So here is an idea. You start your shift with a full gas tank. When you finish your shift, fill back up. Then enter that as your gas cost for the day. That way you know exactly what your fuel cost was that day. Or do it weekly if you do not use your car for personal use.
Or use an app that u log into once u head out and it keeps track of all ur miles. When ur done u go back in the app and stop it. This is more accurate cuznu can stop n start it at anytime and it continues at the mileage u last stopped at. With ur method u gotta keep in mind that if something came up like a change of plan n u stop working for like an hour to do something else...... u doing miles that technically shouldn't count towards the work miles u putting in during deliveries. Get what I mean? So say u do deliveries for 3 hrs driving making stops then u stop working n do personal errands or whatever then go back to work. At end of day when u go fill up to do your fuel count it really is not genuinely correct as it wasn't all work related
@@5r6v unless you drive something with horrendous gas mileage like an SUV or a truck, the standard mileage deduction will likely allow you to deduct more than what you actually spent.
Not a financial loss. Did you make more than you spent? Cause if you did, then it's not a loss. It's just a tax write off. If your write off is bigger than what you owe, then you owe nothing and may actually get money back. Which is a plus. So, you earned more and got more back from the government. How's that a loss?
In 2021 you get to claim .56cents for every mile driven for DD So say you drove 100miles in a day Your entitled to $56 bucks back in mileage reimbursement!! Just think of the Mileage reimbursement that Walmart and UPS drivers get!! The Mileage reimbursement is a deduction for the drivers not the Corporations!! And those Corporations are paying for the Gas ⛽️ insurance etc It pays to Drive!!
Thanks for the information. What would the circumstances have to be for a delivery driver to claim per diem? Would they have to be spending the night out of town away from home to qualify? Also what about the tax breaks for the RV Transport industry who flat tow their own vehicle behind a motorhome? Even though the tow car isn't being driven, there is still a lot of wear and tear on the vehicle, especially on the tires. Would a person be allowed to claim the standard milage deduction on their work vehicle that is being towed behind the motorhome? I'll be waiting for your response..thanks
This is a great review of available deductions, but I have a question. I am a rideshare/gig economy, driver across many of the apps and I am paid via 1099, but I don’t use an EIN. You mentioned deductions for a personal vehicle, which is great like tires cost of gas and repairs maintenance. I recently had to spend a lot of money on repairs so that will be deductible. However, I was hoping that you could cover whether the cost of a rental I’ve been using would also be considered a deduction. The rental has been 100% for business related activities.
Great video! Just had a question. I do Uber eats delivery with a bicycle/scooter. Will the mileage deduction .56 cents/mile also apply to delivering with bicycle/scooters or just with cars?
Let's say 75% of the miles on my car are for business purposes and I want to use the Actual Expenses method for eligible expenses. Would it be correct to multiple my eligible expenses by .75 to determine the business use value? (Assuming I'm tracking my business miles as justification for business use.)
What if I use the millage deduction on taxes, but the deductions are greater than what you earned? How does that work? Do you get money back or you just owe nothing in taxes?
I would say yes. If you are operating under an LLC that you have created and the vehicle is registered/titled and insured under the name of your LLC. Also assuming the vehicle weighs more than 6,000 pounds and less than 14,000 pounds. *this is not legal advice. I’m not an attorney.*
Thank you for information. But my concern is how much I have to pay for my taxes. I am praying that I don’t have to pay a lot. If I do I will pay little by little I can’t pay all at once if it more than 2,000.00.
Can I write off uber booking fees, Uber service fee/other adjustments, Airport and city fees collected? I am doing my own taxes with TurboTax and I am filing self employed. I noticed on "misc expenses" section. It asked do I pay all these fees. I'm asking cause when I plugged the information in, It gave me a big boost in my refund. I made nearly $19K last year with uber but uber took $8K in fees😭 This my first year filing self employment so I guess I'm nervous that I am doing it wrong.
If you use the standard mileage rate in year 1, can you use the actual mileage rate in year 2 or you must use one rate and have to continue using the same method every year?
Question. Uber eats allows this, what if I am delivering as a delagate under someone elses account. They do the taxes but the miles were on my car, they don't have a car. Can they claim my miles? Very good video, thank you👍
I love working for Uber Eats I started doing it full time in 2022 so I'm a little nervous but I feel like my expenses are high so it should even out or I get a little credit
What about the quarterly estimated tax payments?? Do we just file those using in-app earnings reports? I'm new to doordash -and the tax world in general 😅
37k is tax like $5661yet IRS put a cap on the mileage and you cant write it off. Subsequently you payed $4000 in gas and car maintenance and driving insurance. Total like $20k in operational cost not much left but $17k with rent and other expenses. All year working for $10k at 40 to 60 hours a week not worth it.....
Exactly, that’s why this is my last year dashing! I made $50,000….$9,000 for gas, $4,000car repairs, $8,000 taxes… it’s just not worth putting in ALL those hours… which estimates to be minimum wage once everting is deducted. It SUCKS!
@@SexySashaXO If you made $50,000 dashing you should have written off your miles. If you drove 40,000 you could have written off about $24,000. $50,000-$24,000=$26,000. $26,000×.152%= $3952. Then you pay your federal tax on 26,000-$12950 standard deduction.
Well you want to document as much as you can, especially mileage. There is no specific documentation process, so there are many ways to do it. You just want to think in the mindset of "how can I prove this write off?" It may be as simple as keeping a receipt or invoice
I had worked as a paper boy for 3-4 years didn't how that worked. The IRS started hunting me, i quit started a new job i didn't get tax returns for a few years.😂😤😡
How do I start tracking stuff like miles and $ amounts of gas after not doing so for almost 3 months since beginning? So that I can use those values to write off
You can most likely write off the whole bike (if you bought it that year), any bags you buy for transporting food or whatever, etc. It's not really rocket science. If you use it for your "business", you can probably write it off. You just gotta keep track of it all.
This is a troll job if I have ever seen it. It's Tax write off tips for Gig work I.E. Spark, Doordash, Uber Eats, Grubhub etc. He gave deduction tips on how to tax write off for tax time to save you money on what you may the IRS.
