# Tax questions



## berniecoy (Jun 22, 2018)

hello,

I’m new to all this and went out for the first time yesterday. 

I drove for around 5 hours total. I made $50 and racked up around 120 miles. 

I now understand it’s best to not drive around and waste gas/mileage but wasn’t real sure on what to do last night. 

Anyway, since I made $50, and had tax deductible miles of around $60, would I then owe $0 in taxes on my $50 earned and get a $10 refund at tax time?

Also, as far as keeping mileage logs, can I just keep them in an excel spreadsheet? Or doesn’t there need to be something more official?


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## NUBER-LE (Jul 21, 2017)

That is true!!!! You made 50, but your expenses out weigh the amount earned. Worked like this for you tonight but wont always be like that.


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## berniecoy (Jun 22, 2018)

NUBER-LE said:


> That is true!!!! You made 50, but your expenses out weigh the amount earned. Worked like this for you tonight but wont always be like that.


Thank you!

What about mileage logs? Excel okay?


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## Uber's Guber (Oct 22, 2017)

berniecoy said:


> Anyway, since I made $50, and had tax deductible miles of around $60, would I then owe $0 in taxes on my $50 earned and get a $10 refund at tax time?


You don't get a $10 refund, but you can apply that loss against your other incomes that are posted when you file your taxes.


berniecoy said:


> Also, as far as keeping mileage logs, can I just keep them in an excel spreadsheet? Or doesn't there need to be something more official?


Excel spread sheets are fine. There are phone apps you can use as well.

PS: I am not a tax advisor.


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## Older Chauffeur (Oct 16, 2014)

Be sure to include beginning and ending odometer readings (not just total trip miles) for each shift driven, along with the date and business purpose (rideshare.)

Disclosure: I'm not a tax professional.


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

berniecoy said:


> hello,
> 
> I'm new to all this and went out for the first time yesterday.
> 
> ...


Yes, however that $10 won't be a refund unless you paid income taxes throughout the year.


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## Fauxknight (Aug 12, 2014)

I believe the $10 can be applied to the curremt year, if other taxes, or one year forwards or backwards if needs be.


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## steveK2016 (Jul 31, 2016)

Fauxknight said:


> I believe the $10 can be applied to the curremt year, if other taxes, or one year forwards or backwards if needs be.


If I recall correctly. Net operating losses can actually carry over for several years. Its rare to have enough NOL to do so but I can happen, especially with large startups.


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## UberTaxPro (Oct 3, 2014)

steveK2016 said:


> If I recall correctly. Net operating losses can actually carry over for several years. Its rare to have enough NOL to do so but I can happen, especially with large startups.


NOL's carry back two years and forward 20 years.


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