# New 20% tax break for small business?



## getawaycar (Jul 10, 2017)

Does this apply to gig workers? That's a pretty big cut or deduction.


A 20 percent deduction is available to entrepreneurs, subject to certain limits.
You may get the break if your *taxable income is below $157,500 if single, or $315,000 if married.*
Becoming an LLC may come with additional requirements.
The  Tax Cuts and Jobs Act offers a 20 percent deduction for qualified business income from so-called pass-through entities, which include S corporations and limited liability companies.

https://www.cnbc.com/2018/01/09/how...k.html?__source=sharebar|twitter&par=sharebar


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

Great... except Uber drivers don’t pay taxes cause they drive too many miles to have any taxable profit...


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## FormerTaxiDriver (Oct 24, 2017)

Mears Troll Number 4 said:


> Great... except Uber drivers don't pay taxes cause they drive too many miles to have any taxable profit...


Taxi drivers are off the grid, because it's a cash business.


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## getawaycar (Jul 10, 2017)

Taxi drivers makes more than Uber drivers? Wouldn't be surprised haha.


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## FormerTaxiDriver (Oct 24, 2017)

getawaycar said:


> Taxi drivers makes more than Uber drivers? Wouldn't be surprised haha.


Not in my town. I've been both.

It's better off filing taxes each year, thanks to Uber / Lyft!


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## UberTaxPro (Oct 3, 2014)

getawaycar said:


> Does this apply to gig workers? That's a pretty big cut or deduction.
> 
> 
> A 20 percent deduction is available to entrepreneurs, subject to certain limits.
> ...


Yes it applies to gig workers. Gig workers are business owners and the same rules apply. There is a requirement however, you have to have some income!


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## getawaycar (Jul 10, 2017)

UberTaxPro said:


> Yes it applies to gig workers. Gig workers are business owners and the same rules apply. There is a requirement however, you have to have some income!


Do ridesharing drivers really have it that bad? Man that blows for them.

I guess if Uber is still losing truckloads of money the drivers probably aren't making anything either.


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

getawaycar said:


> Taxi drivers makes more than Uber drivers? Wouldn't be surprised haha.


The per mile PAY rate in Orlando is 53c a mile 8c a minute on uber. A 200 mile 200 minute uber trip pays out a mere... $122

The taxi rate here is $2.40 a mile + 45c a minute under 20 MPH.

Taxi rentals start at $66 flat for 12 hours. (so for instance... $250 in revenue- $29 gas/tolls-$66 for a taxi rental is $155 in profit)

It's very easy to make more money driving a taxi (in some markets)


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