# Quarterly Tax



## ADX (Nov 22, 2015)

Who here is filing quarterly taxes?
I told my parent's accountant who does my taxes that I'm doing Uber and he didn't mention anything about quarterly taxes. My friend who's studying to become a CPA brought it to my attention that I might/should be filing quarterly or I might get fined?


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## UberTaxPro (Oct 3, 2014)

ADX said:


> Who here is filing quarterly taxes?
> I told my parent's accountant who does my taxes that I'm doing Uber and he didn't mention anything about quarterly taxes. My friend who's studying to become a CPA brought it to my attention that I might/should be filing quarterly or I might get fined?


Before you can determine if you are subject to self-employment tax and income tax, you must figure your net profit or net loss from your business. Is your rideshare business showing a profit?


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## UberPissed (Aug 13, 2014)

I work another job. I have my employer take out another $20 per paycheck, that way I don't have to mess around with ES payments.


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## StarzykCPA (Aug 6, 2015)

UberPissed said:


> I work another job. I have my employer take out another $20 per paycheck, that way I don't have to mess around with ES payments.


Yep this is the easiest way to do it.

First look to see how much profit you anticipate for the year (which will help you figure out your tax liability), then determine if you need to pay in any estimated taxes.


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## DRiver II (May 24, 2015)

profit, as in income - expenses???

so, if your deductions are higher than your net revenue, by definition you're not making any profit?

so, given uber's recent dramatic rate cut; is it prima facie a net loss business for some cities? such as Detroit at $.30 a mile being lower than the gov's deduction rate of $.54 a mile. even with many cities at around $.65 a mile so far this year, given uber's 20-30% commission, are running at a net loss enterprise when compared to the standard mileage rate deduction.

basically, are deductions the same as expenses in this context?


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## StarzykCPA (Aug 6, 2015)

DRiver II said:


> profit, as in income - expenses???
> 
> so, if your deductions are higher than your net revenue, by definition you're not making any profit?
> 
> ...


I believe the answer is yes to all of your questions...


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## DNicole (Nov 28, 2015)

VA its still $1 per mile and we're still able to claim a loss once you add in dead miles 

Unless this is your only job and you're making a significant salary there isn't a need for estimated tax payments unless you think you're going to owe next year after what you get back from another job


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## ADX (Nov 22, 2015)

Well, I made 41k in total payments from lyft, uber, and sidecar combined last year. And I didn't track my miles so my deductions will not be able to get me off paying taxes. Hope they don't fine me...


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## DRiver II (May 24, 2015)

ADX said:


> Well, I made 41k in total payments from lyft, uber, and sidecar combined last year. And I didn't track my miles so my deductions will not be able to get me off paying taxes. Hope they don't fine me...


perhaps you can take the logged in miles from your rideshare apps and multiply by 2.

that would be a conservative estimate IMO (at least based off my experience) and should get you a decent deduction.


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## ClevelandUberRider (Nov 28, 2015)

ADX said:


> Who here is filing quarterly taxes?
> I told my parent's accountant who does my taxes that I'm doing Uber and he didn't mention anything about quarterly taxes. My friend who's studying to become a CPA brought it to my attention that I might/should be filing quarterly or I might get fined?


OhMy! ChangeTaxPreparer!


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## ClevelandUberRider (Nov 28, 2015)

UberPissed said:


> I work another job. I have my employer take out another $20 per paycheck, that way I don't have to mess around with ES payments.


SmartMove. UberDrivers should all do this if they don't already pay their quarterly EstimatedTaxes, because it saves a lot of time and RecordKeeping. It takes me a few hours a year to do the quarterly EstimatedTaxes and RecordKeeping.

Just ExpressedOff the 2015 fourth quarter's EstimatedTaxes at the PostOffice yesterday.

Was hoping that TNCDriving could bring in some income. With ScarySaturday's RateCuts, I think I should wait till CompetitionDust settles down first.

I think for most cities, UberX fare will settle down (up) to about 90 cents per mile for UberX, about 95 cents per mile for Lyft.

Now is probably a bad time to jump in as a new-bee driver as it just add in another driver to depress the market further. Join when times are good, leave (or stay out) when times are bad.


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