# Standard deduction or total expense, help?



## MrEUber (Jun 25, 2017)

This is my first year claiming TNC income. I only drove during the summer months. I'm not sure which deduction is best.

I drove for both uber and lyft. I kept track of my gas expenses, and tires only.(free lifetime oil changes). During those months I would say 70-80% off the the miles were for TNC. 

Here are my numbers:
Uber gross $3179
Uber net $2105
Uber miles 5199
Lyft gross $1450
Lyft net $1086
Lyft miles 1116
My gas expenses totaled near $1000. 
Tires $300


----------



## brianboru (Nov 3, 2016)

MrEUber said:


> This is my first year claiming TNC income. I only drove during the summer months. I'm not sure which deduction is best.
> 
> I drove for both uber and lyft. I kept track of my gas expenses, and tires only.(free lifetime oil changes). During those months I would say 70-80% off the the miles were for TNC.
> 
> ...


You need to include your other vehicle expenses such as depreciation, insurance, etc. as well as other vehicle expenses during the year to work out the proportion of expenses that are deductible. The proportion of expense that is deductible is calculated on an annual basis.

Here is a link to get you headed in the right direction. https://www.irs.gov/taxtopics/tc510


----------



## Older Chauffeur (Oct 16, 2014)

MrEUber said:


> This is my first year claiming TNC income. I only drove during the summer months. I'm not sure which deduction is best.
> 
> I drove for both uber and lyft. I kept track of my gas expenses, and tires only.(free lifetime oil changes). During those months I would say 70-80% off the the miles were for TNC.
> 
> ...


It looks to me like the SMR applied to your mileage will exceed your net income. $3379 deduction for the business miles.
(5199 + 1116 = 6315 X $0.535)


----------



## MrEUber (Jun 25, 2017)

thanks


----------

