# Thought about doing my taxes...



## FLKeys (Dec 27, 2018)

...then I got a ping and I quickly scrapped the idea of doing my taxes.

Who has put off doing their taxes? I did my W-2 job portion of my taxes back in January and have just left it there. Just not motivated to do my self-employed side. Guess it really comes down to not looking forward to sending the IRS money.


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## FLKeys (Dec 27, 2018)

Still have not looked at doing my rideshare taxes. Just no motivated enough.


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## Fusion_LUser (Jan 3, 2020)

FLKeys said:


> Still have not looked at doing my rideshare taxes. Just no motivated enough.


I haven't done our taxes yet either. We usually do them last minute and with the extension its business as usual for me!


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## FLKeys (Dec 27, 2018)

I usually get mine done right away so I know where I stand and since I almost always owe I file on the last day. Every time I think about doing them some thing more important seems to pop up like you know like taking the kids fishing or some thing.


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## FLKeys (Dec 27, 2018)

Think I may finally do my taxes this evening when I get home from work. I can't remember the last time I waited this long to at least complete them. Think I have everything I need printed, just need to get the data entered.


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## Kurt Halfyard (Dec 13, 2017)

Even though there were lots of extensions in Canada for doing my taxes, my taxes are not too hard to do (I do them myself) so I did them on time somewhere in March, haven't really thought about them since then until this thread came up.


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## Invisible (Jun 15, 2018)

My tax guy did mine months ago. You have 2 more days, so hopefully you finish them tonight.


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## Seamus (Jun 21, 2018)

FLKeys said:


> Think I may finally do my taxes this evening when I get home from work. I can't remember the last time I waited this long to at least complete them. Think I have everything I need printed, just need to get the data entered.


Same. I have been dreading this years taxes cause I know I'm going to owe a lot due to circumstances. I'm half way done but just need to sit down and finish. My hard part is done, an hour and a half and I could finish.


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## FLKeys (Dec 27, 2018)

Seamus said:


> Same. I have been dreading this years taxes cause I know I'm going to owe a lot due to circumstances. I'm half way done but just need to sit down and finish. My hard part is done, an hour and a half and I could finish.


I usually get mine done early so I know how to adjust my withholding's from my day job. I always wait to file them on the last day to keep my money as long as I can.


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## TXUbering (May 9, 2018)

FLKeys said:


> I usually get mine done early so I know how to adjust my withholding's from my day job. I always wait to file them on the last day to keep my money as long as I can.


If you do them right then you'll get money back. Only problem with waiting till the last minute is the government is holding your money for longer.


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## Seamus (Jun 21, 2018)

FLKeys said:


> I always wait to file them on the last day to keep my money as long as I can.


LOL I do the exact same thing! Partially by design and partially due to circumstances, I owe basically every year. Even if I complete them earlier I always wait until the last day to file. I haven't filed a tax return before the deadline since I can't even remember when.



TXUbering said:


> If you do them right then you'll get money back.


It's really not that simple. Many do them "right" and owe money due to personal circumstances. There are a lot more people than you think that have income streams from more than just W2 and Rideshare. Capital Gains, other 1099s, interest income, and many more ways to owe taxes. Also, there are many people who do not want a zero interest savings account in the form of a tax refund.


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## TXUbering (May 9, 2018)

Seamus said:


> LOL I do the exact same thing! Partially by design and partially due to circumstances, I owe basically every year. Even if I complete them earlier I always wait until the last day to file. I haven't filed a tax return before the deadline since I can't even remember when.
> 
> It's really not that simple. Many do them "right" and owe money due to personal circumstances. There are a lot more people than you think that have income streams from more than just W2 and Rideshare. Capital Gains, other 1099s, interest income, and many more ways to owe taxes. Also, there are many people who do not want a zero interest savings account in the form of a tax refund.


By, "right", I mean make sure that the expenses are itemized correctly, and if not, make arrangements this year for next year.


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

TXUbering said:


> If you do them right then you'll get money back. Only problem with waiting till the last minute is the government is holding your money for longer.


If all your doing is uber/lyft you will owe money period.


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## Invisible (Jun 15, 2018)

@FLKeys So did you finish them last night?


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## TXUbering (May 9, 2018)

Stevie The magic Unicorn said:


> If all your doing is uber/lyft you will owe money period.


He said he has a "day job", which is why I said what I said. Also, from your day job, why not claim as much as you can, put that extra money from extra deductions away (don't touch it) and just set that money aside for taxes? As someone else already mentioned, why give the government a tax free loan?


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## FLKeys (Dec 27, 2018)

Invisible said:


> @FLKeys So did you finish them last night?


Almost, I should have them finished up tonight. One more Schedule C to go and I am done.


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## Invisible (Jun 15, 2018)

FLKeys said:


> Almost, I should have them finished up tonight. One more Schedule C to go and I am done.


That's good!


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## FLKeys (Dec 27, 2018)

Damage is done I owe $722.00 that is after claiming single and 0 at my day job and an extra $50 per week coming out of my check. Taxes suck, at least over all I am making a profit.


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## TXUbering (May 9, 2018)

FLKeys said:


> Damage is done I owe $722.00 that is after claiming single and 0 at my day job and an extra $50 per week coming out of my check. Taxes suck, at least over all I am making a profit.


claiming 0 dependents? I generally claim 2 on my "day job". I finished my nightmare with TurboTax and got about $200 back.


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## Disgusted Driver (Jan 9, 2015)

TXUbering said:


> claiming 0 dependents? I generally claim 2 on my "day job". I finished my nightmare with TurboTax and got about $200 back.


Then you aren't making that much outside your day job. I do 1 exemption, take an extra 1k out of the last month of payroll, take an IRA withdrawal and send 1/2 of it to the feds and still end up offering money because I have 5 different income streams, 3 of which there is no withholding. I still end up owing money, just not enough to trigger a penalty.


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## TXUbering (May 9, 2018)

Disgusted Driver said:


> Then you aren't making that much outside your day job. I do 1 exemption, take an extra 1k out of the last month of payroll, take an IRA withdrawal and send 1/2 of it to the feds and still end up offering money because I have 5 different income streams, 3 of which there is no withholding. I still end up owing money, just not enough to trigger a penalty.


Or, you're not listing all of your expenses. I admit, my Uber/Lyft only netted about $33,000 last year part time, and I also do some IT work, and that requires me to buy all sorts of tools. My biggest hedge against taxes is the depreciation on my car. It also helps that my Uber car is mostly dedicated to rideshare and when I go out on IT side-gigs.


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## Daisey77 (Jan 13, 2016)

TXUbering said:


> Or, you're not listing all of your expenses. I admit, my Uber/Lyft only netted about $33,000 last year part time, and I also do some IT work, and that requires me to buy all sorts of tools. My biggest hedge against taxes is the depreciation on my car. It also helps that my Uber car is mostly dedicated to rideshare and when I go out on IT side-gigs.


Is that your business profit or is that only after Uber and Lyft's commission?


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## Fusion_LUser (Jan 3, 2020)

Almost done... damage is not as bad as I thought it would be... I show a loss for Uber/Lyft for 2019 and the PHEV federal tax credit made a good dent in what we owe.

And for those who are already thinking about 2020 be sure to keep this in mind for next year...


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## TXUbering (May 9, 2018)

Daisey77 said:


> Is that your business profit or is that only after Uber and Lyft's commission?


The $33,000 is gross earnings without deductions/expenses from just Uber/Lyft.


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## FLKeys (Dec 27, 2018)

TXUbering said:


> claiming 0 dependents? I generally claim 2 on my "day job". I finished my nightmare with TurboTax and got about $200 back.


I have several sources of self employed income, if I claimed 2 dependents I would have to make quarterly payments to avoid paying penalties and interest. As it is claiming 0 dependents and an extra $50 per check I'm already sending them an extra $2,600 a year.


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