highly profitable expert level. You need to keep your brain on task around the clock, manage 12 things at once, constantly do mental math, have a huge database of road and traffic patterns in your head, and so much more. I’m always learning new things and upping my game. Yesterday a pax and I learned together that I can and will leave you standing in the cold in a blizzard AND charge you $5 if you are too stupid to enter a correct pickup address and also too stupid to not make hilarious demands of me without saying please. I have the car and all the power. I decide who goes where, when and how fast. You are nothing. If you just drive mindlessly you’ll get crushed by Uber’s criminal wizardry.


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## percy_ardmore (Jun 4, 2019)

Except you'll pay taxes when you withdraw from that. Most states don't tax SS.


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