# Tax Season



## codyg355 (Oct 10, 2017)

Good Afternoon everyone,

I want to kind of get ahead of this before it happens. I know we as uber drivers get 1099'd and I'm looking to see what the best advice would be. Uber is my side job how ever I was laid off earlier in the year and used it as supplemental income to pay my bills I've made just about 3700$ Driving uber this year and I'm wondering what I should do about tax season?

I have plenty of write offs including student loans and gas mileage transportation to my last job I'm just not familiar with the 1099 at all and want to insure I have enough money saved incase I get hit with a substantial bill.

I've used both Mile Iq and Sherpa share to track my milage as well as the same card for every Uber gas purchase so I know how much I've spent on gas.

I'm opening a second bank account to deposit 75% of my earnings through the rest of the year in order to make sure I have the money but does anyone know how much we have to pay and the best way to go about saving/if uber drivers ever get money back when they have other jobs?

All help is appreciated
Thank you,
Cody


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## UberTaxPro (Oct 3, 2014)

codyg355 said:


> Good Afternoon everyone,
> 
> I want to kind of get ahead of this before it happens. I know we as uber drivers get 1099'd and I'm looking to see what the best advice would be. Uber is my side job how ever I was laid off earlier in the year and used it as supplemental income to pay my bills I've made just about 3700$ Driving uber this year and I'm wondering what I should do about tax season?
> 
> ...


Your operating your own business driving with Uber. You need to have a bookkeeping system for your business. It doesn't have to be too complicated, you could use software or just a checking account. With a bookkeeping system you'll be able to see each quarter whether or not you'll need to pay estimated taxes or not. Remember, you only need to pay estimated taxes on your net business income. Most drivers I've worked with have little to 0 net income after subtracting their standard mileage deduction from gross income each quarter. But everyone's situation is unique so the first thing you need is a way to determine your *net income* each quarter. As an independent contractor you only have to pay estimated taxes if you have net income.


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## Mars Troll Number 4 (Oct 30, 2015)

UberTaxPro said:


> Your operating your own business driving with Uber. You need to have a bookkeeping system for your business. It doesn't have to be too complicated, you could use software or just a checking account. With a bookkeeping system you'll be able to see each quarter whether or not you'll need to pay estimated taxes or not. Remember, you only need to pay estimated taxes on your net business income. Most drivers I've worked with have little to 0 net income after subtracting their standard mileage deduction from gross income each quarter. But everyone's situation is unique so the first thing you need is a way to determine your *net income* each quarter. As an independent contractor you only have to pay estimated taxes if you have net income.


This won't always be the case, i'm usually in the $100+ range in net income after deducting exepenses, but i'm in the $200+ for daily revenue.

What market you are in, and what class of vehicle you are on, will have a bigger impact on how much you owe in taxes than even how much you work.


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## UberTaxPro (Oct 3, 2014)

Mears Troll Number 4 said:


> This won't always be the case, i'm usually in the $100+ range in net income after deducting exepenses, but i'm in the $200+ for daily revenue.
> 
> What market you are in, and what class of vehicle you are on, will have a bigger impact on how much you owe in taxes than even how much you work.


Yes, everyone's situation is unique. First step is to determine net income.


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## Solmex (Mar 30, 2017)

I need your help, I have my accountant who did the taxes for my business, now I do Uber full time and I no longer have my business but the accountant says that I owe 43,000 to the IRS and 6,800 to the state of Illinois, apparently he has no idea with Uber's tax forms. I need someone of you to recommend me where you did your taxes


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