# Finally did my taxes today...



## FLKeys (Dec 27, 2018)

Well at least this time I did not wait until the last minute.


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## Invisible (Jun 15, 2018)

Aren’t they due today?


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## FLKeys (Dec 27, 2018)

Invisible said:


> Aren’t they due today?


17th


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## FLKeys (Dec 27, 2018)

Doing taxes is a love hate thing with me, I hate doing them but I also enjoy doing them.


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## Roadmasta (Aug 4, 2017)

I'm almost done with mine. Probably wrap it up tomorrow. I hate doing them and glad when I'm done.


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## Seamus (Jun 21, 2018)

I finished yesterday and as always will file the last day, Monday. I’m always happy to be done, except for the paying part!


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## Gone_in_60_seconds (Jan 21, 2018)

FLKeys said:


> Doing taxes is a love hate thing with me, I hate doing them but I also enjoy doing them.


Its only enjoyable when you know Uncle Sammy is going to return your overpaid taxes back to you and *without interest.* LOL.


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## ubermikeo (Feb 10, 2021)

I am assuming you all take the standard deduction correct?


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## Roadmasta (Aug 4, 2017)

ubermikeo said:


> I am assuming you all take the standard deduction correct?


I sure do


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## Older Chauffeur (Oct 16, 2014)

ubermikeo said:


> I am assuming you all take the standard deduction correct?


Are you referring to the standard mileage rate (SMR) deduction taken on Schedule C? In IRS parlance, “taking the standard deduction“ means that one is not itemizing deductions such as medical expenses, mortgage interest and property taxes, etc., but instead using a fixed amount based on filing status.


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## Trafficat (Dec 19, 2016)

Thanks to standard mileage deduction, I am below the federal poverty level so I didn't have to pay much.


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## Gone_in_60_seconds (Jan 21, 2018)

Trafficat said:


> Thanks to standard mileage deduction, I am below the federal poverty level so I didn't have to pay much.


Poverty from doing Uber/Lyft part time? Ha ha. That's why I cannot imagine doing this full time.


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## welikecamping (Nov 27, 2018)

I itemized. Worked out for me.


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## csullivan68 (Jan 7, 2020)

I did my taxes and owed 6 thousand dollars. It would have been like 16 thousand if I didn't fudge my mileage. It's ridiculous how much we have to pay in taxes for this line of work. You get taxed when you buy a car- sales tax- and pay a fee to register and plate it. You have to buy gas insurance and maintenance for it, which is all taxed. You have to pay tolls on certain roads and even have to pay sales tax for the pop you bought at a gas station. And if all this isn't enough, you have to pay thousands in income tax at the end of the year because Uber doesn't without any through the course of the year. All in all, I paid about 10 thousand in taxes last year, my greatest expense by far. The government is like the mafia. They have thier hands in everything and steal all your money.


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## Older Chauffeur (Oct 16, 2014)

csullivan68 said:


> I did my taxes and owed 6 thousand dollars. It would have been like 16 thousand if I didn't fudge my mileage. It's ridiculous how much we have to pay in taxes for this line of work. You get taxed when you buy a car- sales tax- and pay a fee to register and plate it. You have to buy gas insurance and maintenance for it, which is all taxed. You have to pay tolls on certain roads and even have to pay sales tax for the pop you bought at a gas station. And if all this isn't enough, you have to pay thousands in income tax at the end of the year because Uber doesn't without any through the course of the year. All in all, I paid about 10 thousand in taxes last year, my greatest expense by far. The government is like the mafia. They have thier hands in everything and steal all your money.


Did the IRS hit you with a penalty for not paying quarterly estimated taxes? That’s what they expect you to do, unless you have a W2 job at which you have arranged for extra withholding to cover taxes on your gig work. Using independent contractors relieves Uber of any of the responsibilities normally associated with being an employer, such as tax withholding, unemployment insurance and workmen’s compensation insurance, along with other optional benefits.


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## ubermikeo (Feb 10, 2021)

So using the mileage standard deduction at the end of the year even if showing loss you still have to pay quarterly estimated taxes?
Does everyone pay the estimated quarterly taxes?
Should I?


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## Older Chauffeur (Oct 16, 2014)

ubermikeo said:


> So using the mileage standard deduction at the end of the year even if showing loss you still have to pay quarterly estimated taxes?
> Does everyone pay the estimated quarterly taxes?
> Should I?


If showing a loss results in no taxes being owed, then quarterly taxes shouldn’t be an issue. The basic rule is that if you have paid in at least 100% of the prior year’s tax, or 90% of the current taxes owed, then quarterly estimated payments won’t be required for the next year.
If you have a W2 job, you can ask your employer to withhold extra to cover your gig earnings.
TurboTax and other programs will tell you if you need to start making quarterly payments.
Disclosure: I’m not a tax professional.


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## ubermikeo (Feb 10, 2021)

Older Chauffeur said:


> If showing a loss results in no taxes being owed, then quarterly taxes shouldn’t be an issue. The basic rule is that if you have paid in at least 100% of the prior year’s tax, or 90% of the current taxes owed, then quarterly estimated payments won’t be required for the next year.
> If you have a W2 job, you can ask your employer to withhold extra to cover your gig earnings.
> TurboTax and other programs will tell you if you need to start making quarterly payments.
> Disclosure: I’m not a tax professional.


I just started rideshare January of this year! How does that work for me? I just wait 'til I do my taxes for 2021?


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## TobyD (Mar 14, 2021)

ubermikeo said:


> I just started rideshare January of this year! How does that work for me? I just wait 'til I do my taxes for 2021?


Quarterly estimates are for sissies!

oh, and since it is an estimate, based on your previous years driving, and an estimate of what you’ll owe next year, you don’t need to worry about it your first year. If you’re driving part time, and keeping track of your mileage, chances are, you won’t owe enough to have to pay quarterly estimates anyway. If you’re driving full time, put money aside every week to cover your taxes at the end of the year, and when you file, print your payment forms for next years quarterly payments.


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## ubermikeo (Feb 10, 2021)

TobyD said:


> Quarterly estimates are for sissies!
> 
> oh, and since it is an estimate, based on your previous years driving, and an estimate of what you’ll owe next year, you don’t need to worry about it your first year. If you’re driving part time, and keeping track of your mileage, chances are, you won’t owe enough to have to pay quarterly estimates anyway. If you’re driving full time, put money aside every week to cover your taxes at the end of the year, and when you file, print your payment forms for next years quarterly payments.


Thanks Mr. TobyD.


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## Aw Jeez (Jul 13, 2015)

If you make less than $20,000 from _either_ Uber or Lyft, they do not send you a 1099. If they don't send _you_ a 1099, they don't send one to the IRS either. Let that sink in for a minute.


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## Older Chauffeur (Oct 16, 2014)

ubermikeo said:


> I just started rideshare January of this year! How does that work for me? I just wait 'til I do my taxes for 2021?


As I said, you can avoid the IRS penalties if you have a sufficient amount paid in, whether by quarterly estimated payments or from a W2 job. As @TobyD said, tracking your mileage is important, so keep a contemporaneous log with odometer readings every time you do ride share. One way or the other, pay in an amount equal to the taxes you paid for 2020, especially if you’re showing a profit so far for this year. Even sissies can be penalized by the IRS.😳


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## TobyD (Mar 14, 2021)

Older Chauffeur said:


> contemporaneous log


haha! He means, just keep track of your mileage. (And keep the log out of your anus)


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## TobyD (Mar 14, 2021)

Aw Jeez said:


> If you make less than $20,000 from _either_ Uber or Lyft, they do not send you a 1099. If they don't send _you_ a 1099, they don't send one to the IRS either. Let that sink in for a minute.


If you get caught cheating on your taxes, the fees and penalties are about 7000%. Let that sink in for a minute.


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## Roadmasta (Aug 4, 2017)

Don't forget to use the link from Uber to save on TurboTax. I almost forgot because I earned less than $600 from Uber last year. I was still able to use the link and save $120.


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## Aw Jeez (Jul 13, 2015)

TobyD said:


> If you get caught cheating on your taxes, the fees and penalties are about 7000%. Let that sink in for a minute.


Screw 'em. I'm 65 and on Social Security. What are they gonna do, garnish that? Send me to Vietnam? I make very little with Uber/Lyft, so little that after the allowable deductions my tax liability would very very small. If they're _that_ picky and desperate that they have to go after old retired guys, bring it on. 

Oh, and if you don't file taxes, you can't get "caught cheating" on them. I'll let them figure out how much they think I owe...if they're that hard-up for my coupla hundred bucks.


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## Amsoil Uber Connect (Jan 14, 2015)

Yes as a matter of fact they have been know to Levy Social Security. I don't remember if that's legal or not. But they don't care. However, they are suppose to be a Kinder Friendlier service.

I wonder how many of you are able to E-file ? Cause they are still way behind in processing 2019 paper Returns.


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## Older Chauffeur (Oct 16, 2014)

TobyD said:


> haha! He means, just keep track of your mileage. (And keep the log out of your anus)


😂😂 BTW, “contemporaneous“ to the IRS means keeping it day to day, rather than trying to reconstruct it at the end of the year.🧐


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## Dash27341 (Jul 13, 2019)

Aw Jeez said:


> If you make less than $20,000 from _either_ Uber or Lyft, they do not send you a 1099. If they don't send _you_ a 1099, they don't send one to the IRS either. Let that sink in for a minute.


You have to file if you make more than $600 right


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## TobyD (Mar 14, 2021)

Dash27341 said:


> You have to file if you make more than $600 right


You have to file if you owe money, Regardless of how much you earn.


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## TobyD (Mar 14, 2021)

Older Chauffeur said:


> contemporaneous


I read that word, and all I see is “contempor anus”


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## Invisible (Jun 15, 2018)

Amsoil Uber Connect said:


> Yes as a matter of fact they have been know to Levy Social Security. I don't remember if that's legal or not. But they don't care. However, they are suppose to be a Kinder Friendlier service.
> 
> I wonder how many of you are able to E-file ? Cause they are still way behind in processing 2019 paper Returns.


Mine were e-filed months ago, no issues doing that. Now I’m waiting for them to send me some of the taxes I paid on unemployment back. After I filed, it was changed to no tax on the first $10,000 for unemployment.


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## Amsoil Uber Connect (Jan 14, 2015)

Wonder how long that is going to take.

It's been almost 8 months waiting for my 2019 refund. And I expect 6 months interest on that refund amount. 2020 I could careless about since the refund it under 100$.


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## Older Chauffeur (Oct 16, 2014)

TobyD said:


> I read that word, and all I see is “contempor anus”


😂 It would be interesting to see the results if you were to take a Rorschach Test. 🤔


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## SHalester (Aug 25, 2019)

TobyD said:


> Quarterly estimates are for sissies!


....right up until the moment you underpay and are hit with penalties and interest. IRS always laughs last.


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## FLKeys (Dec 27, 2018)

I have extra held from my W-2 job, ended up owing just over $4000 in additional taxes out side of my W-2 earnings. I had an extra $4160 or $80 a week held from my W-2 Checks, so this year I will actually get a small refund.


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