# Will I get money back?



## pedroia1515 (Jun 25, 2017)

Question. To date I've made 35,545 for the 2017 year. With over 45,000 miles on my car and with other expenses. At least 5000 in fuel, can I expect a big refund back?


----------



## UberTaxPro (Oct 3, 2014)

pedroia1515 said:


> Question. To date I've made 35,545 for the 2017 year. With over 45,000 miles on my car and with other expenses. At least 5000 in fuel, can I expect a big refund back?


refund of what? Have you paid taxes yet? Need a lot more info.....


----------



## pedroia1515 (Jun 25, 2017)

UberTaxPro said:


> refund of what? Have you paid taxes yet? Need a lot more info.....


Haven't paid quarterly taxes yet.


----------



## UberTaxPro (Oct 3, 2014)

pedroia1515 said:


> Haven't paid quarterly taxes yet.


Unless you are eligible for a refundable tax credit like the Earned Income Credit, you won't be refunded anything because there is nothing to refund. (you haven't paid anything in yet)


----------



## Mars Troll Number 4 (Oct 30, 2015)

pedroia1515 said:


> Question. To date I've made 35,545 for the 2017 year. With over 45,000 miles on my car and with other expenses. At least 5000 in fuel, can I expect a big refund back?


Nope..

you will owe taxes on about $10,000 worth of income

All those miles did was reduce your income from $35,000 to $10,000.


----------



## wk1102 (Dec 25, 2015)

You need too find a way to lose $10k, that's ~ 20k miles


----------



## Older Chauffeur (Oct 16, 2014)

pedroia1515 said:


> Question. To date I've made 35,545 for the 2017 year. With over 45,000 miles on my car and with other expenses. At least 5000 in fuel, can I expect a big refund back?


If the 45k miles on your car are all for business use, and supported by a mileage log, you will be better off taking the Standard Mileage Rate than claiming actual expenses related to operating your car, including the $5000 for fuel. The SMR of $0.535 would give you a deduction of approximately $24k. Hard to match that with the allowable actual vehicle operating expenses.

Don't forget the FICA tax on your self employment income (15.3%) if driving is your sole source of income.

UberTaxPro has it right, more information needed. He is one of the go-to tax guys on the forum.


----------



## SEAL Team 5 (Dec 19, 2015)

pedroia1515 said:


> Question. To date I've made 35,545 for the 2017 year. With over 45,000 miles on my car and with other expenses. At least 5000 in fuel, can I expect a big refund back?


You have to pay QETs to receive a refund when you're self employed. However if you did pay quarterly estimated taxes and are due a refund a good tax preparer will just tell you to credit your refund to your next payment.

Just from your $35.5k revenue and your 45k miles you will owe around $1683 in SE tax and then income tax on top of that. (I don't know your itemized deductions, ie dependents, interest on mortgage loan, head of household, other income etc) so I can't even guess your tax bracket.


----------

