# Commercial Insurance Deduction



## Montgomery (Jan 7, 2015)

In NYC we are required to have commercial insurance in order to do Uber/Lyft. Is the commercial insurance something that can be deducted? I started after January first so this would apply for next years Taxes.


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## Tx rides (Sep 15, 2014)

Montgomery said:


> In NYC we are required to have commercial insurance in order to do Uber/Lyft. Is the commercial insurance something that can be deducted? I started after January first so this would apply for next years Taxes.


Yes, assuming you are filing as a business, it would go under sched c.


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## TheUberNooby (Dec 23, 2014)

Yes


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## Montgomery (Jan 7, 2015)

Thanks.


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## UberPissed (Aug 13, 2014)

Not if you claim the standard mileage rate.


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## 3for3 (Feb 19, 2015)

Hey all, I started Uber about mid jan 15 and have yet to establish a "DBA" or a separate bank account with a EIN or what ever. The second quarter is fast approaching and I wasn't logging my miles properly but have almost all my gas receipts for the quarter plus a couple of tire repairs and a oil change or two. I have miscellaneous stuff like water, gum, car detailing or car wash receipts as well. i read somewhere that I can't deduct mileage and fuel so it has to be one or the other and i guess fuel would go under expenses if my mileage is too jacked to account for?? IDK, looking for some advice/ direction

1. What is my best coarse of action for the Jan-Mar quarter?

2. What should be my immediate course of action for second quarter?


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## TheUberNooby (Dec 23, 2014)

3for3 said:


> Hey all, I started Uber about mid jan 15 and have yet to establish a "DBA" or a separate bank account with a EIN or what ever. The second quarter is fast approaching and I wasn't logging my miles properly but have almost all my gas receipts for the quarter plus a couple of tire repairs and a oil change or two. I have miscellaneous stuff like water, gum, car detailing or car wash receipts as well. i read somewhere that I can't deduct mileage and fuel so it has to be one or the other and i guess fuel would go under expenses if my mileage is too jacked to account for?? IDK, looking for some advice/ direction
> 
> 1. What is my best coarse of action for the Jan-Mar quarter?
> 
> 2. What should be my immediate course of action for second quarter?


I have an appointment with an actual CPA on Monday for this very reason....to be continued


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