How to File Uber Taxes - Uber Tax Deductions and Tips | Uber Eats & Lyft

"April 10th today is the first day that self-employed people and sole proprietors can go apply for the PPP forgivable loan an uber driver is a sole proprietor and self employed therefore when they went to their lender a lot of the banks are saying in order to apply you need your 2019 tax return"

"the deductions are gonna be the other expenses that are not on this form so you don't want to miss one or the other you want to have both of these so this tech summary sheets from uber this is giving you your deductions on a silver platter they are literally just laying up lying expense it's just line by line by line so let's start so it's gonna say these are your expenses fees and tax and then they're gonna give you a second supplementary sheets and they're gonna list the expenses literally line by line uber service fee $6,000 booking fee another six thousand split fair fee Airport uber fees instant page Hodges you're gonna give the tolls all these are expenses that you can deduct"

"the on line miles that's gonna be towards the upper right the on line miles whatever is listed there for example in this case it says 25,000 miles that's the minimum that's the absolute minimum amount of miles that you do want to deduct so the the on line miles that's going to compass everything while you're actually on a trip with the passenger while you're waiting while you're driving around to get the the passenger all that so that's whenever your cap is on that's gonna be your on line model so that should be the absolute minimum if you did some driving for work purposes on top of that then you would be deducting that as well so that's why I say whatever is listed as your online miles in this tax summary sheet from uber that's the minimum amount that you want to be deducting"

"in your tax software you're gonna be given you're gonna be given the option to deduct the mileage the mileage method is based off you get a certain amount of cents per mile driven and then they're gonna ask you do you want to take the actual method that's where you're actually deducting the true cost of your of your gas your repairs your maintenance your insurance depreciation I would say generally speaking unless you bought a very expensive vehicle in the current year or this tax year you're reporting if if you do not buy an expensive vehicle then you generally just want to use the standard mileage rates so that's just the mileage method"

"the first thing that you want to adduct is your cell phone you know a lot of times for other businesses a cell phone may not really truly be associated as a business expense in this case it is 100% without a doubt absolutely deductible because how are you using the app it's all running through your phone so it's going to be deductible no questions asked so don't forget your cell phone expenses"

"another thing that you do want to deduct are the supplies I mean this might be more true for the lyft drivers but if you're buying supplies such as tissues hand sanitizers water bottles snacks whatever it may be you know to provide to the passengers or for the car I mean those are supplies that you can deduct as well so please do not forget that"

"another one that you do I guess you this is your choice is the home office duction now I understand yes obviously you're on the field that's where the work takes place however you still need a place to do the administrative work whatever that may be and if you're using a place exclusively for work purposes carved out in your home then you can deduct a home office this is up to you you don't have to take this it depends on how aggressive you do want to be if you do want to take the home office deduction within that deduction you have two ways to do it you can just do the simplified method which is a very low audit risk you get five dollars a square foot and you just write how much how many square feet were used for your home office the other way is to prorate it based off the actual expenses so these are our actual expenses for rents or mortgage interest or utilities or whatnot so even within a home office you have a riskier way and you have a conservative way or you could just completely not take it it's up to you if I were in your shoes I would take it"