# Quarterly taxes



## MRVEGAS711 (Sep 27, 2015)

Are we required to pay quarterly taxes or is it strictly end of year as it appears that Uber send out one end of year 1099-K??????


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## UberTaxPro (Oct 3, 2014)

As a self employed sole proprietor (which you probably are) you are required to pay self employment taxes 4 times per year if you have a positive income from your self employment. Basically, the rule is if your gonna owe more than $1000 at the end of the year you gotta pay "estimated taxes". Uber sending out 1 end of year 1099K has nothing to do with your filing requirements.


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## afrojoe824 (Oct 21, 2015)

Agree with UberTaxPro

Unless you also have a job. I used to claim 1 on my check but I switched it to Zero (0) 
so they could take more taxes from me each paycheck. I like to think of it like my work 
paying my taxes for me. So I could avoid the hassle of paying quarterly.


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## MRVEGAS711 (Sep 27, 2015)

I understand. Seeing I roughly get back $2000 in refund every March, should that cover me??


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## UberTaxPro (Oct 3, 2014)

MRVEGAS711 said:


> I understand. Seeing I roughly get back $2000 in refund every March, should that cover me??


It really depends on how much you earn. If your like 99% of the drivers on here whose net uber income is close to 0 you'll be fine. If your making a profit with your uber driving you'll need to estimate as you go.


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## MRVEGAS711 (Sep 27, 2015)

Thank you so much for the information....its appreciated. I grossed $4000 Uber last year.....after deductions it came out to $144. I think I'll be fine.


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## Ak706 (Feb 22, 2016)

MRVEGAS711 said:


> Thank you so much for the information....its appreciated. I grossed $4000 Uber last year.....after deductions it came out to $144. I think I'll be fine.


Can you help me about deduction? How you calculated your deductions?
I made gross 33000 last year and after deductions it's still 9000.


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## Older Chauffeur (Oct 16, 2014)

Ak706 said:


> Can you help me about deduction? How you calculated your deductions?
> I made gross 33000 last year and after deductions it's still 9000.


Maybe UberTaxPro or Uberpissed, the experts here will weigh in, but first, was the gross equal towhat was deposited to your account? If not, and this $33k the gross on the 1099k, did you deduct Uber's percentage and the SRF fees, along with your miles, including dead miles? Do you have a mileage log, and what was your total mileage? Netting $9000.00 would be atypical, to say the least.


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## munchees (Feb 2, 2016)

UberTaxPro said:


> It really depends on how much you earn. If your like 99% of the drivers on here whose net uber income is close to 0 you'll be fine. If your making a profit with your uber driving you'll need to estimate as you go.


How is it that 99% of drivers have close to zero net uber income? Please explain. Thanks.


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## Older Chauffeur (Oct 16, 2014)

munchees said:


> How is it that 99% of drivers have close to zero net uber income? Please explain. Thanks.


If you track all your mileage, you'll probably find that there will be at least one dead mile for every paid one with pax on board. That's about $1.15 you can deduct for every paid mile, provided you have kept a log. Add in the costs of your cell phone and anything you provide for pax, like water, mints, candy etc, and you have deductions close to the gross income you received.
If you had a higher ratio of dead miles to paid miles, you might even have a loss.


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## UberTaxPro (Oct 3, 2014)

munchees said:


> How is it that 99% of drivers have close to zero net uber income? Please explain. Thanks.


Because their expenses are close to or more than their gross income. In most places the low(and getting lower) uber rates make it very difficult to turn a profit in this business. I might be exaggerating with the 99%. It's just a guess.


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## munchees (Feb 2, 2016)

Got it, thanks guys.


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## StarzykCPA (Aug 6, 2015)

UberTaxPro said:


> Because their expenses are close to or more than their gross income. In most places the low(and getting lower) uber rates make it very difficult to turn a profit in this business. I might be exaggerating with the 99%. It's just a guess.


You're not far off. From the ones I've seen, maybe 80% are in the $0 to $1,000 profit range. Of course, it does vary.


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## munchees (Feb 2, 2016)

StarzykCPA said:


> You're not far off. From the ones I've seen, maybe 80% are in the $0 to $1,000 profit range. Of course, it does vary.


That would be profit on a monthly basis?


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## StarzykCPA (Aug 6, 2015)

munchees said:


> That would be profit on a monthly basis?


Nope, I was referring to annual profit.


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## munchees (Feb 2, 2016)

StarzykCPA said:


> Nope, I was referring to annual profit.


You can't be serious.


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## Older Chauffeur (Oct 16, 2014)

munchees said:


> You can't be serious.


Might help you to understand the low profit (or even loss) if you consider that the cash being deposited into your account is actually coming out of your equity in, and the value of, your car. You are trading that for cash flow. Stay with it long enough, and your car will be worn out and worthless.


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