# Recording daily gas prices



## RitaFang (Jun 30, 2019)

Noob driver with a likely dumb question here. My spreadsheet asks for the daily gas price to calculate the fuel cost for the day, and thus figure your net income. How do you do this? Just pick a station near your house and record that price (for consistency's sake) even if you didn't fuel up that day? Or record the actual price you paid for gas (I get discounts at a couple grocery stores) on the day you fill up and keep using that price til that tank is gone (more accurate of what you spent)? Anyway, I hope this make a little sense.


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## flyingpuffy (Mar 12, 2019)

Not sure what spreadsheet you use but I'd use the price paid for gas to compare real earnings with real expenses giving you the real net profit. Unless you are a heavy FT driver, this won't make much of a difference given low gas price variations on a daily basis.


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## Uber's Guber (Oct 22, 2017)

RitaFang said:


> Noob driver with a likely dumb question here.


There are no dumb questions.... just noob drivers. :wink:
Welcome to UP.net! :smiles:


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## RitaFang (Jun 30, 2019)

flyingpuffy said:


> Not sure what spreadsheet you use but I'd use the price paid for gas to compare real earnings with real expenses giving you the real net profit. Unless you are a heavy FT driver, this won't make much of a difference given low gas price variations on a daily basis.


That's true if you're paying pump price...My difference is a little more substantial because my grocery "perks" normally equal between 50 cents and $1 off per gallon on a couple fillups (19 gal tank) per month. I like the idea of using the actual price paid for a few days in a row (very PT driver so not filling up as often as other drivers) to represent the actual cost of what's in my tank.


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## ariel5466 (May 16, 2019)

Welcome! 

I'm a full time driver. I fill up my gas tank at the end of every work day and start in the morning with a full tank. That way I know exactly how much I spent on gas for how much I made that day. I don't recommend calculating gas expenses based on miles since gas usage varies throughout the day and all miles aren't created equal. For example, highway vs city, idle time, etc.


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## Uber's Guber (Oct 22, 2017)

RitaFang said:


> That's true if you're paying pump price...My difference is a little more substantial because my grocery "perks" normally equal between 50 cents and $1 off per gallon on a couple fillups


!! Those are nice perks!


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## PioneerXi (Apr 20, 2018)

Rideshare Guy has an excel table that I use. The price at the pump when I refuel at start of shift is what is use in there.

Where I refuel twice in a shift, I always use the higher price (not larger quantity) to ensure larger cost. Better more dollars documented in a spreadsheet on cost, than less.

On short days where I don’t refuel, I use the actual cost of the last refuel as the carry over number for the equations.


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## RitaFang (Jun 30, 2019)

ariel5466 said:


> Welcome!
> 
> I'm a full time driver. I fill up my gas tank at the end of every work day and start in the morning with a full tank. That way I know exactly how much I spent on gas for how much I made that day. I don't recommend calculating gas expenses based on miles since gas usage varies throughout the day and all miles aren't created equal. For example, highway vs city, idle time, etc.


Yes, I've been considering that, too. While I know what Honda says my overall average MPG is, my car can tell me the average MPG for a specific trip (which I reset at the beginning of every driving shift), which I think might help with accuracy.



Uber's Guber said:


> !! Those are nice perks!


I earn discounts by spending money on groceries and gift cards at 2 different supermarkets near me. It's pretty nice!


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## ariel5466 (May 16, 2019)

RitaFang said:


> Yes, I've been considering that, too. While I know what Honda says my overall average MPG is, my car can tell me the average MPG for a specific trip (which I reset at the beginning of every driving shift), which I think might help with accuracy.


You could do that, but it's a lot easier to just look at the day as a whole. Are you full time or part time?


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## RitaFang (Jun 30, 2019)

ariel5466 said:


> You could do that, but it's a lot easier to just look at the day as a whole. Are you full time or part time?


Very part time, since I have a FT job. Since I started on July 11, I've only driven 22 hours total.


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## ariel5466 (May 16, 2019)

RitaFang said:


> Very part time, since I have a FT job. Since I started on July 11, I've only driven 22 miles total.


Oh okay. So the way I do it probably wouldn't make sense for you.


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## mikes424 (May 22, 2016)

Are you using the gas prices to determine a tax deduction?

If so, it may be unnecessary if you take the standard mileage deduction on your income tax. You need to just keep track of miles driven. And fyi, any mileage driven when the app is on is deductible.


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## LaurieLee (Jul 7, 2019)

mikes424 said:


> Are you using the gas prices to determine a tax deduction?
> 
> If so, it may be unnecessary if you take the standard mileage deduction on your income tax. You need to just keep track of miles driven. And fyi, any mileage driven when the app is on is deductible.


Noob here too. What mileage does Uber account for? Just mileage driven with a pax in car? How do you account for the rest at tax time?


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## UberTaxPro (Oct 3, 2014)

LaurieLee said:


> Noob here too. What mileage does Uber account for? Just mileage driven with a pax in car? How do you account for the rest at tax time?


You need to keep a mileage log for all your business miles.


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## LaurieLee (Jul 7, 2019)

UberTaxPro said:


> You need to keep a mileage log for all your business miles.


Thank you, but what constitutes business mileage?


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## UberTaxPro (Oct 3, 2014)

LaurieLee said:


> Thank you, but what constitutes business mileage?


Good question! "To be deductible, a business expense (including miles) must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary."


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## flyingpuffy (Mar 12, 2019)

RitaFang said:


> Very part time, since I have a FT job. Since I started on July 11, I've only driven 22 hours total.


Sounds like a good discount. Those gift cards are good no? :cools: 
If you are very part-time AND have that discount, gas will be a more "minor" expense than a lot of people here.
Why don't you check your real net profit at the end of the week or month so you dont have to estimate?


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## RitaFang (Jun 30, 2019)

mikes424 said:


> Are you using the gas prices to determine a tax deduction?
> 
> If so, it may be unnecessary if you take the standard mileage deduction on your income tax. You need to just keep track of miles driven. And fyi, any mileage driven when the app is on is deductible.


That info will be good to have come tax time, but being new really I just want to know if rideshare income generates enough profit to make it worthwhile. From July 11-28, I gave 32 rides, drove in-app for 422 miles in 22 hours, earning $354.20. My spreadsheet estimated that I spent $68.11 in gas based on 17 MPG (Honda Pilot) and the daily gas price, so my net is only $286.51.

I just want to have as realistic financial picture as I can of the experience. (Though that $68.11 in gas is on the high side because I used the daily gas price at a nearby station for the figure rather than my discounted price that I paid when filling up.)

So far I think driving rideshare is pretty fun ... I haven't had any crazies, and I don't do the late night bar scene. Even though I'm not raking in big bucks, right now I think of it as an enjoyable and slightly profitable side gig.

Anyway, thanks to everyone for your responses! I know this wasn't exactly a taxes-related topic, but I didn't know where to post gas questions!


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## tohunt4me (Nov 23, 2015)

RitaFang said:


> Noob driver with a likely dumb question here. My spreadsheet asks for the daily gas price to calculate the fuel cost for the day, and thus figure your net income. How do you do this? Just pick a station near your house and record that price (for consistency's sake) even if you didn't fuel up that day? Or record the actual price you paid for gas (I get discounts at a couple grocery stores) on the day you fill up and keep using that price til that tank is gone (more accurate of what you spent)? Anyway, I hope this make a little sense.


Pick the price YOU PAY
FOR GAS YOU BURN
TO DRIVE


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## RitaFang (Jun 30, 2019)

tohunt4me said:


> Pick the price YOU PAY
> FOR GAS YOU BURN
> TO DRIVE


Yep, I'll do that from now on.


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## islanddriver (Apr 6, 2018)

Just figure 58 cents a mile. That should cover gas insurance maintenance and repair. Then what's left deduct taxes. That should be your net.


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## tohunt4me (Nov 23, 2015)

islanddriver said:


> Just figure 58 cents a mile. That should cover gas insurance maintenance and repair. Then what's left deduct taxes. That should be your net.


Will be a Negative Number with Uber !


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## Matt Uterak (Jul 28, 2015)

I include per mile fuel costs as a total per mile cost. I don’t adjust daily as fuel prices float in a 10%-20% range most of the time. That translates to a $.01-.04 per mile difference. Not worth the extra record keeping. 

I do save all my fuel receipts.


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## EngineerAtHeart (Nov 8, 2018)

RitaFang said:


> Noob driver with a likely dumb question here. My spreadsheet asks for the daily gas price to calculate the fuel cost for the day, and thus figure your net income. How do you do this? Just pick a station near your house and record that price (for consistency's sake) even if you didn't fuel up that day? Or record the actual price you paid for gas (I get discounts at a couple grocery stores) on the day you fill up and keep using that price til that tank is gone (more accurate of what you spent)? Anyway, I hope this make a little sense.


There's an app called Fuelly, really great and simple metrics.

It computes Avg MPG, Last tank MPG, Best MPG, total spent on fuel (filter-able), total gallons, MPG graph, Avg price/gal, avg fill cost, avg price/mile (most important) all of this is based on entering the ODO readout, total cost and gas price every fillup.

You can also track any service records have.


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## FLKeys (Dec 27, 2018)

EngineerAtHeart said:


> There's an app called Fuelly, really great and simple metrics.
> 
> It computes Avg MPG, Last tank MPG, Best MPG, total spent on fuel (filter-able), total gallons, MPG graph, Avg price/gal, avg fill cost, avg price/mile (most important) all of this is based on entering the ODO readout, total cost and gas price every fillup.
> 
> You can also track any service records have.


I have been using Fuelly for years. I added categories for car insurance premium entries and car principal and interest payments as well. I can open up the app and tell you what my true cost per mile outside of depreciation is at any given time

Between Fuelly, my rideshare spreadsheets, and a simple depreciation figure I know what my per mile cost is and what my per mile income is.


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