# Getting overwhelmed and nervous please help



## Qowpel (Mar 31, 2016)

Hello guys. I have a few questions pertaining to taxes for my situation and I get easily overwhelmed with all of the threads and stuff and would highly appreciate some input.

Ok.

1. I started Ubering in April of 2016. People would talk about quarterly tax filings. I have not done that. I read that in my situation, I have until January 30th 2017 to file. Is this true? 

2. I have made over 600 dollars with uber in the time I have been a driver, so, to get my 1099, do I need to request Uber for it and wait for a physical copy to come in the mail? Or can I get it electronically, and if I CAN get it electronically could you send me a link to it?

3. My main worry is worrying about when exactly my filed 1099 is due. Because, if, at this point, I have to wait for a 1099 in the mail, I may not be able to file taxes in time, and then wont I get some type of fine?

4.Thanks so much in advance, I am thankful for the Uberpeople peoples!


----------



## Older Chauffeur (Oct 16, 2014)

Qowpel said:


> Hello guys. I have a few questions pertaining to taxes for my situation and I get easily overwhelmed with all of the threads and stuff and would highly appreciate some input.
> 
> Ok.
> 
> ...


I'm not a tax professional, but here is my understanding re quarterly estimated taxes.

The date the fourth quarter estimated tax is due for 2016 is January 15, 2017. But you don't need to file/pay that one if you file your tax return by Jan 31 and pay the amount you owe in full. Since you haven't paid any estimated taxes yet, I don't believe this applies to you.

You are supposed to pay quarterly if your taxes for the year exceed $1000. This pay-as-you-go plan mirrors what employers withold from pay checks and send in quarterly. There may be a penalty if it turns out you should have paid quarterly, but there are exceptions. If you have had payroll deductions from a regular job and have paid in enough, for instance.

You need not request a 1099. It will be sent automatically if you are due one. It is supposed to be sent by Jan 31 and the issuer files a copy with the IRS.

You don't "file" a 1099. You include the amount shown as paid to you on Schedule C, (profit/loss from self employment) but since Uber includes their share of fares, and other fees like the SRF, you deduct those as expenses. Total up the deposits into your bank account that Uber made. That should match the 1099 gross after deducting Uber's fees.

Your expenses, like mileage ( I hope you kept a log showing pax and dead miles) business related portion of your cell phone bill, and other legitimate expenses come off your total deposits. That leaves you with your net profit or loss.

Here's my suggestion- get Turbo Tax Deluxe in CD format, about $40 now at Costco, Amazon, Walmart and other places. It has everything you need, including Schedule C and Schedule SE. The download and online versions of Turbo Tax don't have those schedules, so you have to pay extra for Home and Business which they advertise for independent contractors. So save money and get the Deluxe CD version.

T/T walks you though the whole thing with a question/ answer process.


----------



## Sub Guy (Sep 22, 2016)

Think of the 1099 as self employment W2.....but instead of capturing the income on the W2 line of the form 1040 you enter it in schedule C. You can get an electronic copy of your 1099 buy logging into the UBER driver site and clicking on Tax Information


----------



## ND379 (Mar 29, 2016)

There is a business edition of Turbo Tax online. I do that one instead of purchasing the CD


----------



## Uberdummy (Apr 6, 2016)

Don't bother filing taxes after the .54 a mile the IRS allows you didn't make shit.


----------



## ND379 (Mar 29, 2016)

Uberdummy said:


> Don't bother filing taxes after the .54 a mile the IRS allows you didn't make shit.


I end up getting more back thanks to already having a full time job that takes out taxes.


----------



## Maksim (Nov 19, 2016)

If you made only $600 driving uber, you will not need to pay estimated taxes.... and that is only after you know year 1 you have to.

Don't stress it. And in reality... after your deductions you lost money and will be getting more back. BREATHE


----------



## Older Chauffeur (Oct 16, 2014)

ND379 said:


> There is a business edition of Turbo Tax online. I do that one instead of purchasing the CD


But the listed price for that one is $89.99, and doesn't include a state filing, right?
https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp


----------



## ND379 (Mar 29, 2016)

Older Chauffeur said:


> But the listed price for that one is $89.99, and doesn't include a state filing, right?
> https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp


It includes state but yes it is more expensive. I have a discount though. Everyone should through either uber or lyft


----------



## Maksim (Nov 19, 2016)

You do not need the full Home and Business, the regular preferred one is fine, and quite frankly, dependent on your income, you may not need to write off anything anyway and I believe all of the Turbotax products can handle a simple 1099.


----------



## ND379 (Mar 29, 2016)

I don't think the preferred one has 1099-K's. Only 1099-MISC.


----------



## Older Chauffeur (Oct 16, 2014)

ND379 said:


> It includes state but yes it is more expensive. I have a discount though. Everyone should through either uber or lyft


The link I posted showed state is extra.


----------



## UberAnt39 (Jun 1, 2016)

Qowpel said:


> Hello guys. I have a few questions pertaining to taxes for my situation and I get easily overwhelmed with all of the threads and stuff and would highly appreciate some input.
> 
> Ok.
> 
> ...


Its useful getting background here but see an accountant. It's what they do. It's not the questions you have, it's the questions you don't even know to ask that can end up costing you more than the accountant.


----------

