# Can't show a profit



## StephenJBlue (Sep 23, 2014)

I've been working on my taxes. Mainly just running numbers.

With the amount I've gotten deposited from both Uber and Lyft (which I am using instead of their ridiculous 1099), and then subtracting my mileage deduction; I'm finding that it will be damn near impossible to ever show any kind of "profit".

I've run the numbers into the future, using my estimated earnings and mileage for 2015 (extrapolated from 2014). With the mileage deduction and at these rates, there is no way I'll be able to show profit. At all.

So all i'm left with is SS/Medicare. This is so sad.


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## Scott Fields (Feb 1, 2015)

Look just trying to figure out a way that I can make some money with uber bc been on the system for a week and not been on one trip. I know I live in the back woods of the united states but surly there is some thing I can do PLEASE HELP?


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## cybertec69 (Jul 23, 2014)

Scott Fields said:


> Look just trying to figure out a way that I can make some money with uber bc been on the system for a week and not been on one trip. I know I live in the back woods of the united states but surly there is some thing I can do PLEASE HELP?


Look for a real job, and if nothing is available in your neck of the woods, I suggest you move, it's a big world out there.


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## Scott Fields (Feb 1, 2015)

Scott Fields said:


> Look just trying to figure out a way that I can make some money with uber bc been on the system for a week and not been on one trip. I know I live in the back woods of the united states but surly there is some thing I can do PLEASE HELP?


Look just need a better response own a house here in the area kids in stuff.


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## Long time Nyc cab driver (Dec 12, 2014)

Scott Fields said:


> Look just trying to figure out a way that I can make some money with uber bc been on the system for a week and not been on one trip. I know I live in the back woods of the united states but surly there is some thing I can do PLEASE HELP?


Don't call me Shirley.


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## Long time Nyc cab driver (Dec 12, 2014)

Scott Fields said:


> Look just need a better response own a house here in the area kids in stuff.


Ask Bill Clinton for a loan.


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## cybertec69 (Jul 23, 2014)

Scott Fields said:


> Look just need a better response own a house here in the area kids in stuff.


I feel for you man, but uber is not the answer, might be a temporary solution which in the long term will just make your situation worse. Is it that bad where you live, if it is, I suggest try selling and pack them bags and go somewhere where you can make a better life for you and your family, I know it's easier said than done.


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## Rich Brunelle (Jan 15, 2015)

Welcome to the reality that is Uber. A few months back you could easily make 5k per month, then they dropped rates and I quit earning a profit. A few months later they dropped rates again. Now I cannot earn a profit if I work full-time. I have to earn over $500.00 per week just to meet expenses, and it is almost impossible to earn $500.00 per week now.


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## flashgordonnc (Oct 24, 2014)

Rich Brunelle said:


> Welcome to the reality that is Uber. A few months back you could easily make 5k per month, then they dropped rates and I quit earning a profit. A few months later they dropped rates again. Now I cannot earn a profit if I work full-time. I have to earn over $500.00 per week just to meet expenses, and it is almost impossible to earn $500.00 per week now.


What are the rates in your area? Curious.


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## Rich Brunelle (Jan 15, 2015)

I am in the San Francisco Bay Area and to tell you the truth. I haven't a clue what our current rates are. We were dropped to 2.20 a few months ago. My Uber phone says we still get 2.20 Base+0.26 per minute+1.30 per mile but something is wrong here. Regardless, I cannot make it on 1.30 per mile with as many drivers as they have flooded San Francisco with. Four hours recently after expenses and Uber grabbing their cut left me with $11.00 divided by 4 = $2.74 per hour. Damn, now I feel like an ass with some of our markets working for $0.90.


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## Rich Brunelle (Jan 15, 2015)

Scott Fields said:


> Look just trying to figure out a way that I can make some money with uber bc been on the system for a week and not been on one trip. I know I live in the back woods of the united states but surly there is some thing I can do PLEASE HELP?


Where do you live? Is there any sign of life within say 20 miles?


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## Tristan Zier (Nov 25, 2014)

StephenJBlue said:


> I've been working on my taxes. Mainly just running numbers.
> 
> With the amount I've gotten deposited from both Uber and Lyft (which I am using instead of their ridiculous 1099), and then subtracting my mileage deduction; I'm finding that it will be damn near impossible to ever show any kind of "profit".
> 
> ...


I assume you are calculating your "profit" using the Standard Mileage Rate of $0.56/mi. Your cost of running your car is usually much less than that. So from a *tax* perspective, you didn't earn a profit, which means you don't pay taxes on that income. However, from an actual *cash* perspective, you still very well could have earned a hefty profit (particularly if you're driving something like a Prius which has great gas mileage).

You should also be careful you aren't double counting expenses, e.g. using the Standard Mileage Rate and also writing off gas (which is already included in the Standard Mileage Rate). This is a very common mistake.


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## Uberdawg (Oct 23, 2014)

StephenJBlue said:


> I've been working on my taxes. Mainly just running numbers.
> 
> With the amount I've gotten deposited from both Uber and Lyft (which I am using instead of their ridiculous 1099), and then subtracting my mileage deduction; I'm finding that it will be damn near impossible to ever show any kind of "profit".
> 
> ...


You need to use the numbers from their 1099 and if they are not accurate, then complain to Uber. From their numbers on the 1099 you must still deduct the SRF, Ubers Fee, mileage, other deductible expenses not included in mileage, waters and crap if you do that. If you use their 1099 and deduct the amounts of the SRF, any other Uber Charges (phone data) and Uber Fees, it should be the same number they deposited into your account.

And you will only pay FICA/Medicare on your net earnings if any, not on the gross.

If you don't report the same numbers they do it is a red flag.


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## Fauxknight (Aug 12, 2014)

Uberdawg said:


> You need to use the numbers from their 1099 and if they are not accurate, then complain to Uber. From their numbers on the 1099 you must still deduct the SRF, Ubers Fee, mileage, other deductible expenses not included in mileage, waters and crap if you do that. If you use their 1099 and deduct the amounts of the SRF, any other Uber Charges (phone data) and Uber Fees, it should be the same number they deposited into your account.


This, it all adds up to the same number in the end, but you are safer tax wise to report the same way Uber reported it. Use the larger amount on your 1099 and deduct all those items.


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